51

You mentioned that this is a private student loan, not a federal loan. There are no standard terms for private loans like there are for federal loans. To find out the deferral rules, you would need to read the terms of the loan. Your father-in-law, as co-signer, should have access to these terms.


36

Money interactions/discussions often draw a lot of emotions out of people and this is often complicated by in-law relationships. The best advice one can give you is to stay out of this conversation. This is a financial transaction between father and daughter and your involvement will never been seen as positive by either party. In some cases it is best to ...


27

You lose significant rights doing a private consolidation of federal loans. You lose few if any rights doing a federal consolidation. Because you anticipate your employer will pay off all of your loans, a federal consolidation into a single loan may be worth doing, (if required to qualify for your employer's program).


10

Since you are over 59 1/2, you can withdraw money from your IRA for whatever purpose you like without the 10% penalty. You'll still need to pay income tax on the amount though, as the withdrawal will count as income. So be careful that you don't take out so much that you can't afford to pay the tax (and/or get a penalty for underpayment) when you file. It ...


9

In the UK you can give any amount of money to someone as a gift without the recipient having to pay any tax (income tax, capital gains tax etc) on the gift as given. However, the gift is treated as a PET (Potentially Exempt Transfer) meaning that if you die within 7 years of having given the gift, it may be subject to inheritance tax. There are a few ...


6

You have to weight the risks and gains for each variant: For federal loans, there might be some partial or total forgiveness one day. Could be you get something from that, but could also be that it never happens;it’s too late for you; or you are not affected - the probability is your guess. By consolidating them now you will lose this potential gain. On the ...


6

I am not very familiar with the way student loans work for Department of Education, nor can I be sure that the author of the article used accurate terms. One possibility that the loan is valued at 104 is that the loan is Fixed Interest Rate arrangement at the beginning, and the subsequent market interest went down, causing the market value of the loan going ...


5

As someone who's spouse has a very large amount of student debt, I can verify that I am not responsible for my spouse's student debt. That being said, The IBR plan does take my individual income into account, so she owes more per month when I earn money (and, conversely, when I was unemployed for 3 months her payment dropped below where it was when she was ...


3

If you can earn your diploma in 1 year instead of 3, what do you do the following 2 years? If your answer is, Take a vacation, see the world, lay around the house watching TV and drinking bear, then your two scenarios end up pretty much the same. In both cases you have approximately $30,000 in debt plus accumulating interest. The only difference is what the ...


3

I do this sort of thing with spreadsheets. You'll know what the interest rate and compounding schedule of the loans are, and so you can calculate exactly how much you'll pay to borrow that money. Then you can test out the impact of allocating extra money to paying expenses directly rather than taking the loan, or different amounts of money used to repay the ...


2

This depends a lot on your specific details Talk to your financial aid department in the University. They typically know all loan programs that may be available to you. Talk to one or two local banks. The bank will want to see some sort of collateral, so you will have deep dive into the details. Consider taking up a part time job on or off campus (if you ...


2

The more of, and sooner that you pay off a loan, the fiscally better off you are. That's basic math. If your SO's SLs are: Federal then they might (since I'm not an expert in Student Loans) not be accruing interest. If that's the case, then the mathematically prudent thing to do it to make monthly SL "payments" into a so-called High Yield ...


2

The main advantage you'll lose by consolidating your debts is that you lose the potential options from selectively repaying specific ones early and (unless the rules changed from when I did it) for federal loans end up paying a weighted average of the rate across all your individual loans. Generally what you'd want to do there is to repay the highest ...


2

Assuming you stay with the employer for 2 years and they pay your consolidated loan for 2 years then the terms of the consolidated loan practically do not matter. The only possible fine-print item which could matter is a pre-payment fee. If the loan doesn't allow you to pay it off early then that could be seen as a disadvantage. Aside from that, congrats and ...


2

All of your 'extra' money should be directed toward debt-reduction before investments (unless you get company matching). Since you aren't married yet, you should be be setting aside all this money to pay off your student loans immediately after you get married. Don't pay for your partners eduction directly. Allow them to pay for it themselves via loans or ...


2

If I were married, and my spouse was planning on going to Vet School, then we would allocate that $1000/month year-round income and $2000/month summer income to tuition, books, lab fees, etc (aka "school stuff"). As far as when to borrow money: only when necessary and only as must as necessary: $1,000/month for four years, plus $2000/month for ...


2

As far as I can tell (more info here https://www.gov.uk/guidance/how-interest-is-calculated-plan-2 ) interest on Plan 2 student loans is calculated daily and compounded monthly. This means on Day 1 they calculate 1/365 of the annual interest rate on the amount you currently owe. Remember this number, but don't do anything else with it yet. On Day 2 they do ...


1

Does Biden’s proposal include reimbursing students who paid money for their tuition? Since March 20, 2020, federal student loans have been at 0% interest, and payments are not required. This has been extended by executive order through September 30, 2021. (Source: studentaid.gov) Anything other than that is only a proposal and subject to change. Nerdwallet ...


1

Unfortunately, your question is off topic for this stack. The issue itself is problematic for the very reasons you state. And many that you don't. First - How to separate the needy from those who aren't? Does the student from the wealthy family who just graduated business school with loans but with a $100K/yr job get the same debt cancellation? I feel ...


1

I read somewhere that marrying someone does not make you responsible for their student loans, but in the above case seems like you will be responsible, and forced to pay for your spouse's loan. Your spouse is responsible for those loans. But you married the person with (hopefully; if not, shame on you!) open eyes, knowing that the spouse's debts must come ...


1

That means current principal not outstanding principal. This company writes on my statement every month that I would have to opt out or the overpayment will be set aside and used for future interest, saving you nothing. Paying ahead just gives aes the use of your money for 30 days until you have accrued interest for them to apply it to. I called the company ...


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