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Questions tagged [student-loan]

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.

24
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3answers
8k views

Ask mother to pay off entire student loan, then pay her?

To avoid paying additional interest on my student loans, I want to ask my mother to pay off the entire loans with by lump sum, and then I would pay her back with interest. Are there any issues ...
3
votes
1answer
207 views

Not entering info on tax return

My wife and I make too much to get any deduction for our student loan interest. Our situation also puts us in the Standard Deduction, and we arent itemizing. Question is, do I need to enter all our ...
1
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3answers
76 views

What would the formula for loan payoff with daily compounded interest and paid 5 days per wk?

I'm interested in calculating the impact of making payments on my student loans daily (5 payments per wk). For example my current loan is 50,000$ @ 5.05% interest compounded daily. The term of the ...
2
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0answers
85 views

How can I stop the IRS from withholding refunds for a student loan that is already paid off?

I paid off my student loan over 10 years ago. The IRS is now withholding my refunds. How can I prove this loan has been paid?
4
votes
4answers
425 views

Why can't US students borrow at US-bond rates for studies?

Inspired by this question: How can I prepare for my US student debt? I can see the interest rate is a staggering 9%, is it true students can't aquire more cheaper finance? And if it is true, why? ...
65
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11answers
17k views

How can I prepare for my US student debt?

I'm a student at Drexel University. Drexel is a notoriously expensive school, and I pay roughly $35,000/yr in tuition, after awards. What's more, it is a five-year school. Currently, I'm in my fourth ...
1
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0answers
35 views

Is the principal on student loans tax deductible in Canada?

A friend was suggesting to me that it would be wiser for me not to spend money that I am currently earning, since as a student, I am in a very low tax bracket / below the lowest tax bracket. Their ...
3
votes
2answers
119 views

How to negotiate a debt in collections?

I have a debt that has been in collections for a significant period of time (>10 years). The debt is from a college loan that defaulted when the lender (a private school) didn't send the deferment ...
1
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2answers
276 views

Is a technical Masters degree in a high-paying employable field worth it? [closed]

I give as a follow-up to my first question, a more reality-driven premise and question. I ask: Is a Masters degree in a high-paying employable field worth it? Say you need 4 pre-Masters (aka post-...
18
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6answers
4k views

What are things to think about when paying for/taking out a loan for graduate school? [closed]

I haven't seen a lot of posts related to graduate school in this SX, but I apologize if there are. I bolded the crux of my question. I'll apply my situation to this question as an example: I got a ...
2
votes
0answers
125 views

Student loans paid already but collection agency claiming loans are in default

I paid off my student loans via pay garnishments and the IRS taking 3 to 4 years of my tax refunds. Unfortunately, I have moved 5 times in last 2 years and I cannot find my files confirming this. ...
3
votes
2answers
159 views

How best to apply back Student Loan Refund?

After completing Undergrad December 2017 I began making payments on my student loans (#1-5 below), paying more than necessary on the smallest balance of my 6.8% loans (usually owe $340, paying $500). ...
5
votes
3answers
207 views

What is the best option for repaying student loan?

This is an embarrassing thing for me. Growing up my family believed money is a bad thing that shouldn’t be talked about. I have found this philosophy hasn’t served me well and abandoning it. I ...
5
votes
4answers
382 views

Is home equity worth taking out a mortgage when I have $67k student loans to pay?

Note: home equity isn't the only reason I'm thinking about buying. I'd like to have control over my own living environment, more space, not have to worry about annoying the apartment unit upstairs if ...
6
votes
4answers
228 views

Paying for student loans

I am looking for some advice in paying off student loans for me and my girlfriend. As a disclaimer, I am unfortunately quite financially illiterate, but looking to improve. We are both living in the ...
0
votes
1answer
37 views

How to compare the APRs of different currencies?

I want to take a loan and I have two options: Euros APR: 7.2% terms: 10 years Yuan APR: 9.2% terms: 5 years I have taken some financial classes so I have a vague idea about it. I know there is an ...
2
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2answers
114 views

Is a loan in euros with a 7% interest expensive for a student?

