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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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1 answer
313 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 votes
0 answers
153 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?
2 votes
2 answers
1k views

Any problems with paying essentially $0 towards student loans and counting on forgiveness?

I recently signed both my wife and I up for the new SAVE IDR plan for our student loans. This put our total monthly payment from $350 to $0... I am eligible for PSLF so my loans (about $24k) will be ...
0 votes
1 answer
87 views

Student Loans as an Overseas Company Director

The lack of documentation on my situation is slightly infuriating, so hoping someone else in a similar position has got it figured out! I moved to Hong Kong 6 years ago from the UK and started a few ...
1 vote
0 answers
47 views

Pay As You Earn loan filling jointly

My wife(US) has a debt in Germany for a master, she's paying on a pay as you earn, and since now we are married we filed the taxes jointly, and my income made the 1040 be the triple of the 1040 she ...
0 votes
2 answers
370 views

Can a personal loan be taken in the USA to pay back a loan in India?

The interest rate from the Indian bank is higher so can a personal loan be taken in the USA to pay back the loan in India? If yes, then will there be major tax challenges or any other such hurdles? Is ...
2 votes
0 answers
171 views

How do I reduce the interest I'm paying on unused student loan?

I am studying at a US university, on a student loan from a UK company - funds are paid directly to the university. The loan provider already disbursed the loan amount to my university's finaid ...
1 vote
1 answer
223 views

Which Debt shall I pay first?

I have 2 debts the first is my mortgage ($600,000) on 3.3% interest rate and the other is my study loan ($60,000) on 7.0% interest rate I made savings of $30,000 I want to use to pay my debts Which ...
0 votes
0 answers
57 views

Proceeds of house sale for study loan

Sale of House proceeds is 50lacs. profit from sale of property 15 lacs. I have student loan 30 lacs. Should I pay student loan first or buy property. My all transactions are in in INDIA.
2 votes
1 answer
356 views

How would our taxes change if we filed separately with respect to 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 ...
1 vote
1 answer
191 views

On which day in October are US student payments due?

Media says payments are due to restart in October. But when?
0 votes
1 answer
178 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
124 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 ...
4 votes
1 answer
1k 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 ...
0 votes
1 answer
126 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 ...
1 vote
1 answer
124 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....
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 ...
5 votes
1 answer
867 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 (...
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 ...
1 vote
0 answers
120 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 ...
1 vote
1 answer
429 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 ...
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 ...
2 votes
1 answer
121 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 votes
3 answers
264 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 ...
2 votes
1 answer
99 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 ...
2 votes
2 answers
214 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 ...
3 votes
2 answers
292 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 ...
32 votes
4 answers
10k 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 ...
3 votes
1 answer
109 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 ...
7 votes
1 answer
2k 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 ...
0 votes
1 answer
94 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 ...
2 votes
0 answers
52 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. ...
0 votes
2 answers
143 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 ...
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 ...
28 votes
2 answers
9k 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 ...
1 vote
3 answers
242 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 ...
0 votes
0 answers
62 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 ...
3 votes
2 answers
1k views

Want to pay down principal on student loan, but AES says no

A relative of mine has some high student loan debt. I've decide to help pay down some of it. I called AES and told them that I want to apply the payment to the highest interest loan and for principal ...
4 votes
2 answers
533 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) ...
5 votes
1 answer
346 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-...
0 votes
1 answer
88 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 ...
1 vote
1 answer
273 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 ...
-5 votes
2 answers
228 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 ...
1 vote
2 answers
97 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? (...
3 votes
1 answer
362 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 ...
5 votes
1 answer
2k 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 ...
6 votes
1 answer
762 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 ...
0 votes
1 answer
161 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 ...
0 votes
1 answer
280 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. ...
11 votes
6 answers
4k views

How should I invest/spend this 50k inheritance?

I am 32 and work in the non-profit sector making 30k/yr. I own my home, which was recently appraised at 202k. I was given an inheritance of 50k from my grandmother. Based on my financials, how should ...

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