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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2
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3answers
228 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 ...
5
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4answers
2k views

Can it be irresponsible to repay a student loan?

In a previous question, I asked if I was responsible for my wife's student loan. The conclusion after reading the answer and checking with other sources is that I am not, in fact, responsible. ...
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6answers
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 ...
2
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0answers
32 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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5answers
310 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 ...
0
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3answers
943 views

F-1 Visa expired - Unable to repay private student loan. What to do?

I was an F-1 student and I graduated with MBA from a top 15 B-school in 2016 and had taken a loan of $85000 (without co-signer). Since my H1B didn't kick in I was forced to quit my job and leave the ...
3
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1answer
51 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 ...
1
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1answer
64 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 ...
2
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1answer
1k views

Unpaid College Tuition - Does Statute of Limitations Apply?

I have over $10K in outstanding debt to my old college. Due to an issue with my parents' tax return my final year of attending, my FAFSA was invalidated, and all financial aid (loans, grants, and ...
0
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0answers
15 views

How do I check validity periods for federal student loans in an income-driven repayment plan?

My federal student loans have been an in IDR status for a few years, but there was also a short break for a few months when I did not recertify on time. How can I check the periods when I had a valid ...
3
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1answer
140 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 ...
5
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2answers
363 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 ...
0
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0answers
83 views

Loan forgiveness and increased income, living abroad

I am intending to pursue student loan forgiveness at the end of my 20 year period and am currently enrolled in the PAYE plan. My AGI on my income taxes for the past few years while living abroad was $...
1
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1answer
219 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) ...
2
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1answer
59 views

HMRC have given SLC wrong repayment details after job change

I have a plan 1 Income Contingent Loan from the Student Loans Company. I started a new job at the start of this year. My new employer took a copy of the appropriate part of my P45. I am on PAYE for ...
0
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2answers
222 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 ...
2
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2answers
186 views

Student loans w/ employer contribution payoff strategy

I have $17k in student loans (4 of them, all Stafford less than 4.5%). My monthly minimum payment is under $200, and my employer contributes exactly $200 on my loans each month (regardless of minimum ...
3
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1answer
73 views

Can my student loan interest apply for an above-the-line deduction when I'm on my grace period?

I was reading this article on 2019 tax deductions: https://www.fool.com/taxes/2019/01/13/your-2019-guide-to-tax-deductions.aspx I recently graduated college in May and started work in July 1st. I ...
15
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6answers
6k views

Advice for paying off student loans and auto loans now that I have my first 'real' job

I'm hoping for some advice on which loans I should focus on paying off first. I'm 28 and just got my first 'real' job about 2 years ago after 8 years of schooling. I've paid off all my credit card ...
2
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1answer
141 views

Heritability of Student Loan Debt in Colorado

If a person does not pay his or her student loan debt off before he or she dies, what happens to that debt?
1
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1answer
124 views

(U.S. Federal) Student loan consolidation process craziness

I was curious to know if anyone has experience in dealing with this particular process. More specifically, if they have, have they experienced anything similar to what i have and am still experiencing ...
21
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3answers
9k views

Put my student loan in parents’ second mortgage - help?

I fear I did something stupid. I graduated in 2017 with a bunch of student debt that my parents held on my behalf (~$130k). One misunderstanding led to another and somehow we ended up refinancing ...
4
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3answers
721 views

Am I investing properly for my future?

What should my next step be? I apologize in advance for the length of the post. I consider myself to be in a good standing, but I'm always looking for ways to improve. Student loans: I graduated ...
1
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1answer
324 views

Student Loan Forgiveness for Web Developers

I am exploring options for student loan forgiveness. I currently work full-time as a web developer at a corporation. I understand, however, that most SLF plans are only accessible to the public ...
0
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0answers
141 views

Can I refinance my spouse's student loan?

In the recent 2 years my wife and I aggressively paid off a lot of debt in credit cards (leveraging some zero-fee, low fee balance transfer and using the money from sale of my stocks and our salaries)....
27
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3answers
7k views

Received federal student loan collection letter, but never had one. What to do?

Yesterday I received an unexpected letter in the mail, a federal student loan collection letter from ConServe collections. I've never had a federal student loan, so it was quite surprising to receive ...
3
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1answer
80 views

Student loan tax deductions when married filing jointly in United States

My spouse and I received a chunk of cash that we would like to use to pay off student loan debt. The cash is not enough to pay off both of our loans. If we simply put the cash towards the highest ...
5
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3answers
771 views

Should I pay on student loans in deferment or continue to snowball other debts?

My wife and I both have steady full-time jobs that pay pretty well while also having a good amount in student loan debt. We have other debts too, like a mortgage, credit cards and a car loan. We ...
3
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1answer
3k views

NAVIENT Auto-Pay Amount Cap

Currently Navient is saying that Auto Pay amounts cannot exceed the minimum monthly payment due. I have a really hard time believing this is a technical issue, to me this sounds like a ploy to make ...
43
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9answers
10k views

What are the biggest pitfalls to avoid with student loans?

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 ...
1
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1answer
410 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: ...
5
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2answers
3k 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 ...
3
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2answers
109 views

Loan payment strategy: Private vs federal?

I am a young professional trying to determine the most efficient/cost effective method for paying off my student loans and would greatly appreciate any advice. Currently, I have about $170,000 in ...
1
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1answer
110 views

Calculating Interest Paid for Federal Deduction on a UK Student Loan

My spouse has a UK student loan. The loan has a 1.5% interest rate, and you only start repayments once you earn over a certain threshold. They do a calculation of how much you need to repay which I ...
-10
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3answers
482 views

Balancing an Interest Accrual Rate Between multiple loans

Tags: multiple student loans , balancing interest accruals , student loan help
1
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1answer
300 views

What are my options for this high interest student loan?

I have about $13,000 in private student loans that I took out nearly 10 years ago before I knew better. To make a long story short, I graduated about 1.5 years ago and began paying these loans. All ...
8
votes
4answers
3k views

Should I file my taxes? No income, unemployed, but paid 2k in student loan interest

This question is hypothetical. I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my ...
7
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3answers
4k views

Is it illegal for a student loan servicer to lower the minimum monthly payment after overpayments?

I've been aggressively overpaying my student loans, which has led to them lowering my minimum monthly payments. The servicer and lender can presumably argue that they are doing me a favour, but my ...
26
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9answers
9k views

3.5% Interest Student Loan or use all of my savings on Tuition?

I've got one year of University left and luckily I've managed to stash around ~$18k in savings that my expenses never cut into. My tuition for my last year will probably be around $13k. I hate the ...
68
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11answers
19k 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 ...
8
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2answers
2k views

Is the child responsible for the Parent PLUS Loan when the parent has passed away?

Is the child responsible for the Direct Parent PLUS Loan when the loan is under the parent that has passed away? Specifically by the U.S. DEPARTMENT OF EDUCATION.
27
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3answers
9k 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
220 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
vote
3answers
113 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
100 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?
5
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4answers
566 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? ...
17
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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
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7answers
6k 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 ...
1
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0answers
53 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 ...
1
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2answers
364 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-...