A student loan is a loan taken for the purpose of education. Ideally the country tag should also be used as the response may differ based on the country.

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28
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13answers
6k views

Why might it be advisable to keep student debt vs. paying it off quickly?

As of a couple weeks ago, I paid off all of my student debt. Hooray... But I have a friend named A who has a friend named B who is a financial advisor (a young so therefore perhaps ignorantly ...
21
votes
10answers
4k views

Student loan payments and opportunity costs

I'm about to graduate college and enter a very well-paid job in an inexpensive area. I am confident that I could repay my student loans much sooner than ten years, but I am wondering whether this is ...
15
votes
2answers
3k views

Paying off student loans early/lump sum — best practices?

My wife & I have run into a large sum of cash recently and are interested in paying off/paying down our student loans -- about $30k between us, at about 6.5% avg interest. We're both earning ...
14
votes
6answers
5k views

Should I pay off my 50K of student loans as quickly as possible, or steadily? Why?

I was an idiot in college. I basically just used student loans and got very few grants. I also spent way too much time in there. I now have two bachelor's degrees and a master's degree. About 7 ...
14
votes
3answers
1k views

Should I pay off my student loan before putting money into Roth IRA?

I have about $7K in student loans remaining at 6.25% I also haven't made a contribution to my Roth IRA for 2010. I'm thinking off paying off my loan at the end of the year, but that'll not really ...
13
votes
8answers
5k views

Should I pay off a 0% interest car loan or put money towards high principal student loans?

Within the past year my wife and I have paid off approximately $40,000 in debt - from her car loan, my two student loans, and other misc debt (new refrigerator, hardwood floor install). I had a car ...
13
votes
7answers
6k views

Should I use IRA money to pay down my student loans?

I have just over $140,000 in consolidated student loan debt with a fixed interest rate of 5.75% on an income-based payment plan. My current and previous employers qualify for the Loan Forgiveness ...
12
votes
7answers
5k views

Saving $1,000+ per month…what should I do with it?

I am able to save $1,100 a month, after all expenses and after paying the minimums ($225 a month on my 2.24% and 3.25% student loans). I want to make smart decisions with my money, but am not sure ...
12
votes
8answers
2k views

Extra payments toward mortgage or student loans?

So I have roughly $5000 in student loans at 5% and about $65000 on my mortgage at 3.875% (5/1ARM). Should I put extra payments towards the student loan or the mortgage? 5% is higher, so if it's ...
12
votes
5answers
471 views

How will I pay for college?

The SAT is coming up soon for me and, with it, everything college. I had held the impression that I was just going to rack up student loans, go to college, and then pay them off with whatever job I ...
12
votes
4answers
1k views

Can someone help me understand my student loans?

I have more loans than these but I am wondering how to handle these three (all with the same bank): 3%, last payment ~$36, current balance $6153, original amount $5500, payoff balance $6170 2.5%, ...
12
votes
4answers
9k views

Will our hefty student loans affect our chances of getting a mortgage?

My husband and I live simply but we're content. I'm an avid budgeter and love finding ways to be frugal. My dilemma right now is that we've been able to keep our living expenses below what we make, ...
10
votes
6answers
1k views

Should I pay off my student loan before buying a house?

Should I pay off my student loan before buying a house?
10
votes
5answers
9k views

How to transfer money to yourself internationally?

I tried to find a question that already answered this but surprisingly I wasn't able to. My situation is this: I'm from the U.S. and I have student loans there I need to pay off. However, I am now ...
10
votes
1answer
421 views

Are student loans tax deductible in US?

If I have a student loan from finishing my graduate degree, can I deduct its interest payments from salary for tax purposes? Is there any education related tax credit that can be applied for payments ...
9
votes
6answers
1k views

How should I invest/spend this 50k inheritance?

I am 32 and work in the non-profit sector making 30k/yr. I own my home, which was recently appraised at 202k. I was given an inheritance of 50k from my grandmother. Based on my financials, how should ...
9
votes
3answers
572 views

Our only debt is hefty student loans, should we pay the student loans off first or save for a 20% down payment on a house?

