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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.

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Student Loans as an Overseas Company Director

The lack of documentation on my situation is slightly infuriating, so hoping someone else in a similar position has got it figured out! I moved to Hong Kong 6 years ago from the UK and started a few ...
Anon's user avatar
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1 vote
0 answers
45 views

Pay As You Earn loan filling jointly

My wife(US) has a debt in Germany for a master, she's paying on a pay as you earn, and since now we are married we filed the taxes jointly, and my income made the 1040 be the triple of the 1040 she ...
Matteo's user avatar
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0 votes
2 answers
317 views

Can a personal loan be taken in the USA to pay back a loan in India?

The interest rate from the Indian bank is higher so can a personal loan be taken in the USA to pay back the loan in India? If yes, then will there be major tax challenges or any other such hurdles? Is ...
 Adnan's user avatar
2 votes
0 answers
167 views

How do I reduce the interest I'm paying on unused student loan?

I am studying at a US university, on a student loan from a UK company - funds are paid directly to the university. The loan provider already disbursed the loan amount to my university's finaid ...
spatial's user avatar
  • 21
1 vote
1 answer
218 views

Which Debt shall I pay first?

I have 2 debts the first is my mortgage ($600,000) on 3.3% interest rate and the other is my study loan ($60,000) on 7.0% interest rate I made savings of $30,000 I want to use to pay my debts Which ...
asmgx's user avatar
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56 views

Proceeds of house sale for study loan

Sale of House proceeds is 50lacs. profit from sale of property 15 lacs. I have student loan 30 lacs. Should I pay student loan first or buy property. My all transactions are in in INDIA.
Vinay Misra's user avatar
2 votes
2 answers
907 views

Any problems with paying essentially $0 towards student loans and counting on forgiveness?

I recently signed both my wife and I up for the new SAVE IDR plan for our student loans. This put our total monthly payment from $350 to $0... I am eligible for PSLF so my loans (about $24k) will be ...
Nosjack's user avatar
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1 vote
1 answer
188 views

On which day in October are US student payments due?

Media says payments are due to restart in October. But when?
BlackNinja's user avatar
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1 answer
178 views

Student loan repayment strategy - pay little by little or a big chunk at once before interests kick in?

I am a 29-year-old student who was graduated this month and looking for an apartment to rent. I have a job offer for $109K/year but that won’t start until September. $145K student loan with the ...
Ida Salehi's user avatar
2 votes
1 answer
117 views

How do I Calculate future monthly loan payments after interest-only period ends?

When I was in school, I was paying only interest on my Sallie Mae student loans. Now that I am graduated, my payments are made on the interest as well as principal. I am trying to calculate my monthly ...
obick's user avatar
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1 answer
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Do student loans capitalize daily after the grace period?

As I understand it, for many student loans, when you take out the loan, there is a daily, fixed, simple interest that accrues. This accrues on the principal but does not capitalize. Therefore, if I am ...
Stan Shunpike's user avatar
4 votes
1 answer
1k views

Amending Taxes To 'Cheat' Student Loan IBR Payments?

I can find a lot of resources that talk about the impact that different filing statuses have on student loans (example1, example2). My wife is pursuing a Public Service Loan Forgiveness, meaning the ...
Rob P.'s user avatar
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1 vote
1 answer
124 views

How do I calculate my deductions (income, national insurance, pension & student loan) for an income of 1 week?

I left Company 1 on the 22nd of September, 2022 My salary at Company 1 was £41,000. My P45 states that my: Total pay to date (at the time) was: £19,741.76 Total tax to date (at the time) was: £2,690....
nopassport1's user avatar
18 votes
5 answers
8k views

I have to pay back my student loan. When is the best time to do it?

Today, I received the news that my "Payback phase" for my student loan has begun. I was afraid this day would come soon, but it came quicker than I anticipated. However, I got the news that ...
SpoiledMustard's user avatar
1 vote
0 answers
119 views

Student loan forgiveness - how does the refund work?

Under Biden's new student loan forgiveness plan, I would have qualified for $10,000 of debt relief. However, taking advantage of the last two years of pandemic related forbearance, I recently paid off ...
crass_sandwich's user avatar
9 votes
5 answers
2k views

Prior to the student loan repayment changes -- when could an individual wind up being charged more in interest than their minimum payments?

When I had student loans I was able to make minimum payments on mygreatlakes (the website I was directed to go to after graduating). I have some recollection about these being special loans with extra ...
Sidney's user avatar
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1 vote
1 answer
349 views

How do I determine eligibility and receive Federal Student Loan forgiveness?

Yesterday (Aug 24, 2022), a Student Loan relief plan was announced that is estimated to apply to 8 million people in the US. My wife still has some student that may be eligible. My initial impression ...
TTT's user avatar
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7 votes
3 answers
4k views

Is it a good time or good idea to invest money that I will need to repay in a year time that is not currently accumulating interest?

