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    Great Lakes Question Student Loans

    December 04, 2020

    Great Lakes Question Student Loans

    Great Lakes Question

    Posted: 04 Dec 2020 12:33 AM PST

    Hey all! Quick question. Does anybody know if there is a section on the website or if it is even possible to remove a cosigner from a great lakes account that was used for federal student loan? We are not in the USA at the time and I am trying to sort some stuff out. To be honest, I didn't go to college, but I am much more tech savvy and tolerant of government and banking websites than my spouse is, so I am still learning. Anyhow, it would just be nice to have a member removed as a cosigned individual as we simplify things. Thanks a bunch, and I really appreciate any information. Have a good one!

    submitted by /u/tyvvt
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    I'm looking to pay off the parent plus loans my parents took out for me. Should I pay through them or refinance them into my name?

    Posted: 03 Dec 2020 07:41 PM PST

    I have enough to pay off the parent plus loans my parents took out for me, but am not sure from a credit/tax perspective, if it makes more sense to refinance them into my name or to funnel the money through to them? The latter is obviously easiest but I don't want to miss out on improving my credit score, getting any tax benefit, etc.

    If I'm ready to pay them off immediately, will there be any benefits to refinancing them into my name and then paying them off in one shot? Any other thoughts that I am missing?

    submitted by /u/ThrowRAsummers
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    We want to sell a rental property next year without reinvesting. Will the resulting increase in our AGI change IBR loans for that year?

    Posted: 03 Dec 2020 06:18 PM PST

    I'm looking to sell a rental property and using the income to pay down my student loans. This is not our primary residence, but an income producing property. However, I would not be paying down my partner's IBR loans as she's on a forgiveness plan. I expect her monthly payments will go up as a result of paying off my loans, but will her monthly payments also go up due to the one-off increase in our adjusted gross income from the property sale?

    I'll be checking with an accountant before taking any action, so right now I'm just trying to get a sense of how big of an issue this might be. Thanks in advance.

    submitted by /u/Whitbro
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    Paying off student loans in one go. Need advice. Please help!

    Posted: 03 Dec 2020 05:57 PM PST

    Total loan amount due: $42,000 ($35,000 in Stafford Loans + $7000 in Graduate PLUS loans)

    So here's the deal. Graduated with a Master's degree late last year. I started playing with stocks/options beginning of this year with a specific goal of making enough money to pay off my student loans. I've managed to generate a substantial return on my investment and I'm in a position now where I can pay off my entire loan amount.

    If I were to pay my loans off, will I incur any sort of "penalty" for paying them off so early? Any other Cons that I should be aware of?

    From what I understand, paying off my loans right now makes sense financially since there is 0% interest rate before 12/31/2020. I'm just not sure doing so in one go will have any negative impacts?

    Thanks for reading. Appreciate any input!

    submitted by /u/bottledwaterisascam
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