My wife and I have been working on debt for the last year and a half. We've knocked out $50k in car loans, credit cards, etc. Our only debts left are student loans. Would it make more sense to ...
9
votes
2answers
272 views

How much is enough to save as a rainy-day fund before I start plugging my higher-interest student loans?

Typically, what is considered realistic? 6 months expenses? A year? I understand this is more of an "opinion" question but I am still curious what people think is a responsible buffer (in the event of ...
9
votes
1answer
529 views

$140,000 student debt. What are my options? Please help

As the title states, I am about to finish my PhD with $140,000 dollars worth of student debt. Assuming I even obtain my desired position—a university professor—my salary will be in the upper $40,000. ...
9
votes
3answers
2k views

Can a debt collector garnish my wage without a judgment?

I am going through student loan hell. Trying to consolidate loans and running into walls (repeatedly). I am getting overwhelmed. Can a debt collector garnish my wage without a judgment? I am trying ...
8
votes
6answers
2k views

How should I pay off my private student loans that have a lot of restrictions?

I have numerous private student loans, with amounts and interest rates like this: $30,000 7% 25,000 7% 10,000 7% 5,000 6% 4,000 5% My loan provider told me I have two options. ...
8
votes
3answers
4k views

Paying a Navient Loan's Principal

I have the following loans: A) $12,818 @ 9.25% B) $11,499 @ 2.25% C) $10,059 @ 2.25% D) $ 3,365 @ 10% I recently received a $5000 inheritance so I would like to allocate this in the best way ...
8
votes
4answers
976 views

Should I get cash from credit card at 0% for 8 months and put it on loans?

I have approx $100K in student loans, and am still in my grace period. I am able to get approx $4K cash from my citibank card as a special promotion. I would not have interest on the card until April ...
8
votes
2answers
440 views

Can I refinance my student loans?

I have student loans from graduate school with an interest rate of 6.625%. I see that interest rates are quite low. (Mortgage rates are at 4.6% for a 30 yr fixed.) So I am wondering: Is it possible to ...
8
votes
2answers
182 views

Which graduate student loans are preferable?

It seems that subsidized loans will no longer be offered to graduate students studying in the US. Students will typically have two choices, Unsubsidized Stafford Loans and Federal PLUS Loans. ...
7
votes
1answer
1k views

Is there a most efficient way to pay off multiple loans with the same interest rate?

My Situation: About $36k USD in graduate student loans. There are 4 different federal loans in play, each with a fixed rate of 6.8%. $12k w/ ~$1.2k in unpaid interest $10k w/ ~$1k in unpaid ...
7
votes
2answers
402 views

How can I take out a loan to repay my parents for school debt?

Background I am in the US. I got into a great school for undergrad that was expensive. My parents hadn't prepared for this and borrowed against their home equity to help pay for it. The amount of ...
7
votes
1answer
782 views

Can I save money on interest by paying a loan multiple times per month?

I'm paying off a student loan right now that accrues interest on a daily basis. Last month, for example, I got a bill where the principal was $25k and the interest was $150. I pay about $500 each ...
7
votes
1answer
1k views

My student loans are on an income-based repayment plan. How does this affect my debt-to-income ratio?

If my student loans are on an income-based repayment plan, how does that affect my debt-to-income ratio? Is it reported at the current amount I'm paying, or what I would have been paying if it weren't ...
7
votes
1answer
448 views

to what extent am I responsible for my wife's student loan?

My wife has a substantial student loan (in excess of $100k) which she aquired before we were married. We have a prenup and no community property. She currently is not working and my income is not ...
6
votes
4answers
241 views

Should I pay my Education Loan or Put it in the Stock Market?

I currently have a Student loan at a 2.47% interest rate, I owe most of my home mortgage and have a minimal amount invested in the stock market (not counting retirement). I have some money that can ...
6
votes
6answers
552 views

Should we prepay our private student loans, given our particular profile?

my question is: Should my wife and I prepay my private variable-rate student loans, given our particular financial profile? Or are there higher priorities to address with any extra cash we have at the ...
6
votes
3answers
666 views

Should I take a loan on my 401k to repay student loans?

