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.
Questions tagged [student-loan]
421 questions
69
votes
11 answers
How can I prepare for my US student debt?
I'm a student at Drexel University. Drexel is a notoriously expensive school, and I pay roughly $35,000/yr in tuition, after awards. What's more, it is a five-year school. Currently, I'm in my fourth year. Throughout the year, I work full time six…
CretaZigman
- 748
- 1
- 5
- 8
48
votes
10 answers
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 that earn that and more that do not require a…
Ms Jackson
- 1,849
- 1
- 15
- 17
43
votes
9 answers
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 the same or more than when they started.
What is the…
MonkeyZeus
- 8,813
- 3
- 25
- 49
40
votes
6 answers
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 £200 a month, but should I?
I've heard that student…
Callum Maguire
- 503
- 1
- 4
- 5
38
votes
5 answers
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).
I want to pay my student loan off as fast as…
Zibbobz
- 4,384
- 4
- 35
- 48
36
votes
1 answer
Why is my student loan balance not going down?
This will be basic for you pros, please forgive me.
I have been paying the minimum balance on my student loan all year, but the balance shown on the site has barely gone down. I assumed that this was because they make you pay the interest first,…
Ken - Enough about Monica
- 4,806
- 5
- 35
- 56
35
votes
13 answers
Why might it be advisable to keep student debt vs. paying it off quickly?
As of a couple weeks ago, I paid off all of my student debt. Hooray...
But I have a friend named A who has a friend named B who is a financial advisor (a young so therefore perhaps ignorantly malicious one). B has convinced A that he should take a…
Millie Smith
- 506
- 4
- 9
32
votes
4 answers
Will the Government come after my daughter's assets if I can't pay my student loans?
I’m 60 years old. Got my masters degree finally. Now i cannot find a job. No one would hire me. I applied 1000 applications. Still no luck. I have $10,000 student loan. How to handle this? I live with my daughter in her house and she provides for…
user113517
- 321
- 3
- 3
28
votes
3 answers
Received federal student loan collection letter, but never had one. What to do?
Yesterday I received an unexpected letter in the mail, a federal student loan collection letter from ConServe collections. I've never had a federal student loan, so it was quite surprising to receive such a gift!
The letter is a little strange. It…
Matthew Drury
- 383
- 3
- 8
28
votes
2 answers
Taking college classes to avoid student loan payments indefinitely
My sister-in-law has decided she wants to take part time college classes so she doesn't have to make payments on her private student loan and her plan is to do this until she dies.
She graduated from college about 9 years ago so you can imagine…
Erica Grant
- 573
- 2
- 5
- 9
27
votes
6 answers
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 to pay off a car and two student loans…
J. Tate
- 443
- 4
- 8
27
votes
5 answers
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 occurred to me that we may be able to accelerate…
stu
- 373
- 3
- 5
27
votes
3 answers
Ask mother to pay off entire student loan, then pay her?
To avoid paying additional interest on my student loans, I want to ask my mother to pay off the entire loans with by lump sum, and then I would pay her back with interest.
Are there any issues regarding taxing for this?
(In NJ)
user
- 1,507
- 1
- 11
- 11
26
votes
7 answers
Debt management: 0% CC APR for 15 months vs 7% student loan debt
About me:
I make about $3330 a month from my job after taxes.
I'm currently $72,500 in debt from student loans, 7% APR. I have 0 other forms of debt (I live with my parents and bought a used car for cash).
I spend about $300-$400 a month on myself…
el toro
- 1,030
- 1
- 9
- 12
26
votes
9 answers
3.5% Interest Student Loan or use all of my savings on Tuition?
I've got one year of University left and luckily I've managed to stash around ~$18k in savings that my expenses never cut into. My tuition for my last year will probably be around $13k.
I hate the idea of being in debt - but aside from emptying my…
KuboMD
- 363
- 3
- 6