Contribute to own 529 just to pay student loans? Student Loans |
- Contribute to own 529 just to pay student loans?
- TAP WAIVER ??? last semester
- Paying the higher loan, rather than the higher interest?
- So confused!! Please help!!
- Cash out 401k to pay off student loans?
- How much should I loan?
- Need advice on how to pay for spring semester. Owe school 7k for spring.
- Ineligible for Student Loan Deductions, any suggestions to lower AGI and tax bill?
- Undergrad student loan without co-signer or credit?
- Can I transfer my high interest student loan from one lender to another?
- LendKey Variable Rate Refinances
- Worth it to get into debt with loans for a Maritime Engineering Officer career?
- Any tips or tricks for handling student loans?
- Grrr...I don't qualify for the forgiveness programs. What other resources do you have for loan forgiveness? I am not talking about deferment, but programs for loan forgiveness
- Need a loan that can be paid off starting tomorrow
- Income Driven Plan Question
- Going back to school after a hiatus, where do my loans stand?
| Contribute to own 529 just to pay student loans? Posted: 24 Jan 2020 08:58 AM PST Has anyone done this? I just had a kid and set up a 529 for them but I stumbled upon an eligibility that says a 529 can be used to pay $10,000 in student loans. In my state, I can get a $500 tax credit if I contribute $1000 or more to a 529. So I THINK: I could make one for myself, contribute $1000 each year, withdraw it right away, and collect $500 each calendar year when I do my state taxes. Anyone have any experience doing something like this? EDIT: found the answer Using A 529 Plan To Pay Student Loans 529 plan account owners may now withdraw up to $10,000 tax-free for payments toward qualified education loans. However, there is no double-dipping when it comes to federal education tax benefits. Any student loan interest paid for with tax-free 529 plan earnings is not eligible for the student loan interest deduction. The $10,000 limit is a lifetime limit that applies to the 529 plan beneficiary and each of their siblings. For example, a parent with three children may take a $10,000 distribution to pay student loans for each child, for a total of $30,000. [link] [comments]  |
| Posted: 25 Jan 2020 12:49 AM PST Hi guys - Tap requieres student to be full time (12 credits) but I only need 9 credit (part time) to graduate this semester. Last semester of college and I was looking to see if any of y'all had experience getting a waiver under this situation. I had sent emails but so far no response. I was thinking that I should take a 4th class but it may not work since it's not a requirement towards degree. [link] [comments]  |
| Paying the higher loan, rather than the higher interest? Posted: 25 Jan 2020 12:39 AM PST Math is definitely not my strength, so I'd be grateful if someone could help break this down with me. I contribute an extra $400 every month to my loans whenever I can, but every so often I wonder why conventional wisdom says I should pay down the $2,000 loan with 3.6% interest over the $4,000 loan with 3.1% interest. That $4,000 loan gives me more anxiety since the interest it generates would be higher every month. Should I keep focusing on paying the $2000 loan down to 0, or does it make more sense to lower that $4,000 loan first to close the gap? What's more efficient? [link] [comments]  |
| Posted: 24 Jan 2020 05:03 PM PST I looked at my credit report for the first time in forever. My federal Navient loans say they're closed and the only loans that show up on my credit report are my private Sallie Mae loans. I logged into Navient and it says all of my loans were "PAID BY DEPT OF ED/NAVIENT". I called Navient and they said my loans had been sent to the DOE guarantor. I'm just so confused. If they were sent to a guarantor wouldn't they still show up on my credit report? [link] [comments]  |
| Cash out 401k to pay off student loans? Posted: 24 Jan 2020 02:10 PM PST Wondering if anybody here has used this tactic, or if this topic has been discussed in the past? My wife and I have about 16k left on our loans. We have something like a 3.2 interest rate through SoFi. We recently had a baby and my wife would LOVE to be able to quit her job, but the big monthly payment is holding us back. We're on a 5 yr with $1150/mo minimums. We are 29 years old, and while I understand saving for retirement is something you should start sooner rather than later, I'm wondering if we cashed out like 29k in 401k to just be done would be worth it, even if we lost 10-15k in the process. My employer offers 3% automatically + 5% matching dollar for dollar toward a 401k... so after paying off loans, the idea would be to contribute more aggressively toward retirement, without the monthly payments and burden of student loans. I'm not sure that I'll miss 15k in 30 years. Anyway... any insight here folks? [link] [comments]  |
| Posted: 24 Jan 2020 11:26 AM PST I just started a grad program in which the tuition will be about $9,000 per semester. My total tuition for the degree will be around $50,000. I have enough in savings to pay about 80% of that full tuition, and I have an okay salary (I probably have about $15,000 to spend annually after taxes, living expenses, etc.) If I really tried, I can possibly pay my entire tuition using everything I have and earn (I currently work full time, but may drop to a much lower paying part-time job some time in the middle of my grad program) while I am in school. My concern is that I don't want to completely use ALL of my savings to pay for school, so I requested a loan. I'd like to keep some sort of money in savings as a safety net for unexpected emergencies, medical expenses, etc. The loan offered to me is the Federal Direct Unsubsidized Loan. This year the interest is at 6.06%, and the compound interest starts accruing when I receive the funds. What I was thinking about doing was to only take a loan on half or less than half of my tuition each semester, and pay the rest with my savings. I have a friend that suggested to take out as little loans as possible due to the interest. Another friend suggested to take out a loan for 100% of the tuition, and to keep my savings untouched. I don't want to go that direction because of the amount of interest I would have to pay. Anyone have experience or advice on whether I should pay it all with my savings and earnings, take partial loans, or take full loans? [link] [comments]  |