I have a student loan that has 6.5% interest (highest rate of many) and would be able to repay it if I took a loan on my 401k. I know the basic trade-off is that my money may do better in the 401k ...
6
votes
2answers
103 views

Student Loan versus Cash ISA

I have taken out a UK student loan several years back whilst studying, it was interest free at the time, but now a low interest of 1.5% APR has kicked in. I have scraped together enough to pay this ...
6
votes
1answer
189 views

Should I try to consolidate my student loans? If so, how should I do it? What traps should I watch out for?

I recently graduated with my Bachelor's degree in Computer Science. I now have student loans to pay off. I've heard that something that should be done with your student loans is consolidation, but I ...
6
votes
1answer
255 views

What are my options for paying off the large balance of my federal, high interest student loans?

I have a large student loan from grad school that's over $41,000. I graduated in 2007, before the economy crashed and I was locked into some very high interest rates. I consolidated the Plus and ...
6
votes
1answer
384 views

Estate liability for co-signer to Sallie Mae student loan?

My son has student loans. I co-signed on three that are currently with Sallie Mae. He stopped paying so I am doing that in order to protect my own credit. What is my estate's liability should I die ...
6
votes
1answer
110 views

Verification of student loan amounts

I consolidated my student loan debt with FedLoan a year or two after graduation. Is there an easy way to verify that my current balances are accurate? Is this something an accountant would handle, or ...
6
votes
1answer
199 views

Student loan debt and business owner: What's the best loan-payoff strategy?

I graduated from my doctoral pharmacy program 1.5 years ago with ~215k of student loan debt. So far, the balance has been paid down to 170k. The weighted-average of the interest rates is 7%. ...
6
votes
3answers
442 views

Would consolidating my student loans improve my credit score?

I graduated college a few years ago and have roughly $12,000 in student loan debt left. Even though I make 1 monthly payment, the loan shows up on my credit score as 6 installment loans. When I go to ...
5
votes
6answers
474 views

23 and on my own, what should I be doing?

So I graduated in May with a Computer Engineering degree and started work in September at a major bank located in Jersey City and moved in with a couple of college friends in an apartment in Astoria, ...
5
votes
2answers
815 views

Should I seek loan forgiveness, or paying off my loan quicker?

A little background: I am a public worker who recently learned about a loan forgiveness program. I have already been paying off this loan (since before the program began) and was not aware of the ...
5
votes
2answers
896 views

Use Roth IRA to pay portion of federal student loans?

I'm a graduating medical student, and have ~$220,000 in student loans. The majority of this (~$180,000) is in federal student loans at 6.8%, with the rest being at a lower rate (4-5%). I also have ...
5
votes
1answer
145 views

Is it common for student loan debt to be paid with another loan found at lower interest?

I currently have 22k in student loans at 6.55% interest. I checked my credit score and it was 706 a couple of weeks ago. I am a recent college grad with a decent paying job right out of college. What ...
5
votes
1answer
74 views

Cosigner death and family responsibility

A family member has cosigned a private student loan for a foreign student. If she dies prior to the holder of the loan, is her estate responsible for repaying the loan?
5
votes
2answers
226 views

Tax benefit to paying off student loan interest while in school

I have a substantial amount of loans from my bachelor's degree. I worked for a few years, saved money, and then returned to school full time. While working, my Modified Adjusted Gross Income (MAGI) ...
5
votes
2answers
585 views

Do I have an option to transfer parent plus loans to myself?

My wife and I are currently about to start our payments for student loans. All of our loans are federal student loans through Direct Loans. We also have a parent plus loan, which is technically under ...
5
votes
2answers
102 views

How much extra to put towards loans? I can't judge which gives me more utility

So I can now calculate exactly when my loans would get paid off by ensuring I consistently contribute some amount X to my loans where X is greater than the sum of the monthly minimums, where the extra ...
5
votes
1answer
324 views

How to dispute a balance transfer that never posted with other creditor?

Three months ago, I did a credit union credit card balance transfer at 0% to pay down three student PLUS loans. In the payments, the account number and sequence number for the three loans were given. ...
5
votes
1answer
163 views

How do Income Contingent student loan payment plans work?

In order to benefit from Public Service Loan Forgiveness, I need to select a payment plan that leaves a balance on year ten. Thus far I've focused on Income Based Repayment, which is a newer option ...