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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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Why the “Education Loan Servicing” company switched to billing me 1 cent per month?

I had a school loan that was handled by EdFinancial. I had made monthly payments on this until there was just about 12 cents of debt left. [Update:] The payments were a flat amount each month (of ...
3
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1answer
191 views

STEM Student Loan Forgiveness Question

Under Title 20 Chapter 28 Section 1078-11 of the U.S. Code there's a provision of student loan forgiveness for those working in a STEM field. I contacted the Department of Education (which has ...
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1answer
227 views

Loan payoff benefit versus raise. Break-even point needed

I have student loans that are under a program that pays off any remaining balance after 10 years of work. I become ineligible for this benefit if I change companies. So, I need to figure out, at what ...
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1answer
175 views

Money transfer as a loan for educational purpose

I live in the US. A friend in another country (Caribbeans) is in need of cash $15000 for educational purposes. How would one transfer money properly? I suppose it is possible for me to transfer the ...
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1answer
50 views

Is money in a UTMA considered when a student applies for financial aid?

If a student is applying to college and requesting student aid, but has a substantial amount of money in a UTMA account, can that negatively affect their chances to receive financial aid? If so, is ...
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2answers
233 views

Interest Rate Arbitrage - Pay off loan

I am planning for interest rate arbitrage to pay off my education loan in India at 11.25% interest rate using a personal loan at 3.9% interest rate from an European country where I work drawing ...
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1answer
348 views

Student Loans: Income-based repayment & income tax bomb

Situation: I have a pretty sizable student loan burden ($150,000 with 6% interest), where I can't afford the regular payments (about $2000/month) with my current salary ($60,000) at job I'm starting ...
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3answers
217 views

Car loan with a student loan

I am trying to buy a new car. However, I have a $3,500 subsidized student loan. I've had it for about a year and haven't made any payments on it. Will this affect me getting a car loan? Will it be ...
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1answer
6k views

Paying off loan early: Apply overpayment toward balance vs advance payment due date?

I want to pay off half of my high interest student loan with a lump sum. I have 2 options when applying the payment: to apply the amount to my balance or to advance the due date (i.e. to apply ...
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4answers
6k views

How much of my income should I put towards paying off student loans vs saving for a house?

New grad here. I finally got all the wonderful mail from the student loan companies informing me I need to start making loan payments. I never realized how much the interest on these things could come ...
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4answers
204 views

Fixed term or variable term for a student loan of 155,000 with the ability to switch between them

Friend is refinancing a student loan of 155,000 - check the details here or as below. Total amount now is about 155,000 now. While refinancing with Common Bond , we are getting the following payment ...
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1answer
144 views

How to manage payment of student loans after credit card balances are eliminated?

Purpose there is a loan, that is at least $60,000, which is student debt at about 6%, as well as total amount of credit cards balance at 4000 - 6000 dollars. What is the cost-benefit ratio of these ...
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1answer
619 views

Why must my student loan payment be split instead of all toward highest interest?

Hopefully the answer to this is general enough to be answerable out of the context of my specific loan/loan provider. I have a student loan through the U.S. DOE, it is comprises 10 loan tokens of ...
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3answers
590 views

Can I default on my private student loans if I was an international student?

I went to an expensive private liberal arts college with almost a full ride but part of my financial aid package was approximately $4,000 in loans a year. I was miserable at this place and dropped ...
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2answers
212 views

Student loan tips for repayment, consolidation for a pharmacy graduate

I am including the student loan information for a friend below. Also including a link to the excel sheet here There would be about 3,000 left every month after various expenses. Friend is a pharmacist,...
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2answers
325 views

When does Public Service Loan Forgiveness NOT make sense?

I'm starting to do some research on the PSLF program. I know the program is designed to relieve the burden for folks that take on huge loan debt in order to take public sector jobs. But I'm ...
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1answer
334 views

If one spouse dies is the other responsible for federal student debt taken during the marriage?

In California, in the United States, if one spouse takes out federal student loans during the marriage but the other spouse does not cosign them is there a responsible party in the event of death? I ...
3
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1answer
129 views

Applying student loan proceeds toward tuition?

Background: I have been granted a student loan of a few thousand Canadian dollars and accepted into full-time, first-year, first-semester university. I have received a few scholarships which covers ...
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2answers
902 views

Tackling an obscene amount of student loans

So, in my journey to get to where I am today, I spent a good 7 years getting a Master's degree. This, of course, led me down the path of student loans. Currently I sit at just over 100k in student ...
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1answer
352 views

What's the best thing to do with 1.5K£ extra per month?

I'm 23(in a week :) ) and I finished university recently and earn around 1500£ extra per month that I don't use and have around 5000£ in savings. What should I do with the extra money? I would like ...
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3answers
206 views

Should I File as an Independent in Order to Claim the American Opportunity Tax Credit?

My financial circumstances: I am a full-time undergraduate student employed by the university through the federal work-study program. I expect my total income for the year of 2016 to be a little over ...
3
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1answer
90 views

How to decide which private student loan is right for me?

Money's a bit tight at the moment, and I've exhausted my options for state and federal financial aid (unless I'm mistaken, but that's another story). It was suggested to me that I take out a private ...
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2answers
537 views

Navient - Student Loans - Lower Monthly Payment by paying off individual loans

When I look at my loans through Navient, I can see that the amount of my monthly payment is the aggregate of the monthly amount of each individual loan in the account. If I was to apply extra money to ...
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5answers
2k views

College student - I'm a 'dependent' and my parents won't apply for the Parent PLUS loan or cosign a private loan

This is currently happening to a friend. She is 19 years old and doesn't qualify as an 'independent' on the FAFSA. Her parents refuse to apply for the Parent PLUS loan and also refuse to cosign for a ...
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6answers
8k views

Should I dump my savings into my student debt?

