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48

According to the OSAP website you will not be charged interest until 6 months after you graduate for the Ontario portion of your loans (Canada portion accrues interest immediately after graduation). The loans are interest and payment free while enrolled full-time. That means for the next year you could earn interest on your savings and have extra cushion at ...


31

Both your aversion to debt and your aversion to living paycheck-to-paycheck are admirable. Many people live in both of those states. Fortunately, if I am reading your question correctly, you can avoid both. You currently have $18k in your savings, and your tuition for the upcoming year is only $13k. This means that if you pay cash for your tuition, you will ...


31

Reduce your loan. Currently, stocks are especially in United States rather highly valued. If you subtract taxes, you probably won't exceed 6% per year over 10 years. By reducing the loan, you are having an investment that guarantees 6% return. See your situation like this: you have an investment with 6% guaranteed return. Most people don't. Now invest in ...


25

Don't buy a condo, that would be kind of a horrible idea, even if you can qualify. If it was me, I would stick it in a boring savings account, something like Ally. Once you graduate, get settled in potentially a new location, I would use the money to pay off your student loan. Until then, the money becomes an insurance policy to make sure you have ...


16

First, gather as many documents with your identity and address as possible: student ID, bank statements, any bills you have sent to your current address. Birth Certificate Missouri birth certificates can be obtained by filling out this form. This can be mailed in (no travel required!). In order to mail in, you will have to get it notarized. This is not ...


10

I had found myself in a somewhat similar situation from my education. From what I realised, is that it really depends on your debt/risk tolerance. Also to note that the rate isn't actually 3.5% but 70% federal loans of prime + 2.5% and 30% provincial loans of prime + 1.5% (Which is currently 3.95% + 2.2% = 6.15% interest overall!). If you are not debt ...


8

they said the expected returns from the stock market are around 7-9%(ish). (emphasis added) The key word in your quote is expected. On average "the market" gains in the 7-9% range (more if you reinvest dividends), but there's a great deal of risk too, meaning that in any given year the market could be down 20% or be up 30%. Your student loan, on the ...


8

YMMV, but my bank (Chase) auto-closed an account after seeing it sit empty for 90 days. Since you refill it every 30ish days, that won't be a problem. It would certainly be a problem over the summer, though (presuming he doesn't take summer term classes, or have a local internship), but $25 then would solve that problem. Still, I'd counsel my child to ...


7

In short, yes. I faced this issue myself and got the discounted rate, I worked full-time and was also a full-time student with the Open University. As long as you can prove that you are indeed a full-time student, so 16 hours a week + (which will require help from your University). Then you will have no issues receiving the discounted rate. The only issue ...


6

Or can I just walk into my local bank? Yes, you would usually approach your bank. However, you wouldn't just "walk in", you would ask for an appointment with a financial advisor. Will a bank take me (a 20 year old university student with 2000 euro in excess savings) seriously? Of course they will. Most people pick their bank at your age and then stick ...


5

Is it true that no tax refunds will be given if I did not need to take out a loan to pay for my college expenses? This may seem pedantic, but it seems worth getting the terms straightened out. Tax refunds are issued when your tax payments exceed your tax liability. Refunds aren't given for college expenses, but college expenses may qualify for some tax ...


5

The rate difference between your student loans and the historical yearly average growth in the S&P500 isn't large enough for me to play the "pay minimums and invest the rest" strategy. If your loans were 2%, I might think about it. However, the 4% loans are guaranteed and mandatory expenses; discharging them even in bankruptcy is unlikely. The quicker ...


4

"But in the debt-payoff-first scenario, I'd be wiping out my debt in two years. It would take several more years if I were to just pay the minimums and put the extra money toward investing instead." Right. The idea is that in 2 years, you are likely to have more in the savings/stock account than you owe on the loan. But. The range of returns for X years ...


4

If you have a German registered address and bank account, you can. There are various German online banks that will give you an account within hours. Those require a smartphone and an international travel document. You indentify yourself via their app and services like WebID or PostIdent. One (amongst many) possible setups would be N26 (bank) and degiro (...


4

Choosing to pay off debt vs. make payments should always consider the utility of both: Paying back $13.5k over 9.5 years at 3.5% would mean you pay $2,388 in interest over the course of the loan. Leaving $13.5k in a savings account at a 1.5% APY for 9 years would give you $2,000 in compounded interest. This means you would effectively be paying $400 over ...