| Need advice on how to pay for spring semester. Owe school 7k for spring. Posted: 24 Jan 2020 01:40 PM PST Hey what's up guys, I'm really worried I won't be able to pay off my balance for the semester I'm currently in. I owe my school 7k for spring after aide and grants. My parent defaulted on her loans I have a horrible credit score from a credit card I never paid off (540) And no one to co-sign aside from mom Bad high school gpa Only completed one semester 3.6 GPA High SAT She received an endorser but I just found out that the parent plus was rejected. I'm asking given the fact that I'm currently in the semester and need to pay my balance. [link] [comments]  |
| Ineligible for Student Loan Deductions, any suggestions to lower AGI and tax bill? Posted: 24 Jan 2020 05:22 PM PST I started to do my taxes this year and my AGI is $86k. I'm single and taking the standard deduction. It looks like I'll owe about $1,000 in taxes this year. Any suggestions to lower my tax AGI to qualify for the student loan interest deduction? I have over $200k in student loans and paid well over the $2,500 in interest on my student loans last year. [link] [comments]  |
| Undergrad student loan without co-signer or credit? Posted: 24 Jan 2020 04:58 PM PST Hi, I am in a bit of a pinch and I figured you guys may be of assistance. I recently got screwed over with financial aid requirements, I'm one week into my freshman year at uni and now I need a student loan. I have tried SallieMae and Discover student loans, both of which have denied me and require a co signer. I am stressing about this because I don't have much time, and didn't expect this to happen. Thank you guys. [link] [comments]  |
| Can I transfer my high interest student loan from one lender to another? Posted: 24 Jan 2020 12:53 PM PST I have a private student loan from wellsfsrgo bank, and i was wondering if there is some lender that is willing to buy my loans from WF and give me a lower rate? I am still in school if that matters [link] [comments]  |
| LendKey Variable Rate Refinances Posted: 24 Jan 2020 03:48 PM PST Has anyone here refinanced a student loan into a variable rate loan? I'm considering refinancing my highest interest rate loan, currently at 6.59%, with LendKey at a variable rate loan starting at 1.9% with a 5 year term. It's tied to the 1-month LIBOR. I doubt it the rate will go up much and if it does eventually exceed 6% I can likely pay the loan off with my savings. Any thoughts? [link] [comments]  |
| Worth it to get into debt with loans for a Maritime Engineering Officer career? Posted: 24 Jan 2020 02:42 PM PST I'm having second thoughts about college, but this career is something I feel I'd love to do. It's not a 9-5 Monday-Friday week job, you get to experience new places, you're on a ship for months and you get months off! I don't mind being alone, in fact I prefer it, so being away on a ship for months actually interests me for some odd reason. But I'm worried/scared about the debt. I've been accepted to Great Lakes Maritime Academy, which is under Northwestern Michigan College. Their site says the maximum tuition would be $92,338.50 for 4 years. That's a lot. The median salary would be around $80k so to me it seems worth it but I'm legit just scared of making this big commitment. What if I end up changing my mind... I'm 27 this year and I don't have a career path yet so I decided to go ahead in this direction but now I'm just having second thoughts. I just don't want to be 30+ with no actual career. [link] [comments]  |
| Any tips or tricks for handling student loans? Posted: 24 Jan 2020 10:43 AM PST I know this may be a long shot given how student loans are structured and how refinancing and bankruptcy is not an option. is there anybody that found an interesting way to either transfer a student loan debt or get a settlement or have successfully used a program that wasn't a scam. any help is greatly appreciated and thanks in advance for taking time out of your day to answer this. [link] [comments]  |
| Posted: 24 Jan 2020 10:27 AM PST I am a special education teacher with 10+ years teaching, plus additional as assistants. I have also worked in Title 1 (low income) districts/schools. I don't qualify for Teacher Loan Forgiveness because my 1st loan was Aug 1998, not the deadline of Oct 1998. Another one, I don't have to right kind of loan. Another one, I don't have my payments on an income based or other payment plans. What resources do you have???? [link] [comments]  |
| Need a loan that can be paid off starting tomorrow Posted: 24 Jan 2020 09:40 AM PST I've got a part time job and need to get a student loan that I can start paying off immediately, rather than after school. I have a cosigner with good credit, and the amount I need is around 1100. I cannot figure out from any of the loan providers websites whether or not they can be paid off before the end of the loan term or before school ends. [link] [comments]  |
| Posted: 24 Jan 2020 09:07 AM PST I just received the good ole notification from Navient that my monthly payments will increase once I renew. I'm currently paying $333.80 a month while my 2018 yearly income was roughly $64,000. My new calculated payments starting April 27, 2020 will be $550. Which now I won't be able to afford due to rent, insurance, car payments, food. I made $74,000 in 2019 but it was due to bonuses but in 2020 I will not be making that amount again and will make roughly $60-64k again. Is there anything on the recertification application I can put down to lower my new payment? Or am I stuck with $550 a month because of the amount I made in 2019? [link] [comments]  |
| Going back to school after a hiatus, where do my loans stand? Posted: 24 Jan 2020 08:52 AM PST So, I have about 10K in student loan debt from when I tried college a few years back and I dropped out. I am now on a "payment plan" and I currently owe $0 a month until a certain point either this year or next year when I need to start making payments. Anyway, I decided that I know what I want to do and I want to go to school again this fall. How does that work? I think I had both a subsidized and unsubsidized loan(s). Like will they go back to me being able to wait until I graduate to start paying them off again, or will my payment plan stay the same? Do I need to notify the company the loans are through that I plan on going back (I use Navient)? I'm not privy to this at all (first generation college student here), so my mom was really no help in this transition. Thanks in advance guys!! [link] [comments]  |
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