Posts tagged "student loan repayment"

What happens to the status of my student loans if I transfer to a different college?

Andy M asks: I thinking about transferring to a different school but I still have student loans from my previous school (Sallie Mae and Federal Direct student loans). Are there clearing houses or other programs that my new enrollment status will be sent to so that the lenders are aware that I haven’t just stopped going to school (and thus cause my college loan payments to become due)? Do I have to obtain enrollment verification from my current school and send it to each of my lenders?

Can student loans be written off in a bankruptcy?

Mathew S asks: I am filing for bankruptcy and have several student loans. Can student loans be written off in a bankruptcy? Or do I still have to repay my student loans? Help! I need some student loan advice quickly!

Student Loan Guru: Under most circumstances Federal student loans cannot be discharged in bankruptcy. Isn’t it convienent the way the U.S. Government set this up? Many times, student loans are the reason many young people get into financial trouble.

Should I Pay Off My Student Loans Early?

Stefani from Philly asks: I’m graduating this June and I’m going to have about $40,000 in student loan debt. I want to know whether or not I should pay off my student loans early as I can even if it means sharing a room with someone else. I’m planning to take at least 50% of my pay check to go into repaying the student loans. This will come out to about $1000 per month, which allows me to pay off my loans in about 3 years. I’m normally a saver anyway and I can live cheaply if I have to. I would have just enough money left over for rent and living expenses. My rent would only be about $500 dollars per month. Plus, I have savings right now that would work as my emergency fund just like Dave Ramsey suggest. Is it better to pay off my student loans quickly? My thought is that it would save me on interest even though it would be hard for a few years, but I will be much better off in the long run. Any suggestions?