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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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 ...
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  • 213
2 votes
1 answer
101 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 $...
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  • 2,327
2 votes
3 answers
238 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 ...
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  • 347
2 votes
2 answers
123 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 ...
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  • 1,067
3 votes
2 answers
251 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 ...
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1 vote
1 answer
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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 ...
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3 votes
1 answer
72 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 ...
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32 votes
4 answers
9k 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 ...
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0 votes
1 answer
86 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 ...
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2 votes
0 answers
50 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. ...
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0 votes
2 answers
110 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 ...
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16 votes
4 answers
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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 ...
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  • 2,327
27 votes
2 answers
7k 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 ...
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1 vote
3 answers
219 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 ...
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0 votes
0 answers
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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 ...
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5 votes
1 answer
125 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-...
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0 votes
1 answer
80 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 ...
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1 vote
1 answer
85 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 ...
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-5 votes
2 answers
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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 ...
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1 vote
2 answers
78 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? (...
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3 votes
1 answer
331 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 ...
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5 votes
1 answer
456 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 ...
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0 votes
1 answer
70 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 ...
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0 votes
1 answer
148 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. ...
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1 vote
1 answer
101 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,...
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2 votes
2 answers
226 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 ...
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3 votes
1 answer
87 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 ...
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0 votes
2 answers
79 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 ...
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  • 101
4 votes
3 answers
242 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 ...
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0 votes
0 answers
196 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 ...
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  • 179
0 votes
1 answer
123 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 ...
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  • 101
4 votes
1 answer
1k 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 ...
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3 votes
0 answers
199 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 ...
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6 votes
1 answer
1k views

Calculation on Accrued Interest on typical student loan

I was reading an article on accrued interest as it pertains to student loans, and this is what was said: "Say you borrow $5,000 each year you’re in school at an interest rate of 5% each year. ...
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26 votes
7 answers
8k views

Debt management: 0% CC APR for 15 months vs 7% student loan debt

About me: I make about $3330 a month from my job after taxes. I'm currently $72,500 in debt from student loans, 7% APR. I have 0 other forms of debt (I live with my parents and bought a used car for ...
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  • 1,030
0 votes
1 answer
251 views

Can I use a 529 plan to pay a refinanced student loan?

As pointed out in another question, in the U.S. we can now use a Qualified Tuition Program (QTP, e.g. a Section 529 Plan) to pay student loans as a qualified education expense - provided your state ...
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  • 115
4 votes
1 answer
572 views

Can I use a 529 plan to pay student loans and claim both the state 529 deduction and the federal student loan interest deduction?

At first blush, this sounds like it might be double-dipping. But let's take a look at the new IRS rules. As pointed out in another question, in the U.S. we can now use a Qualified Tuition Program (...
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0 votes
0 answers
78 views

Can't file 1098-T electronically on Turbotax or Credit Karma

Historically, I've been able to claim the American Opportunity Credit that would give a surplus refund of $1000 to help with school while being a full time student and not working
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13 votes
2 answers
4k views

Can I open a 529 retroactively to pay my student loans?

At the end of the year 2019, congress passed the SECURE Act. This act does many things relating to retirement accounts, but Section 302 specifically relates to 529 account expansions. These changes ...
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5 votes
1 answer
303 views

Can I take advantage of forbearance to pay student loans down faster?

Years ago, I applied for the Borrower Defense to Repayment Program because I have student loans for a school that was punished for doing some shady things. Apparently the Department of Education is ...
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  • 1,193
1 vote
2 answers
315 views

Bypass credit agency and pay loan directly to US Dept of Education?

My employer received a letter from a creditor agency ("Central Research") ordering that they garnish up to 25% of my salary for the loan. The language that they used in the letter to them was ...
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  • 11
2 votes
3 answers
524 views

Is the William D Ford Direct Loan Program legitimate?

My dad got a voice mail talking about a loan forgiveness program. He has no loans left, but I do, so we assume that they're trying to get a hold of me. I Googled the number from the message and ...
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19 votes
6 answers
9k views

Pay everything now or gradually?

I have around $45,800 is my bank account and have the following three loans: Loan 1: $6,114 with 6.8% interest rate Loan 2: $14,649.21 with 6.8% interest rate Loan 3: $2,927.25 with 5.750% Should I ...
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2 votes
0 answers
8k views

How much can you have in TFSA without losing any OSAP?

Plz see beneath. Just $3600 for 2019-2020 school year!!?!!? This is too niggling and half-baked! What if student is living away from home? Accomodation and private rent cost way more! What if US or ...
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4 votes
1 answer
322 views

How is interest calculated on a UK type 1 student loan?

On my student loan annual statement it says The Student Loan Company applied interest to my balance every month but only received one lump sum payment at the end of the year from HMRC, even though ...
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1 vote
1 answer
240 views

Questions about student loan refinancing while pursuing a Dental Residency

I was wondering if folks here have had experiences with refinancing student loans that could help answer some questions. I am trying to look into options for refinancing my wife’s private + federal ...
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3 votes
1 answer
153 views

Student Loan Proof [closed]

I want to make donations to people with student loan debt. The method by which these people are chosen does not enable me to get to know each person on a personal level. How do I verify someone's ...
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6 votes
2 answers
721 views

Is the British student loan considered the same as a standard loan when applying for a mortgage abroad?

I am currently living in the Netherlands and I have quite the accumulation of UK student debt, currently it's sitting at around £50000 but based on my repayment schedule, it wouldn't affect my ability ...
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  • 140
1 vote
5 answers
355 views

Refinancing student loans in the context of an impending recession

I am a 23 year old, employed, Software Engineer working for a startup in an inexpensive city in the United States. I make $71k/year plus stock options that incrementally vest over 3 years. I have no ...
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0 votes
2 answers
267 views

Can I use credit card to save interest on personal loan?

I currently have a student loan that charges me interests every 1st of each month. The interest rate is about 3.5 to 5.5%. Can I use my credit card to pay off an amount of the loan at date of 25th for ...
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