I'm currently in my graduate studies in Canada. I have around 20k in savings. I will make around 8k more by the end of studies in savings without accumulating any more debt. I currently have 20k in ...
akozi's user avatar
  • 243
2 votes
1 answer
119 views

How to stop loan providers juggling my money during employer repayment?

I've worked for a high-needs public school for many years, and finally received notice the state would be paying off my student loan debt. Last summer, they paid $6k and they will pay the remaining $...
Village's user avatar
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2 votes
3 answers
260 views

Can I leave money to my child to bypass partner's student loan debt

My domestic partner and I have a young child (3-5 years old). We are both the legal parents. My domestic partner also has quite a bit of student loan debt (80K+) that is managed on a 20 year income ...
TsSkTo's user avatar
  • 347
2 votes
2 answers
190 views

Going back to school: student loans vs borrowing from IRA

Preamble about where I am right now: Late 40s In the USA Modest car loan, no mortgage, no credit card debt No spouse or children About $200,000 in a traditional IRA, another $50,000 in a Roth ...
Todd Wilcox's user avatar
  • 1,056
3 votes
2 answers
291 views

Friend has 90k USD after a home sale, use it to buy a new home in new location or pay down med school loans?

I have a friend. He is an up-and-coming doctor. This means he has about $160k in student loans. The interest rate is about 6%. In a month or two he is selling his house. From this sale he will have ...
Scott Skiles's user avatar
  • 1,203
2 votes
1 answer
93 views

Federal Perkins Loan is showing up unsubsidized despite not taking any unsubsidized loans

I've been repaying student debt and my university recently sent a loan that I didn't know I had to a collection agency. The loan is listed as a "federal Perkins direct Stafford" loan that is ...
Good Shmorning 's user avatar
3 votes
1 answer
101 views

Public Service Loan Forgiveness - How is loan payment pause handled?

I have student loans totaling $14,000. I began repayment 9 years ago, but took deferment while in grad school for about 18 months, and then CARES act automatically put my loan into forbearance in ...
user15741's user avatar
  • 141
32 votes
4 answers
10k views

Will the Government come after my daughter's assets if I can't pay my student loans?

I’m 60 years old. Got my masters degree finally. Now i cannot find a job. No one would hire me. I applied 1000 applications. Still no luck. I have $10,000 student loan. How to handle this? I live with ...
user113517's user avatar
0 votes
1 answer
94 views

Are there any loan options for the international students in the US? [closed]

I am an international student of one of the university of California campuses. I study PhD and am a fully funded student with around $30,000 annual salary(before tax). I need about $5000 in cash and ...
user avatar
2 votes
0 answers
52 views

Total Cost of PAYE?

I'm evaluating my options for my Federal Loan debt, namely continue with PAYE or refinance with a private lender. Presently I'm enjoying deferment until Jan, 2022 due to President Biden's decision. ...
user112134's user avatar
0 votes
2 answers
141 views

How to tackle Student Loan debt before and after marriage

My partner and I are trying our best to plan for the future and figure out how we will manage our finances in the coming years. They are currently about to begin their graduate studies for their field ...
Flats's user avatar
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16 votes
4 answers
4k views

Do I lose any rights, or run into any disadvantages, by consolidating my student loans?

My employer has offered to pay off my student loans. The problem is, they are only able to deposit the money in a single loan account. It is split across different companies. My employer can't pay ...
Village's user avatar
  • 2,813
28 votes
2 answers
9k views

Taking college classes to avoid student loan payments indefinitely

My sister-in-law has decided she wants to take part time college classes so she doesn't have to make payments on her private student loan and her plan is to do this until she dies. She graduated from ...
Erica Grant's user avatar
1 vote
3 answers
237 views

How to split up income for loans and savings

My partner is about to start Veterinary School, and as a result is going to be taking on a potentially very large amount of debt. I have a job currently paying me $55,000 on salary (factoring in the ...
Flats's user avatar
  • 729
0 votes
0 answers
62 views

How do I cheaply transfer money from Ireland to Canada for the purpose of student loan payments?

My Situation I'm Canadian and I took out student loans while studying in Canada. I graduated and started working right away. I have a student loan balance of approximately $29K. I moved abroad to ...
user1261710's user avatar
5 votes
1 answer
306 views

Tax payable on student loan repayment

I have two children at university. The eldest is in his second year as a PhD student, the youngest in the third year as an under-graduate. Both have taken out student loans and owe £45,000 (for under-...
Keith Miller's user avatar
0 votes
1 answer
88 views

Is a bunch of debt now better than distributed debt in the future in terms of paying less in the long run?

