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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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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 ...
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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 ...
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1answer
138 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 ...
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0answers
140 views

Why is it legal for student loan bills to max your low interest, and zero your high interest, account payments?

Every quarter or so, the minimum payment on my lowest interest loans goes up, and the min payment on the highest interest loans is now Zero. This seems to be the most abusive way to force payments. e....
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1answer
138 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) ...
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2answers
256 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-...
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2answers
235 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 ...
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1answer
103 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 ...
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4answers
159 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 ...
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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 ...
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2answers
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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 ...
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1answer
56 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 ...
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1answer
292 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
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1answer
98 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....
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0answers
66 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
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1answer
108 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 ...
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0answers
36 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
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1answer
177 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
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1answer
199 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 ...
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1answer
178 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: ...
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6answers
483 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
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3answers
416 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 ...
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1answer
176 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 ...
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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 £...
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1answer
126 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 ...
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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
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1answer
67 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
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2answers
169 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 ...
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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,...
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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
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0answers
178 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 ...
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7answers
3k 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
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1answer
78 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 ...
12
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3answers
6k views

Can I pay my student loan with a credit card?

As far as I can tell, it's not possible to pay off student loan debt with a credit card. I'm currently making payments through Great Lakes borrowing services. There is clearly only an option to add a ...
0
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0answers
38 views

Which two loans out of the three should I pay off? [duplicate]

The answer to this question is what I was basing my payment plan off of. To summarize, the answer says to pay off the loan with the highest interest first. I have three loans: Loan A: Principal ...
2
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1answer
164 views

Student loan debt forgiveness

I have a question regarding student loan debt forgiveness. My wife has $50,000 in student loan debt. However, she is now a stay at home mother and earns zero income. We pay $340/month and it is only ...
14
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1answer
2k views

Any tax issues paying on someone else's loan?

My parent had to get a Parent Plus Loan to help me pay for college, with the unwritten condition that I pay it off. As I good child, I obliged. However, I want to start aggressively paying it off ...
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0answers
78 views

If I switch to an IBR based student loan program do I restart the clock on my “25 years of qualifying payments?”

I ask because I've been in repayment over 10 years. I've made 8+ years of full payments. 10 months of rehab payments. I defaulted after a hurricane destroyed our residence and a house fire 11 months ...
4
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1answer
254 views

Proof of student loan payoff

I paid off my student loan (which was held by Nelnet). I expected a big "congratulations" email with some form that proved I'd paid the loan off. Maybe that will still come in the post. Is there ...
2
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4answers
367 views

How to build up credit fast?

I live in the United States, am around 22 years of age, and recently graduated college with around $12,000 in student loans. I have had a full time job for around 4 months that pays around $55,000 a ...
5
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1answer
1k views

Incorrect student loan arrears balance - should I pay it?

Background I have a student loan (Plan 1) with the Student Loans Company in the UK. I've been living overseas for several years and making income contingent repayments, based on an annual income ...
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0answers
150 views

Student loan question: Why are my interest payments different from month-to-month?

I am using Great Lakes to pay for two FFEL Consolidation student loans that are on the same account. The interest rate for both loans is 7.25%. For the past four months I have been making the minimum (...
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6answers
11k views

Should I pay down my student debt early?

I just graduated university and started my first job. I have £50,000 in student loan debt at 6.1% interest. My monthly payment on this debt is £10 (direct from my paycheck). I can afford to pay £...
0
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1answer
165 views

How do I research if my student loan company is doing something illegal?

I have a federally subsidized loan (US), which was put into forbearance in March of this year. I didn't notice, because it is an auto pay account, but, I'm not in school and did not request any ...
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3answers
801 views

Is it a bad idea to invest a student loan?

My wife is in school and I work full time. My job earns enough to pay for all of our expenses and tuition, with about 60-70% left over for me to invest in retirement and towards buying a house. We are ...
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6answers
7k views

Does borrowing from my 401(k) make sense in my specific circumstance?

I know the standard answer and understand that I will be losing out on that compound interest, but I am young and only need to borrow a few thousand. here are some more details: Need to borrow $6500 ...
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0answers
69 views

Will switching to PAYE from IBR reset PSLF qualifying payments?

I just got my renewed payment for my current IBR plan. I read an article comparing the two plans and it looks as though PAYE would benefit me more than my current IBR plan. The payment estimator on ...
2
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5answers
426 views

How can I pay for school to finish my degree when I can't get a student loan and have bad credit?

Situation I've been told that I've maxed out on my FAFSA student loans, and have bad credit and can't get a private loan. But I need to borrow money to go to school. Problem I need to get back to ...