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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1answer
216 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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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
207 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
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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 ...
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1answer
125 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 ...
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2answers
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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
2k 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
11k 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 ...
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2answers
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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?
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1answer
87 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 ...
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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 ...
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1answer
91 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 ...
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3answers
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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 ...
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1answer
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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 ...
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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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1answer
479 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 ...
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4answers
387 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 ...
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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 ...
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0answers
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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
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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 £...
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1answer
185 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
952 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
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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
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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 ...
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5answers
469 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 ...
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1answer
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Student loan repayment question (UK)

I have significant student loan debt. I am on plan 2 repayment and just received my first payslip. I earn £22k and so by their rules I need to pay back 9% of my annual salary over £21k that being in ...
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2answers
771 views

In the UK, could low-income pensioners (or those near a low-income retirement) find a student loan useful for boosting their finances? [closed]

A couple of things in the news recently: Martin Lewis' analysis that most students will never pay their loans off. The Pension Minister's suggestion that the WASPI women retrain. got me wondering.......
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2answers
808 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 ...
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1answer
128 views

US Fed Student Loan forgiven

Are federal student loans forgiven after making payments on time for a certain number of years such as 20?
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7answers
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Would it make sense to take a loan from a relative to pay off student loans?

Together my wife and I have about $80,000 in student loans. My mother in law is in the process of selling her house. We proposed the idea of borrowing ~$50000 from her, once she sells, so that we ...
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5answers
3k views

Should I lower my student loan payments to keep my account open (and credit score up)?

I am looking to buy a house within the next year or two. My issue is that I have a little under $2k in student loans. I could pay that off at any time and the interest is barely $2 per month. I ...
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2answers
331 views

Need help on understanding the Interest Notice I got from FedLoan

I just got a interest notice which says this is not a bill. But I have hard time understanding what this notice is for, if it's not a bill then why does it asking me to pay? It says I have total ...
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5answers
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Multiple loans, multiple payers - how to snowball fairly

My brother and I both have a large sum of student loan debt. I have more than he does and my interest rates are slightly larger as well. We are both attempting to snowball our debt separately. It ...
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2answers
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Should I take a student loan to pursue my undergraduate studies in France? [closed]

I intend to pursue my undergraduate degree in Mathematics and Physics at Ecole Polytechnique in France. The institution has offered me an interest free loan of 18,000 euros, which has to be repaid ...
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4answers
850 views

Refinancing Student Loans

I have 4 outstanding student loan accounts, all with the same lender, totaling approximately $40k. The interests rates vary from 3.15% to 6.55%. Each account has one or more loans in it. Loan 1: $5,...
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3answers
518 views

How to balance debts and enjoying life?

TL;DR: I am currently struggling hard to balance paying debts and "enjoying life". My situation is: I am 25, and I live in France. I have a double-degree from a top French Engineering school ("...
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1answer
60 views

Will one’s education loan application be rejected if one doesn't have a payslip providing collateral?

Is it possible to reject education loan by SBI/IOB for abroad if don’t have payslip where parents are doing small business but provided necessary collateral which is worth twice the value approved by ...
0
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1answer
82 views

How to hold value for borrowed cash used to fund school tuition

I need to pay for the tuition for a 2-year graduate school program. Since I don't have to, and can't, pay tuition of 2 years in advance, but need to pay interest, I want hold the value of my ...
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1answer
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How does Income Based Repayment work if I am self-employed?

From my understanding, income based repayment for federal student loans is based off of my yearly income. How does it work if I am self-employed and don't have a steady and predictable paycheck every ...
0
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1answer
162 views

I need advice on how to get out of default on college student loans [closed]

Well, this is not very specific, but I need advice on how to get out of default on college student loans. Right now I am on Social Security, Medicaid and food stamps. It made things more difficult ...
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3answers
249 views

How to compare the value of a Masters to the cost?

I've recently been accepted to a masters program through a not-for-profit that partners with a university. I'm attempting to measure the value of the cost against my expected increase in earnings (and ...
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3answers
265 views

Student loan vs selling one property

Thank you in advance for taking the time to click on my post and for your input. I will try to get into my question in short sentences My income is just over 100k a year. My wife is in school and ...
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1answer
867 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 ...
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1answer
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UK student loans, early repayment/avoiding further debt

I'm a current student at a university in the UK partway through my course. I've accumulated £21k of debt so far. The loan interest rate increases with inflation, and will be at over 6% next year (...
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2answers
785 views

Should I pay off my student loan in the UK before getting a mortgage?

I've had a search around and there is a similar question here and maybe here. However, I think this use-case is slightly different (not to mention those answers are US based), and also the answer to ...
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1answer
133 views

What should I know before applying for a student loan? Should I pay off all or as much of my CC debit first?

Before taking out a student loan, would it be best to pay off as much of my Credit Card as possible to help get the best APR%? I have 1 CC with a $5000 limit unused. I have another with $7500 on a $...
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5answers
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When paying for college, should I take out (interest-free) loans and pay them off with saved money, or use the saved money directly?

If I have money in various mutual funds / 529s / other college savings plans, would it be wise to take out interest-free loans for the duration of my education (in order to allow the money saved to ...
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4answers
676 views

Should I use put extra money toward paying off my student loans or investing in an index fund?

The following is what I've written so far to examine and try to solve this dilemma I'm in of whether to put my extra money toward my student loan debt or invest it, which I'll be publishing on my site ...
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4answers
272 views

HELOC vs. Parental Student Loans vs. Second Mortgage?

First to set the stage. We have two kids one starting school this fall and another following in two years. As a family our income is high enough that we do not qualify for any aid. We also make ...
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3answers
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Is it a better option to go for educational loan?

After having few years of my career, I am going back to School as Part Time. I am contributing 20% of my income in the 401k ( My Employer doesn't participate). My question is: Whether it is a good ...