I've got about $5000 saved up in my savings account. At the same time, I've got about $8500 left to pay off on my student loan, with all the interest that includes (6%/year, compounded monthly). ...
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0answers
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Opening a student account in the UK as a master student in Europe

I find myself in a messy situation as I did my bachelors in the UK, as a British citizen, and accordingly opened a student account with Halifax with who I was entitled to £1500 interest free overdraft....
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1answer
615 views

Can the UK student loan company stop a graduate from moving abroad?

I'm just worried about hearing that a lot of people move to avoid repayments. I do not intend to not pay back the loan. I want to move to join my bf and then get married. I always have wanted to move ...
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1answer
413 views

Tansferring parent plus loan to a spouse

Can I transfer a parent plus loan I took out for my daughter's undergraduate education to my wife who works for a non-profit agency and qualifies for a 10 year loan forgiveness program?
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4answers
4k views

House Purchase: Pay student loans or put 20% down?

My fiance and I currently have the opportunity to buy our first house for 200k due to a large 19k bonus that will be coming to me from my employer. We're considering two uses for the additional money ...
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1answer
1k views

Why didn't the balance go down on the student loan after a big check?

I owed about 45k on student loans. I wrote a check for around 10k to get the balance down. What I expected to happen was, for the balance to go down more than 10k, because that 10k would no longer ...
6
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2answers
631 views

Payoff of student loan by parents

My son recently graduated from medical school with a student loan of ~ 200K. He will be a resident fellow for the next 7-8 years with 60-80k annual income. My wife and I have some cash and are willing ...
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1answer
107 views

Is it smart to take OSAP student loan right now?

I am going to grad school in Canada this September and have a chance to borrow ~$15000 at a rate of prime+1% (provincial loan) and prime+2.5% (federal). I would guess the 15000 is split 50-50 between ...
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1answer
141 views

Which student loan is better to make a lump sum payment

I have $15,000 that I am trying to put towards one of my loans. Right now I have two loans $14,000 3.7% variable interest, 10 years, $140 monthly payment $30,000 7% fixed interest, 15 years, $260 ...
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1answer
501 views

Lending money to colleague with interest - how to legally bind agreement

A colleague of mine has student loan debt of ~35K at 7% APR interest. I have more than enough principal to pay off his debt, and for my troubles (and risk), I think asking for a 4% APR is not out of ...
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1answer
43 views

Credit influence of transferring debt to new account

I understand that the age of my accounts has an impact on my credit score. My oldest account, by a wide margin, is my federal student loan. I'm hoping to minimize my payments in size and/or how long I ...
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1answer
2k views

Two high-interest loans: Pay down one at a time, or split my money?

I have 4 student loans. Two are for roughly $5,000 - one at 4.5% and one at 5.6%. Two loans are for roughly $1,500 and both have an interest rate of 6.8%. Right now I have $1,000 I can put towards my ...
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6answers
701 views

What I can possibly do about the future once my student loans are paid off and I have no savings?

I attended a private institution in the USA for higher education and as a result I pay monthly student loan payments so expensive they rival my rent payments. I try not to think very hard about this ...
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5answers
1k views

What happens if I just don't pay my student loans?

My friend said she never pays her student loans and nothing has happened. She's been out of school for a couple years and is only employed under the table and doesn't have a bank account. If I don't ...
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1answer
210 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 ...
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1answer
7k views

Credit Report: Proportion of loan balances to loan amounts is too high

I'm a student that has just finished his first year at university. I just started building credit by opening a card with Discover back in January. I have been paying my balances in full, and have ...
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1answer
910 views

What happens to my current loans if I go back to school?

I just recently received my bachelor's degree. I have government loans and a personal loan from Sallie Mae. I have to start paying these back in mid June. I have a job currently, and I was originally ...
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1answer
115 views

Do I have a time limit on my financial aid if I'm only using Pell Grants

I am enrolled in an Associates of Applied Science degree at community college. My grants have been enough to pay for the credit hours, so I have not taken out direct loans. Conversation wise, people ...
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1answer
709 views

How do student loans get split in a divorce?

My question: Legally should a husband have any responsibility for his wife's student loan if it was taken out during their marriage? They are divorcing, the loan is in her name, and I, her mother, co-...
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2answers
169 views

Student loan repayment plan

I recently graduated with a PhD in mathematics and its time for me to pay back my student loans. Being a mathematician, I sat down and did the math. I realized two things: There is no feasible ...
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2answers
412 views

Retirement Savings vs. Student Loan payments

I'm currently 23 and deciding if I should pool my extra income every month towards my retirement or student loans. My situation: I believe between saving for retirement and student loan debt I have ...
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2answers
7k views

Using fiancée's money to pay off my student debt

I have a student loan in my name and I just got engaged (Yay!) about 2 months ago. My fiancée has been saving up and is really interested in helping us get out of debt before the wedding. I think we ...
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1answer
237 views

Student Loan Balance question

My wife and I have recently paid off our auto loans and are trying to tackle our pesky student loan debt next. Following the "debt snowball" pattern, we've applied our monthly car loan payment to my ...
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2answers
436 views

Strategy for paying off 120k in student loans

I am graduating this semester from an American school with 120k in student loans. The standard 10-year payment plan suggested to me via email and snail-mail is a little over 1k dollars per month -- ...
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5answers
4k views

At what point should I begin paying off student loans?

I am attending a rather pricey American university, and most of my money for tuition comes from grants and loans. Grants are great, but obviously I have to pay off loans at some point. I have some ...
38
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1answer
10k views

Why is my student loan balance not going down?

This will be basic for you pros, please forgive me. I have been paying the minimum balance on my student loan all year, but the balance shown on the site has barely gone down. I assumed that this ...