All Questions
Tagged with loans student-loan
14
questions
23
votes
3
answers
4k
views
Paying off student loans early/lump sum -- best practices?
My wife & I have run into a large sum of cash recently and are interested in paying off/paying down our student loans -- about $30k between us, at about 6.5% avg interest.
We're both earning ...
- 233
26
votes
6
answers
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 ...
- 433
23
votes
7
answers
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 ...
- 333
10
votes
1
answer
3k
views
Are student loans tax deductible in US?
If I have a student loan from finishing my graduate degree, can I deduct its interest payments from salary for tax purposes?
Is there any education related tax credit that can be applied for payments ...
- 1,663
8
votes
2
answers
7k
views
Is there a most efficient way to pay off multiple loans with the same interest rate?
My Situation:
About $36k USD in graduate student loans.
There are 4 different federal loans in play, each with a fixed rate of 6.8%.
$12k w/ ~$1.2k in unpaid interest
$10k w/ ~$1k in unpaid ...
- 357
6
votes
2
answers
1k
views
Should I seek loan forgiveness, or paying off my loan quicker?
A little background: I am a public worker who recently learned about a loan forgiveness program. I have already been paying off this loan (since before the program began) and was not aware of the ...
- 4,374
38
votes
5
answers
9k
views
Should I dump my savings into my student debt?
I've got about $5000 saved up in my savings account.
At the same time, I've got about $8500 left to pay off on my student loan, with all the interest that includes (6%/year, compounded monthly).
...
- 4,374
17
votes
6
answers
4k
views
What are things to think about when paying for/taking out a loan for graduate school? [closed]
I haven't seen a lot of posts related to graduate school in this SX, but I apologize if there are. I bolded the crux of my question.
I'll apply my situation to this question as an example:
I got a ...
- 610
16
votes
4
answers
10k
views
Will our hefty student loans affect our chances of getting a mortgage?
My husband and I live simply but we're content. I'm an avid budgeter and love finding ways to be frugal. My dilemma right now is that we've been able to keep our living expenses below what we make, ...
- 2,286
15
votes
6
answers
14k
views
Saving $1,000+ per month…what should I do with it?
I am able to save $1,100 a month, after all expenses and after paying the minimums ($225 a month on my 2.24% and 3.25% student loans). I want to make smart decisions with my money, but am not sure ...
- 877
6
votes
3
answers
1k
views
Should I take a loan on my 401k to repay student loans?
I have a student loan that has 6.5% interest (highest rate of many) and would be able to repay it if I took a loan on my 401k. I know the basic trade-off is that my money may do better in the 401k ...
- 275
3
votes
1
answer
4k
views
Two high-interest loans: Pay down one at a time, or split my money?
I have 4 student loans. Two are for roughly $5,000 - one at 4.5% and one at 5.6%. Two loans are for roughly $1,500 and both have an interest rate of 6.8%. Right now I have $1,000 I can put towards my ...
- 31
2
votes
1
answer
359
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 ...
- 51
1
vote
2
answers
506
views
Is a technical Masters degree in a high-paying employable field worth it? [closed]
I give as a follow-up to my first question, a more reality-driven premise and question. I ask: Is a Masters degree in a high-paying employable field worth it?
Say you need 4 pre-Masters (aka post-...
- 610