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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28
votes
5answers
7k views

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 ...
1
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2answers
99 views

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 ...
3
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4answers
868 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,...
3
votes
3answers
549 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 ("...
0
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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 ...
6
votes
1answer
1k views

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
163 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 ...
1
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3answers
250 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 ...
1
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3answers
268 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 ...
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 ...
5
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1answer
434 views

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 (...
2
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2answers
841 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 ...
2
votes
1answer
134 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 $...
16
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5answers
6k views

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 ...
3
votes
4answers
808 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 ...
6
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4answers
277 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 ...
3
votes
3answers
129 views

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 ...
3
votes
4answers
724 views

What is a Student Loan and does it allow you to cover a wide range of expenses relating to school?

Is a student loan a type of loan or just a generic name used to refer to a loan for someone who is going back to school? I am planning to go back to school and picking up living expenses by living ...
2
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3answers
348 views

Should I use my savings to pay loans?

I'm in my early twenties living at home, currently single, making about $3K a month, with around $1K/month in expenses. I have $30K in student loans to pay, and have saved up $36K cash. Currently ...
1
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4answers
466 views

Should I get a Doctor's mortgage or a 15 or 30 year conventional mortgage?

I have accepted a new job offer, and will be moving to another state in a few months. I would like help analyzing different mortgage options. I will be profiting very nicely from my current home ...
2
votes
4answers
360 views

Should I choose to pay off my student loans or save?

I'm trying to decide whether or not I should pay off my student loans now or save the cash in a savings account. Interest rates are below. For 3 months, I'll have ~$2,000/month after expenses to spend ...
3
votes
5answers
2k views

Should I use a home sale profit to pay down student loans or put it towards next house?

I am in the process of moving and stand to profit close to 100k on my current home sale. I also owe approximately 200k in student loans. The interest rates on mortgage and loans are within 1% of each ...
2
votes
2answers
250 views

Are there good investment options to pay off student loans?

I just recently graduated uni and I'm hoping to try and apply what I learned in my finance classes to paying off my student debt. The biggest surprise to me during my studies was the realization that ...
4
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2answers
2k views

PAYE vs Direct Debit repayment of student loan

I am nearing the end of my repaying my student loan. As standard, repayments are made using HMRC's PAYE system at a fixed, income-dependent rate. However, since HMRC only informs the Student Loans ...
1
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1answer
65 views

Are there any regulations regards end of loan payment procedures?

When I was a student, one of my student loans was a Federal Perkins Loan. I was done paying the loan fully about 5 months ago. Since then I called couple times to the university asking about it, and ...
1
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2answers
206 views

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 ...
2
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1answer
242 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 ...
2
votes
1answer
269 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 ...
0
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1answer
176 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 ...
1
vote
1answer
53 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 ...
1
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2answers
270 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 ...
3
votes
1answer
395 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 ...
2
votes
3answers
230 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 ...
3
votes
1answer
7k 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 ...
24
votes
4answers
7k 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 ...
3
votes
4answers
232 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 ...
1
vote
1answer
176 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 ...
1
vote
1answer
834 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 ...
-1
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3answers
752 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 ...
1
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2answers
237 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,...
3
votes
2answers
533 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 ...
6
votes
1answer
378 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 ...
2
votes
1answer
142 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 ...
3
votes
2answers
1k 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 ...
2
votes
1answer
383 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 ...
1
vote
3answers
248 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
votes
1answer
95 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 ...
0
votes
2answers
598 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 ...
7
votes
5answers
3k 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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