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.
14
votes
3answers
907 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 ...
14
votes
2answers
2k 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 ...
12
votes
4answers
537 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%, ...
11
votes
7answers
2k 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 ...
11
votes
6answers
2k 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 ...
10
votes
8answers
1k 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 ...
10
votes
4answers
7k 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, ...
9
votes
6answers
708 views
Should I pay off my student loan before buying a house?
Should I pay off my student loan before buying a house?
9
votes
2answers
168 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 ...
9
votes
2answers
192 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 ...
8
votes
3answers
317 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 ...
8
votes
5answers
3k 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 ...
8
votes
1answer
343 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 ...
7
votes
2answers
279 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 ...
7
votes
1answer
399 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
2answers
470 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 ...
7
votes
2answers
162 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.
...
6
votes
6answers
362 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
192 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
4answers
193 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 ...
5
votes
3answers
409 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 ...
5
votes
1answer
136 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 ...
5
votes
2answers
86 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
85 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
39 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
111 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 ...
5
votes
1answer
55 views
Can I personally start and use a 529 college savings account?
I am still a college student, and I am currently working. I am taking out loans for my tuition costs and paying for the rest of my expenses out of pocket (from my job).
Yet I was wondering if I could ...
5
votes
3answers
313 views
How do I set up the formulas to properly split monthly loan payments to principal and interest?
This has been a small annoyance for months now: the formulas GNUCash produced via loan repayment wizard don't match up with my lender's amortization tables. The formulas use pmt() functions, like this ...
4
votes
4answers
196 views
Paying loan more than the monthly limit vs keeping the extra in a bank or investment
I have a student loan (9% interest rate) which I have to pay within the next two year. Since I have a secure job I know I will finish paying within two years even with the minimum monthly payment. ...
4
votes
4answers
239 views
What are my options to deal with Student Loansharks?
So I had about $16k in student loans. I defaulted on the loans, and they got passed to a collection type agency (EOSCCA). The collection agency tacked another $4k onto the loans. I spoke with a ...
4
votes
3answers
102 views
How can I use my low credit card rate to save interest on my student loan payments?
I have student loans at a rate of 6.55%. I have zero credit card debt - and have a card with a rate of 6%. I have a comfortable amount saved for emergencies and have some extra income that can go ...
4
votes
4answers
149 views
Schooling - Pay in cash or take the subsidized loans?
I'm going back to school in about a month. I will be going after my bachelors degree in Information Technology with an emphasis in Software Development. I am in a position right now where I could ...
4
votes
3answers
113 views
What options are there for consolidating a large amount of private student loan debt?
I'm currently in a weird situation - I have a large amount of accrued debt (85k principal, ~15k accrued interest so far), spread amongst multiple smaller student loans. Some are federal stafford ...
4
votes
1answer
73 views
Federal Stafford Loan deferment options?
I have a question pertaining to Federal Stafford Loans, I think it goes here, let me know otherwise.
I have several student loans, Federal Stafford Loans to be exact, and the National Guard has ...
4
votes
0answers
57 views
How does an income-based repayment plan affect 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 ...
3
votes
3answers
233 views
Under IRS rules, After what tax bracket or income range student loan interests are not effective?
Student loans generally have very low interest rates. Those interests paid work in your favor at tax time, for certain income and tax bracket group.
In the US, if you make more than what amount, ...
3
votes
3answers
132 views
Building Credit for a Young Person with No Credit
I don't have any credit established but I'm a computer programmer and I make pretty good money. I'm 21 and I would like to buy a new car. I can't get a loan because I don't have any credit and I've ...
3
votes
3answers
181 views
Trying to figure out my student loans
Please let me know if this is too much information/perhaps unsafe private information to reveal. I am trying to understand the finances behind this stuff and what I can do to get rid of my loans ...
3
votes
3answers
126 views
How will making monthly student loan payments before grace period ends affect credit?
I recently graduated with student loan debt, and my grace period will be ending soon. Most of these loans are subsidized, meaning I do not pay interest until the end of my grace period. If I begin ...
3
votes
2answers
150 views
Faster degree with debt or slower degree with no debt?
I'm looking at going back to school, and I have the option for two different speeds at which I could pursue my degree. The following numbers are assuming none of my credits transfer. They all should, ...
3
votes
1answer
2k views
FAFSA: Do I still report my parents' income if I am not claimed as dependent?
I'm 19 and it's nearly time to fill out the FAFSA again.
Most of the time, until you're 24 (or is it 25?) you report your parents' income on the FAFSA.
However, my parents do not claim me as a ...
3
votes
1answer
80 views
Grad student - Pull money from 401k, or get student loan?
I went back to school after a few years in industry. The PhD has a stipend, but it doesn't quite go far enough. I'm dipping into savings each month. I'm looking for a little extra cushion. I have a ...
3
votes
3answers
141 views
How should we prioritize retirement savings, paying down debt, and saving for a house?
My wife and I are newlyweds. We currently have 6 months' emergency fund (3 months are currently in a CD, and 3 months in a high-yield savings account.) We are contributing to get the full match in her ...
3
votes
2answers
95 views
Improving credit score by taking on spouse debt, possible?
My wife and I recently purchased a car, during the process I was shocked to learn my credit score was below average (no debt, healthy credit limit and always paid balances in full, good income) while ...
3
votes
1answer
294 views
Ontario HST rebate: Canada Student Loan debt in default. Can they take my transition rebate?
I don't owe the Ontario government anything - not even student loans - but I do have a defaulted Canada Student Loan in default. Can they take my transition rebate?
2
votes
4answers
168 views
I thought student loans didn't have interest, or at least very low interest? [UK]
I was under the impression that UK student loans were really cheap credit, and were incredibly low interest rates. After hearing some radio shows on student finance their advice was to always pay the ...
2
votes
3answers
827 views
What are the advantages or disadvantages of paying off student loans early? [duplicate]
Possible Duplicate:
Paying off student loans early/lump sum — best practices?
I'm curious as to the advantages or disadvantages of paying off student loans early. I understand that interest ...
2
votes
1answer
106 views
How do I fill out my FAFSA form if my mom has two jobs?
My mom gets two separate W-2 forms from two separate jobs. How do I take this into account when filling out my FAFSA form?
2
votes
2answers
53 views
Financing Education through Credit Card or Student Loans
I'm currently back in school, full-time, for an MBA (20 month program). I don't need to worry about tuition, but I still need to pay for living expenses out of pocket.
Should I rely on student ...
2
votes
5answers
189 views
Can a debt collector deny a consolidation?
I've asked this question below...
Can a debt collector garnish my wage without a judgment?
but thought it be better the break these up into seperate questions...
PHEA, who is acting as a debt ...
