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03-25-2019, 11:57 AM | #31 |
MVP
Join Date: Oct 2010
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Student Load negotiations: Do you want it in the face or on the tits?
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Posts: 11,000
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03-25-2019, 11:57 AM | #32 | |
In Search of a Life
Join Date: Jul 2009
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Quote:
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Posts: 81,606
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03-25-2019, 12:36 PM | #33 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
I think in prior years you could roll some student loan interest into the American opportunity credit. It’s gone now and I don’t know all the specific iterations. I think the cap on eligible student expenses is 10. Not sure though. |
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Posts: 57,040
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03-25-2019, 01:23 PM | #34 |
Wasted away again...
Join Date: Aug 2000
Location: in Margaritaville
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Yep, I got a whopping $2 tax credit for my student loan debt this year.
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Posts: 51,267
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03-25-2019, 01:32 PM | #35 |
Curmudgeon
Join Date: Dec 2011
Location: North by Northwest
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The simple solution would be to call them and find out. They will probably tell you they'd rather squeeze your nuts than to give up that 6.25% over the next X many years, but it never hurts to ask. I paid for all 3 of my kids to go to college, partially with college loans and it was a race to see if I could pay them off or die first.
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Posts: 5,319
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03-25-2019, 01:42 PM | #36 | |
In Search of a Life
Join Date: Mar 2006
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Quote:
Just more proof to talk with an advisor than some idiot named after a weather guy. |
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Posts: 22,245
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03-25-2019, 01:43 PM | #37 |
Now you've pissed me off!
Join Date: Jan 2006
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Student loans aren't even dissolvable in bankruptcy. Good luck trying to get them to give up some of their pound of flesh.
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Posts: 74,860
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03-25-2019, 01:44 PM | #38 |
Threepeat!
Join Date: Aug 2002
Location: Milk/Honey/Gazland
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Posts: 20,437
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03-25-2019, 01:50 PM | #39 | |
In BB I trust
Join Date: May 2003
Location: Boston, Mass.
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Quote:
They are not like credit card companies. As someone else noted, they have a debt obligation that is not dischargeable in bankruptcy, so they have almost no incentive to write off any portion of the loan. Try if you like, but you're probably going to be arguing with a brick wall. |
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Posts: 43,125
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03-25-2019, 02:18 PM | #40 |
Starter
Join Date: Jun 2001
Location: Tulsa, OK, USA
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Thanks for the info. I have no illusions of them backing off the principal but thought they may forgive a bit of the interest built over the years. I did talk with my financial advisor and he did suggest paying this off instead of making the lump sum payment on my house note as the interest rate on the house is below the interest rate on the student LOANS. Once we get these paid off, we'll just roll what we were paying on the loans towards our house payment.
No auto loans for us. Been without a car loan for three years and hope to never have another one. I think we'll just call the banks and see what they have to say. It couldn't hurt. Seriously, I get on here daily for the past 18 years and have posted a total of 61 times. I think this is the first thread I ever started and I f*** up the title thread.... |
Posts: 87
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03-25-2019, 02:21 PM | #41 |
Wasted away again...
Join Date: Aug 2000
Location: in Margaritaville
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Posts: 51,267
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03-25-2019, 02:37 PM | #42 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,040
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03-25-2019, 02:41 PM | #43 |
Psycho Bag Of Squanch
Join Date: Sep 2001
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Posts: 69,591
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03-25-2019, 03:18 PM | #44 |
In Search of a Life
Join Date: Jul 2009
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Posts: 81,606
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03-25-2019, 03:21 PM | #45 | |
In BB I trust
Join Date: May 2003
Location: Boston, Mass.
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Quote:
Sounds like a good plan, except, possibly, for paying down the home mortgage faster. Depending on the rate, that may not be a terribly exciting thing to do. Once you factor in the tax deduction (assuming you're not capped by SALT), the effective cost of a home mortgage at prevailing rates is very low. I'd be maxing out 401(k) deductions, IRA deductions, etc., before I'd be worrying about paying down the mortgage faster. |
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Posts: 43,125
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