Should I pay off Accrued Student Loan Interest with Mutual Funds?
Thanks for the A2A.Personally I would pay off the accrued interest with mutual funds because allowing accrued interest to compound often leads to financial challenges. Once interest accrues you are being charged interest on interest. This is generally a warning sign of a debt being unsustainable because if you aren’t even meeting the interest component of the scheduled repayment plan. There is no foreseeable path to paying down the debt in full going forward.When combined with the fact once paid off you will be able to realize substantial savings by refinancing the loan. This reinforces to me it is the proper course of action to take.For further reading on paying off student loans. Check out Escape Student Loan Debt: How to Minimize Your Repayments
What is the best course of action? I am 20, and two years into college. My girlfriend is 18 and finishing up high school. Now, she is with child. Do I finish college, or unenroll and find employment without a degree?
If you can work it out financially and schedule - wise, keep going to school - both of you. The 2 years will pass by quickly.Cut out the luxuries. No fancy phone plans. No new electronics. No added debt. If you can't pay cash, you can't afford it. Babies are expensive. Think of him/her as your gold and do it for your family.Tough? Definitely!Doable? Absolutely!I really don't think you'll regret it. Please don't add to student loans to make it happen. Don't dig yourself into a hole.If you have to, cut down on the number of credits you take. Find your balance.Family, school and work will be tough to balance. Give it a go, but don't burn your candle at both ends.List your goals, your ideals and your hopes for your family's future. Put it on the fridge. When you're feeling discouraged, give it a read.Let your soul be your pilot. (Sting) I'm rooting for you and will follow you on Quora.Lots of luck and congratulations! ☺
What course of action should I take?
I don't know your abilities or skill set, so it would be a bit of a stretch to say you should do this or that. If your struggles are with the coursework, then I 'd rethink your approach in getting through this, or do something else.However, if you do stay and try part time work, I'd suggest doing something related to what you want to do eventually, if possible. However, working and going to school can be an added stress if you don't have it lined up so it doesn't interfere with your studies. You didn't mention what year that you are in, but if you do have a year or so left, then start taking CS courses when possible. Furthermore, if it is necessary, then go an extra year at your school to do a minor in CS. That would seem be better than struggling with a major change, and having to have to pay for it later. Since you are in an engineering program, you probably had a class or two related to computers. At any rate, the first two years generally are for requirements, and so you have gotten that stuff under your belt--perhaps?So, I say something is better than nothing. If you just take a few CS classes you'll have a better understanding of the subject, as well as a little bit of knowledge towards CS.I hope that helped.
Student Loans and Debt?
I’m a Pre-Med major going to Penn State in the fall. I’m an out of state student therefore tuition is considerably higher. I applied to no other schools except for Penn State and Loyola but I chose the former due to them having my major and also being the furthest from home. Tuition is $55,000 and I told my mother that I could take a year off but she insists on me going. I have no outside scholarships and i only get a $5,000 from FAFSA despite my family being considerably poor. Penn State gave me an extra $5,000 so now tuition is down to $45,000 which is still a lot to pay. I want to make my mother proud as she sacrificed her old life to bring me to this country but I can’t do that if I’m in debt straight out of college. What do i do financially because we’ve already committed to the school and orientation is coming up soon. I’d rather not back out now as I am excited about the prospect of college and realizing my goals. Any help is appreciated
What is the best course of action for getting money owed to me by my brother without ruining my relationship with him?
talk to him about how much he can pay per week or month draw up an agreement on paper that shows how much you loaned him how much he paid back so far and you and he sign it both get a copy. If it is not a large amount of money think about what is more important the money or your brother.
What happens if I do not repay my UK student loan?
See here: Repaying your student loan, specifically the section about “If you work abroad”.And here: Your plan type - Student Loans CompanyThe wonders of Google eh?Bottom line: it’s your responsibility to notify them that you’re abroad and make voluntary payments. If you don’t they’ll levy fees that may or may not be greater than your repayments would have been. The loan will keep ticking up at 3%+RPI in the meantime.
My student loans are delinquent!?
Usually Achelios is spot on, but I disagree on this one. You can't receive aid if your loans are in default, but you can if they are just delinquent. Your loans will not go into default until you have not made a payment for 270 days. Delinquency is simply a sort of "warning period". Generally, students who fall into delinquency will be contacted by default management teams to see if there are options that can prevent you from slipping into default. While your loans are in a delinquent status, you are still eligible for forbearance and /or deferment, so if you are unable to make the full payments, you should contact the lender to see if you can't get them all into forbearance. Once they become defaulted, that option will no longer be available to you. Another course of action might be to see if you can't do a consolidation. This would replace all of your loans with one loan, usually with an income contingent payment that might be easier for you to handle. You will have an extended loan period so it will cost you more interest in the long run, but once you finish your PhD, chances are you will be in a better position to pay them off, and in the meantime it will protect your ability to receive loans to finish your degree.