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
79 views

How to compare the APRs of different currencies?

I want to take a loan and I have two options: Euros APR: 7.2% terms: 10 years Yuan APR: 9.2% terms: 5 years I have taken some financial classes so I have a vague idea about it. I know there is an ...
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2answers
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Is a loan in euros with a 7% interest expensive for a student?

I am admitted to a business school in France and I have just got a quote from Prodigy Finance. The loan amount is about 30000 euros, the fee is 2.5%, and the term is 15 years. The first repayment will ...
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5answers
5k views

Incremental payoff vs lump sum

I have $12 000 in student loan debt at 6.5% interest. Currently my payments are in the ballpark of $150 per month. I have an automatic transfer to a high interest savings account with Tangerine set ...
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1answer
503 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 ...
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1answer
249 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) ...
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2answers
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Should I pay off my UK student debt?

I have £33K in savings and my student debt is £31k - the interest is 6.3%. I'm 23 and currently earning £40K but it's an industry with big salary jumps, and plan to go contracting so I could be on 70-...
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2answers
614 views

Letter to lender of how to apply overpayment

I'm attempting to make an overpayment to my student loans and wish my payment to not defer my monthly payment date, not alter my payment schedule, not pay off any unpaid interest, and only be applied ...
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1answer
211 views

Student Loan Considerations for Limited Company Directors

There are quite a few different questions on (UK) student loans in this forum, and elsewhere, but searches here have not posed the question I am looking the answer for right now. Similarly, searches ...
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4answers
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Is it best to pay back only the minimal compulsory payments for HECS-HELP student loans in Australia?

I have a considerable amount in student loans by Australian standards. I have multiple degrees and they allowed me to get a job that pays well. With such a job, the Australian government requires me ...
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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 ...
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Student loan payments and tax breaks

Forgive me for such a naïve question, but simply put: do student loan payments count as a deduction to gross income? I.e. if I make $50,000 per year gross and manage to pay $20,000 of loan debt in one ...
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1answer
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Getting married but avoiding joint income claims

My girlfriend and I are planning on getting married. However, she has racked up quite a bit of student loans(60K+). Currently, she has been on a repayment program (PAYE) with a 20 year loan ...
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1answer
335 views

MiscAdvice or feedback about Uk Student Loan Repayments from overseas

UPDATE: The Student Loan Company got back to me, and they were very understanding about the miscommunication. No back payments, no other penalties or demands. I have been living in Japan for 5 years....
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1answer
201 views

How does Sallie Mae calculate its payment?

Short Version Can anyone figure out how Sallie Mae comes up with its personal loan payment amount? Long Version I have a friend who took out a personal loan with Sallie Mae, and their payment ...
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1answer
184 views

Are the CEO's earnings different from the company's earnings?

I am a resident of Ontario and I am planning to go to University in September. Upon applying for OSAP I was asked what my monthly salary while in school will be (excluding time away from school). I ...
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1answer
321 views

Just graduated, what to do with cash gift

I recently graduated from a university in Alberta with just about $19000 of student loan debt, between my provincial and federal loans. However, as a graduation present, I was given $20000 to either ...
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1answer
429 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: ...
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6answers
559 views

In what order should I decrease my loan debt?

I currently have federal student loans, and a personal loan I took out for college. Below are my percentages for each. I am wondering which loans I should start paying off first to ultimately not ...
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3answers
464 views

Saving/investing instead of paying off 0.01% interest student loan. Am I missing something?

I have a rather large amount of student loans, around 40k euro. The rate is set for 5 year time periods. I have to pay 0.01% interest over them until 2020. Historically, it has rarely been higher than ...
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1answer
230 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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8answers
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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
226 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
134 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
187 views

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
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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
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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
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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
6k views

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
215 views

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
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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
562 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 ...
2
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4answers
399 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
4k 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
174 views

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
12k views

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
196 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
972 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
7k views

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
546 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
183 views

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
776 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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3answers
996 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
131 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
8k views

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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