4

1) are there any fines you must pay for failing to inform them that you moved? What are the consequences of this? As far as I am aware from my own experiences (Plan 1, income contingent loan), no. There are no fines or penalties for missing payments or being late to notify the SLC of your whereabouts and/or income. However, your loan balance will have ...


4

As fare as I understand the law every houshold has to pay this tax (income is not important). There are the following exceptions. households in which at least one member receives AHV / IV supplementary benefits. Residents of retirement and nursing homes, residential homes, boarding schools, boarding schools, institutions for the disabled, hospitals which ...


4

(Note that this is a primarily opinion-based answer.) I want to get out of this debt as quickly as I can. How should I do this? Regardless of whether or not you have SL debt, the way to get out of debt quickly is to: Know where all your money goes. Live within your means: pay off your CC bill every month! Live below your means: you need to build an ...


4

The bank may charge fees if the balance drops below a certain threshold, and may may close the account if the balance stays at $0 for too long. In general you don't want to allow your checking account to drop close to $0 because of the potential for overdraft fees or declined payments from an auto-scheduled payment or if someone tries to cash a check you ...


4

Pell grants are non-taxable as long as they are used for "qualified tuition and other education expenses". Classes, lab fees, and books are all considered qualified. Room and board and any amounts over the total qualified expenses are not qualified, and therefore taxable. In short, the only amount of the grant that is taxable is whatever is used to pay for ...


3

I read online that in order to qualify for the full-time student tax exemption, my earnings can't exceed $6,350. (I'm not entirely sure if that's accurate or how well I understood the article) So I'm wondering, right now if I'm approaching that $6,350 mark and I still have a few weeks left of income, should I put in my upcoming hours as volunteer ...


3

If you 1) own or co-own a new business in Ontario or 2) work for or volunteer with a not-for-profit organization, you are most likely eligible to extend your grace period an additional 6 months. This could buy you additional time to find a job and save money to pay back the loan before the interest kicks in. Also, you may be eligible for repayment ...


3

It sounds like your income is completely random so you need to build up savings. Simply living on what you make will eventually cause you to fall victim to gambler's ruin. (Your random income is a form of gambling. You're obviously doing something with a random payoff even though only time is wagered.) Thus you need to live below what you can afford to ...


3

juhist has a good answer, but it's only part of a full answer. Saving You should save a couple thousand so you don't rack up credit card or other debt due to everyday living expenses plus unexpected bills. You don't want to go broke because of car repair, health care bills, or something else you might not be able to predict or prevent. What you make after ...


3

earning a modest PhD stipend (i.e. ~$25k). Open a Roth IRA, since considering the $12,000 standard deduction you'll be in the 12% marginal tax bracket. Because your future wages will probably be higher, now is the time to invest "taxed" money which will grow tax free for decades. It's perfect for young, low-income people. over general financial ...


2

One recommendation I have seen, is to go ahead and file the 1099-MISC as normal. Then enter the full amount as a 'business deduction' (i.e. nullifying the impact of schedule C), then enter the full amount the proper way - as scholarship income. This way the MISC-1099 is reported, and I pay taxes as I should. This recommendation comes from a TurboTAX Q&A:...


2

Yes you may be in trouble. While non-work visas permit some kinds of volunteer work, one of the restrictions is that you cannot do work that is normally paid, even if you do it for no pay. The existence of The W2 indicates that the film company thought this was work that needed paying. So there are bigger problems here than just whether you got paid or not. ...


2

You'll probably want to look for a Regular Savings account. Most major banks offer these and they are specifically designed for your scenario of saving a regular amount of money each month. You'll get a higher interest rate than a standard savings account, but you will be committed to paying in a minimum amount each month and there may also be restrictions ...


2

As I understand it, it is mandatory to be an "exempt individual" as a student if you have not been an exempt individual for some part of 5 previous calendar years. (If you have been an exempt individual for some part of 5 previous calendar years, then you are by default not an exempt individual as a student unless you claim a closer connection to a foreign ...


2

In addition to marcramser's answer, which correctly states that you have to pay the fee, it is worth noting that you will get reimbursed for the months after you leave. This (as well as other relevant information) can be found on the government web page: I have already received the annual bill, but I am emigrating in June. Will I get a refund for the ...


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