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.
411
questions
0
votes
1
answer
152
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 ...
2
votes
1
answer
48
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 ...
- 21
0
votes
1
answer
40
views
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 ...
- 312
4
votes
1
answer
368
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 ...
- 1,065
1
vote
1
answer
106
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....
- 79
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 ...
- 313
1
vote
0
answers
89
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 ...
- 119
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 ...
- 458
1
vote
1
answer
87
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 ...
- 47k
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 ...
- 243
2
votes
1
answer
113
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 $...
- 2,649
2
votes
3
answers
248
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 ...
- 347
2
votes
2
answers
130
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
...
- 1,056
3
votes
2
answers
267
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 ...
- 1,193
2
votes
1
answer
66
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 ...
3
votes
1
answer
83
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 ...
- 131
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 ...
- 321
0
votes
1
answer
87
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 ...
user109157
2
votes
0
answers
51
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.
...
- 21
0
votes
2
answers
124
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 ...
- 730
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 ...
- 2,649
28
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 ...
- 573
1
vote
3
answers
225
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 ...
- 730
0
votes
0
answers
58
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 ...
- 155
5
votes
1
answer
156
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-...
- 153
0
votes
1
answer
81
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 ...
- 11
1
vote
1
answer
108
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 ...
- 13
-5
votes
2
answers
199
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 ...
- 145
1
vote
2
answers
86
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? (...
- 117
3
votes
1
answer
346
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 ...
- 131
5
votes
1
answer
501
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 ...
- 51
0
votes
1
answer
72
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 ...
- 61
0
votes
1
answer
174
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. ...
- 313
1
vote
1
answer
102
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,...
- 141
2
votes
2
answers
238
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 ...
- 863
3
votes
1
answer
89
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 ...
0
votes
2
answers
85
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 ...
- 101
4
votes
3
answers
258
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 ...
- 339
0
votes
0
answers
224
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 ...
- 179
0
votes
1
answer
131
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 ...
- 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 ...
- 41
3
votes
0
answers
240
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 ...
- 131
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. ...
- 173
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 ...
- 1,030
1
vote
1
answer
261
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 ...
- 135
5
votes
1
answer
659
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 (...
- 135
0
votes
0
answers
81
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
- 101
14
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 ...
- 263
5
votes
1
answer
319
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 ...
- 1,193
2
votes
2
answers
318
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 ...
- 21