Below you'll find a list of all posts that have been categorized as “Living with Student Loans”
Those who buy stocks, especially at a younger age, have a great opportunity to build wealth and secure their financial future. Unfortunately, student debt is often an obstacle for aspiring investors. Many borrowers face the same difficult question: should I buy stocks or pay off my student loans? Not surprisingly, …
We received an email from Steve with an interesting tax question. Steve writes: I have $30,000 left on school loans I’ve been paying on for years (no late payments). My family wants to pay them off for me so it’s done with. What is the best way to do this? …
Many student loan borrowers are torn between saving for retirement and paying down their student loans. Student loan borrowers often assume that you can only pursue one of these goals at a time. After all, every dollar you put towards retirement is a dollar you can’t use to pay down …
The Covid-19 student loan payment and interest freeze may impact the 2020 tax returns of many borrowers. The obvious impact is the potential for a smaller student loan interest deduction. Fortunately, this particular loss will be small or non-existent for most borrowers. Beyond the obvious, married borrowers may need to …
It isn’t easy to decide between a 401(k) contribution and paying off student loans. Each borrower has different financial circumstances, and some variables are impossible to know. Employment circumstances may change. The stock market may do really well, very poorly, or somewhere in between. Fortunately, there are times when the …
Over the last few days, I’ve received several questions about IBR, and other income-driven plans such as REPAYE and Pay As You Earn. It seems there is a ton of confusion about calculating income-driven payments with spouses who each have student loans. Many couples fear that if they get married, …
Student loans can cause borrowers headaches even after the debt has been paid in full. After making a final student loan payment, and eliminating a loan, many borrowers see their credit score drop. The good news for borrowers is that the credit score drop from paying off a student loan …
Saving for retirement might seem unrelated to student loan payments and debt forgiveness. Fortunately for many borrowers, it is possible to set money aside for retirement and eliminate student debt. In fact, saving for retirement can make it easier to repay federal student loans. The Connection Between Retirement Contributions, Monthly …
Editor’s Note: This article contains tax tips and suggestions for student loan borrowers filing their 2020 tax return (this is the return due in April of 2021). Most student loan borrowers realize that there is a deduction for student loan interest. However, there are many other student loan issues to …
Student loan refinancing can be a dramatic change to your student loans. Many borrowers fear that a student loan refinance could mean the end of the student loan interest tax deduction. Refinancing usually means a new lender, new interest rate, and new monthly payment. Fortunately for borrowers, in most cases, …
