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Posts Tagged ‘student loan’

A ticking time bomb of American debt. Over 0 billion are owed by college students in the US with thousand more added on every second. The most traditional financial baggage for Americans was credit card debt. For the first time, debt belonging to college students has over taken that number one spot. “Students graduating in 2008, 2009 and 2010 are facing the worst job markets in a generation at least. And so you have people with more debt that we have ever seen before, who are having a harder time finding any job, let alone a job that pays them enough to somehow pay off all this debt.”

i’m wondering which, if any, of my debts i should pay off with my 401k money. i have a one-time penalty-free withdrawal, and i would like to make the most of it. based on my debts, am i better off investing the 401k and letting it grow, or using it to pay off some/all of my debts?

ASSET
401k money- ,000 (minus whatever taxes will be taken out when i withdraw, this is what i have to play with)

DEBT
,000 promissary note (interest free) to pay off over 20 years (5/month)
00 credit card (currently on a promotional 0% interest rate)
00 credit card (6.9% interest)
00 student loan (2.5% interest)

so, my debt is mostly low-interest or interest-free, and i’m wondering how to handle using the 401k money…

pay some of it off, invest the rest?

pay all of it off, invest the rest?

continue making monthly payment, and invest the entire 401k?

thanks in advance!
i got divorced and was told i had a one-time opportunity to take out some money. was this incorrect information?

My husband has a 40k student loan that we have to start paying off next month. Our payments are over 500 a month ( i don’t know how anyone is expected to save anything with that kind of payment). We have 10k of that money that we had in a CD that we will be paying back to try to bring down the amount. Is there any other FINANCIALLY SMART way to bring down the interest rates? I dont necessarily want to use one of those consolidation companies, bc it seems like a scam and i will be paying a lot more in the end. We are smart people with no other debts that just want to find the best way to handle these loans without falling into any traps.

Thanks for your advice.
no where even close to a million, he works in a grocery store. He went to grad school and it is extremely expensive here.

My girlfriend has unfortunate circumstances that make her life very unstable. She is currently 7 months pregnant (The baby is not mine and I knew about it, but we fell in love anyways and I’m sticking with her) She is still trying to go finish college, but still owes the school a great deal of money. Since she is pregnant, she can’t really get a job anywhere except to babysit, and she is making barely enough to pay for the school, while I am handling my debt to the college, as well as paying her medical bills for the baby doctor visits. Unfortunately, a while back, she was forced to buy textbooks with a credit card and did not anticipate getting pregnant and could not make payments. The amount has nearly doubled since January, when her last payment was sent in.

Is there a way she can negotiate with the bank to lower the amount owed in exchange for a lump sum close to the original amount?

If she is stuck making payments with a plan with the current amount, (over 1k), she won’t be able to go back to school.

We were thinking she could pay the money back and possibly get another student loan for around 00, but we don’t know if that will work.

I feel like I need to help her, but i have my own debts to pay and I already told her I’m paying the doctor bills, despite her protests. We are both young, age 21, not even out of college. I want to be there for her, and I feel finishing her education will help all of us when we become a family in the future. I feel so helpless. Supporting both of us is a big challenge until we graduate and get a good career and stable pay. Right now my internship doesn’t pay as high as I’d like, but its required to graduate by next May.

Thanks for your feedback!

In a debt consolidation program is it likely that you will be able to obtain additional credit?
for example a debt consolidation for a student loan.

I was divorced in 2008. My ex never paid a dime towards the community debt and I have since needed to file for Ch 13 bankruptcy. I co-signed on a student loan for him and it must remain in Ch 13 plan. In other words, I have to pay off his student loan. Does anyone know if I am able to sue him for the money I am paying on his student loan? ( that student loan was assigned to him in the divorce decree.) Any help is greatly appreciated! Thank you!

My family are driving me around the bend!!

My goal is to represent my country at soccer (women’s soccer, I’m a girl). It is within my reach. As for a job, I want to be a teacher.

Anyway I’m in my first (Freshman) year of University (college). Here’s the catch, at home I can live rent-free and have financial help with my fees. If I move away, I will have to get a student loan. No big drama, I just want to play international soccer and finish my degree. I do work 2 shifts in retail.

My parents would probably have a fit if I decided to leave (they’re clingy), but I’m having trouble grinning and bearing their cr*p.

Please give me some advice, should I move out and get a loan, and live independantly and happily, or do I stay at home, staying out of student debt, barely clinging on to my sanity?

TIA.