I am admitted to a business school in France and I have just got a quote from Prodigy Finance. The loan amount is about 30000 euros, the fee is 2.5%, and the term is 15 years. The first repayment will ...
13
votes
5answers
4k views

Incremental payoff vs lump sum

I have $12 000 in student loan debt at 6.5% interest. Currently my payments are in the ballpark of $150 per month. I have an automatic transfer to a high interest savings account with Tangerine set ...
7
votes
1answer
183 views

Consequences of student debt in the UK after moving to the US

My British wife went to university in the UK from 2001 to 2005. She got a student loan with SLC and was never charged anything because her income was too low. She left the UK in 2011, never earning a ...
1
vote
1answer
155 views

Pay off student loans vs pay myself and try to get PSLF? (is my math right?)

I am trying to decide between paying off my student loans in 5 years vs attempting to quality for Public Service Loan Forgiveness (PSLF), which I could conceivably do in 5 years. My options are to 1) ...
5
votes
2answers
297 views

Should I pay off my UK student debt?

I have £33K in savings and my student debt is £31k - the interest is 6.3%. I'm 23 and currently earning £40K but it's an industry with big salary jumps, and plan to go contracting so I could be on 70-...
2
votes
2answers
285 views

Letter to lender of how to apply overpayment

I'm attempting to make an overpayment to my student loans and wish my payment to not defer my monthly payment date, not alter my payment schedule, not pay off any unpaid interest, and only be applied ...
3
votes
1answer
109 views

Student Loan Considerations for Limited Company Directors

There are quite a few different questions on (UK) student loans in this forum, and elsewhere, but searches here have not posed the question I am looking the answer for right now. Similarly, searches ...
5
votes
4answers
169 views

Is it best to pay back only the minimal compulsory payments for HECS-HELP student loans in Australia?

I have a considerable amount in student loans by Australian standards. I have multiple degrees and they allowed me to get a job that pays well. With such a job, the Australian government requires me ...
42
votes
9answers
9k views

What are the biggest pitfalls to avoid with student loans? [closed]

More often than not I read horror stories of people such as (I've Paid $18,000 To A $24,000 Student Loan, & I Still Owe $24,000) that acquire college debt, pay monthly for years, and end up owing ...
0
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2answers
1k views

Does anyone know about the details of the bankruptcy proposal?

I am a college student. Due to a financial crisis, I took a student loan. Now I am not able to pay the loan. I thought of repaying once I had settled in. But unfortunately, I didn't get a job and my ...
0
votes
1answer
58 views

Student loan payments and tax breaks

Forgive me for such a naïve question, but simply put: do student loan payments count as a deduction to gross income? I.e. if I make $50,000 per year gross and manage to pay $20,000 of loan debt in one ...
6
votes
1answer
301 views

Getting married but avoiding joint income claims

My girlfriend and I are planning on getting married. However, she has racked up quite a bit of student loans(60K+). Currently, she has been on a repayment program (PAYE) with a 20 year loan ...
1
vote
1answer
115 views

MiscAdvice or feedback about Uk Student Loan Repayments from overseas

UPDATE: The Student Loan Company got back to me, and they were very understanding about the miscommunication. No back payments, no other penalties or demands. I have been living in Japan for 5 years....
0
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0answers
69 views

Medical bills; Student Loans with history of drug usage

I'm not sure this is the right forum for this question, so let me know if I need to move it. Additionally, I wonder if this ought to be split in two posts - one about how to pay off large medical ...
2
votes
1answer
119 views

How does Sallie Mae calculate its payment?

Short Version Can anyone figure out how Sallie Mae comes up with its personal loan payment amount? Long Version I have a friend who took out a personal loan with Sallie Mae, and their payment ...
0
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0answers
38 views

Re-financing medical student loan from FAFSA to private lender?

I'm investigating the "best" approach towards my medical student debt. My outstanding debt is $400,000 with an interest rate of 6.8%. Presently, FAFSA is my Lender. I'm on the 10-year plan, which ...
3
votes
1answer
179 views

Are the CEO's earnings different from the company's earnings?