This might be too theoretical but it popped into my head this concept for attending University/College. If you had the ability to choose one of the following which is best in terms of you paying ...
guanciale's user avatar
1 vote
1 answer
232 views

Understanding a UK Plan 2 Student Loan Interest Calculation

I recently requested a statement from SF England regarding my student loan outstanding debt. Once I had this I was leafing through but started to become confused about their methods of calculating ...
Sisha's user avatar
  • 13
-5 votes
2 answers
225 views

Are frugal students going to get reimbursed as a part of student loan forgiveness?

I have always been a frugal student. I took extra part time jobs and paid for my college. Never took a loan. Now with a great pain in my heart I realize that all of my efforts were in vain. I could ...
user105240's user avatar
1 vote
2 answers
94 views

Can Income Based Repayment payment exceed your income when married?

My understanding is that IBR payment is a percentage of your household income if married. In that case can the payment actually be more than your individual income if your spouse earns more? (...
Gadam's user avatar
  • 117
3 votes
1 answer
360 views

Why would student loans be valued at $1.04 for every dollar of debt?

According to this Yahoo! Finance article, the Department of Education has some analysts who attempt to estimate the value of the Department's student loan portfolio: For years, bean counters at the ...
indigochild's user avatar
5 votes
1 answer
729 views

May I use my IRA account to pay off "parent plus" loans?

My spouse and I are 60 yrs old. We paid for our first 3 children's higher education (in state 4 yrs $100,000) and launched them into adulthood without student loan debt, with the understanding they ...
Giovanni's user avatar
0 votes
1 answer
139 views

Should I consolidate my loans amidst political talks of forgiving student debt? [closed]

I recently graduated college in the US, and my loans went into COVID-19 forbearance. I'm not required to make payments until January 2021, but I have been witling away at them for a few months since ...
GotCubes's user avatar
0 votes
1 answer
265 views

Pooling student loans with sibling

I graduated in 2017 with a bunch of student debt that my parents held on my behalf (~$130k). My sibling went to the same university as me and my parents also took out debt to fund her education. ...
smartButNotSavvy's user avatar
1 vote
1 answer
104 views

What is the expected effect to credit of refinancing my student debt?

I have $20K in student loans across 8 accounts at 3 lenders dating back from 2004-2009 here in the USA. The average interest rate is around 6%. I can likely get a fixed rate around 3.5% if I refinance,...
tef2128's user avatar
  • 141
2 votes
2 answers
284 views

Why are student loan interest rates low when the repayment terms seem worse to lenders?

I've heard that student loan interest rates are typically low compared to other kinds of loans. I think I get the subsidization part of it, i.e. the federal government discounts interest, presumbly to ...
Andrew Cheong's user avatar
3 votes
1 answer
90 views

With student loan interest suspended, which loan should I be paying off?

Say I have two loans, A and B. Loan A: Normal low-interest loan with interest Iₐ Loan B: Student loan with higher interest Iᵦ. However, because of Coronavirus, interest is suspended for the next T ...
BlueRaja - Danny Pflughoeft's user avatar
0 votes
2 answers
95 views

Should I focus on repaying private or federal student loans during Covid-19 and CARES act?

The CARES act puts the interest rate for federal student loans at 0% until December 30th and there are no mandatory payments for student loans until that time. I owe $32,000 in federal loans, normally ...
Marcellus's user avatar
  • 101
4 votes
3 answers
284 views

Coming into some inheritance, how to smartly put it to the best use to pay off my debt and/or pay for a home downpayment?

I'm in the United States. A family member just passed and it looks like I'll be coming into a little inheritance ($30,000 USD). I've got quite a bit of debt and am also looking at potentially buying ...
birdnerdgirl's user avatar
0 votes
0 answers
261 views

Should I sell investments to pay for grad school?

I'm planning to attend graduate school (USA), which will cost around 200k over 3 years. I have about 200k in highly appreciated stock (basis average of 100k, long-term gain) in a personal investment ...
jhch's user avatar
  • 179
0 votes
1 answer
169 views

Denied credit based on student loans in deferment

I have had a secured credit card with my credit union, Self-Help FCU for 6 years. Every so often, I add more to the deposit, and it is now at $1750. I recently asked them if I could take the deposit ...
James S.'s user avatar
  • 101
5 votes
1 answer
2k views

UK Student Loan - Overseas Arrears

I graduated from university in 2011 with student loans totalling roughly £30k. After a brief stint working in the UK, I moved to work in Japan. A month or so after moving I informed SLC of my new ...
Rigo's user avatar
  • 51
3 votes
0 answers
401 views

UK student loan default payment for living abroad is lower than how much I should pay based on earning. Can I just pay the default?

I'd like to preface this by saying that if I am legally required to pay the higher amount, then of course I will. But as any human (presumably), I would prefer to pay less. I am also on Plan 1 for ...
Adam Thomason's user avatar

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