I am a resident of Ontario and I am planning to go to University in September. Upon applying for OSAP I was asked what my monthly salary while in school will be (excluding time away from school). I ...
3
votes
1answer
217 views

Just graduated, what to do with cash gift

I recently graduated from a university in Alberta with just about $19000 of student loan debt, between my provincial and federal loans. However, as a graduation present, I was given $20000 to either ...
1
vote
1answer
247 views

What is nelnet doing with my auto-debit student loan payments?

I recently (A few months ago) bumped up my loan repayment. My repayment just started this year. So, I took a look at how nelnet is allocating my auto debit, and my payment history looks like this: ...
3
votes
6answers
497 views

In what order should I decrease my loan debt?

I currently have federal student loans, and a personal loan I took out for college. Below are my percentages for each. I am wondering which loans I should start paying off first to ultimately not ...
7
votes
3answers
427 views

Saving/investing instead of paying off 0.01% interest student loan. Am I missing something?

I have a rather large amount of student loans, around 40k euro. The rate is set for 5 year time periods. I have to pay 0.01% interest over them until 2020. Historically, it has rarely been higher than ...
1
vote
1answer
185 views

Student Loans and Creditworthiness

In reading This Question about UK student loans I cam across several answers that state that student loans do not impact credit score beyond limiting the amount of disposable income used in the loan ...
24
votes
9answers
5k views

UK Student Loan Repayments

This is something I’ve always wondered about and have never really found a satisfactory answer. Maybe I've misunderstood how student loans work. I've completed a Uni course (plan 2) after borrowing £...
4
votes
1answer
163 views

Is it advantageous to my credit score to not completely pay off my student loans?

I have $11,000 in subsidized loans. One loan is for $5,500 @ 3.9% and the other is $5,500 @ 4.5%. I must pay off the loans within 10 years, but there is no penalty for paying them off early. I will ...
8
votes
3answers
4k views

Student loan grievance: Is it illegal for servicer to lower my minimum monthly payment because I've been aggressively overpaying? [closed]

In the mind of the servicer and lender, they're doing me a favor by lowering my monthly minimum payment, yet really they're aggravated that I've been overpaying and am now considerably off of the 10-...
0
votes
1answer
89 views

Effect of Student Loans on credit score

I've got student loans, for which I'm enrolled in the Pay As You Earn (PAYE) repayment plan. This means I'll only ever pay a maximum of 10% of my income towards these loans. Given a relatively low ...
4
votes
2answers
173 views

Student loans and credit score

A friend of mine hasn't been paying his student loans off in years now and obviously his credit has suffered. This friend is convinced that if he waits out 7 years of the loan it is taken off his ...
9
votes
5answers
1k views

HELOC vs Federal Student Loan

Given the following assumptions: Interest rates are the same for HELOCs as Federal Student Loans (they're both hovering around 5% right now). Loan amount could range anywhere between $10,000 and $40,...
49
votes
10answers
10k views

How can a high school student value a possible degree?

From another question I asked, an answer said: If a person borrowed heavily to obtain an education where they make anything less than 75K per year then it was probably foolish. There are many jobs ...
6
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2answers
2k views

Is there any loan forgiveness or help for a large Federal parent student loan?

If a parent has a federal student loan for her child's education of over 100 thousand dollars, and she is having trouble paying off, is there any sort of forgiveness, or help?
3
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1answer
84 views

How exactly does a Level / Standard student loan repayment scheme work?

I have a question regarding standard (or 'level') debt repayment plans, specifically for my student loans. Hoping someone might have some insight. "Standard repayment is a level payment plan, with up ...
6
votes
0answers
181 views

Falling through the cracks for University funding [closed]

I am 18 years old. I have been accepted to study​ (an undergraduate course)​ at Cambridge University. I have a Dutch Passport and South African Permanent Residence. Unfortunately because I have ...
2
votes
7answers
4k views

Credit score goes down substantially after paying off student loan

My credit score was about 800, according to my bank, which gives it to me for free on their website. I still had several years on my student loan, but I paid it off a few months ago. A couple of ...
3
votes
1answer
81 views

Variable vs Fixed rate loans which to pay off?

I have the following student loans still outstanding: Balance Rate Type Rate 2758.94 FIXED 4.41 3639.59 FIXED 4.41 1978.00 FIXED 3.61 ...