student loans

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Yes, take advantage of a rollover IRA

Thursday, May 24, 2012
My wife and I have taught in Alabama public schools for the past 2 years and have made (forced) contributions to the state retirement system in that time frame. Together, we've got around $8,000 invested in the state retirement system. Realizing the limited income prospects for career teachers, we both applied and were accepted to a top 25 law school on full-tuition scholarship. My question to you is this: For my retirement account, I have the option of either a) taking a lump-sum payment of the $8,000, minus 20 percent in federal income tax, or b) rolling it over into a 401(k), IRA, or similar long-term savings plan. Should I take the money and run, or should I start building a retirement nest egg while I'm financing the rest of my life with borrowed money? Alex, Montgomery, AL
Posted In: Graduate school, law school, retirement savings, rollover IRA, IRA, student loans

Cash flow liberated by refinancing

Friday, May 18, 2012
My wife and I recently refinanced our home. We paid off the home equity line and the existing mortgage, and now our monthly payments are $500 less than they were previously. What should we do with these savings? Thank you. Jeff, Amherst, MA
Posted In: Savings, refinancing, retirement savings, student loans

Student loan forgiveness: The devil is in the details

Tuesday, May 15, 2012
Did I hear you say on one of your previous programs that seniors who have been paying on student loans for 10 years or more can have the debts dismissed? Mine are a consolidation of federal loans and I haven't missed a payment in the past 10 years. Helen, Portland, OR
Posted In: federal student loans, student loans, public service jobs

Dealing with the student loan debt burden

Monday, May 14, 2012
I am extremely in debt with my student loans. At Age 25, I am wondering about the best way to resolve this debt. I currently have a part-time job and make less than $600 a month. How do I go about refinancing with such little tangible income? Jennifer, New York, NY
Posted In: student loans, . student loan repayment options
3

Letters: Creating a paper trail

Friday, May 11, 2012
Our weekly dive into the mail bag, and L.A. Times personal finance columnist David Lazarus helps a caller with a question about record-keeping.
Posted In: Personal Finance, listener mail, peter morici, paddy hirsch, david lazarus, student loans, credit scores, Credit Cards, marriage

Buy yourself some time with student loans

Thursday, May 10, 2012
I am 26 years old and recently graduated from grad school. I have about $28,000 of loan debt, from both undergrad and grad school. My deferment is up next month, and without changing or consolidating anything, I will owe more than $500/month. I work for a non-profit and cannot make that high of a payment. I know I have some options for repayment and consolidation. I am trying to find a balance in which I am paying what I can afford each month, but not extending my loans so much that I am paying an absurd amount of interest. Elisa, Bozeman, MT
Posted In: student loans, federal student loans, student loan repayment plans

Cutting public health to pay for student loans

Tuesday, May 8, 2012
Republicans want to use money for preventive care to cover lower interest rates
Posted In: public health, student loans, health care reform law
1

The risks of buying with no money down

Tuesday, May 1, 2012
I recently was accepted to grad school, and my wife and I will be moving from Michigan to New Mexico. We are having a debate as to whether we should buy a home. After I finish my degree, I would like the freedom to leave New Mexico, if necessary, without having to worry about selling a home. My wife doesn't like the idea of paying rent and getting nothing back from it. Any and all advice would be much appreciated.
Posted In: home, homeownership, rent, student loans, Graduate school, mortgage

Federal student loans at death

Monday, April 30, 2012
I've got a fair amount of student loans. I've also got a good job as a college professor, and I will be able to pay them off eventually. But I'm concerned about my wife. If something should happen, do student loans transfer to a spouse or do they stick with me? Rudolf, Providence, RI
Posted In: frederal student loans, private student loans, student loans, death

The Income Based Repayment option for student loans

Friday, April 13, 2012
I'm helping my girlfriend organize her student loans while she's wrapping up her final semester of architecture (grad) school. The Income Based Repayment plan is likely her best option for repayment. She's going to owe about $135,000 and expects to make about $65,000 in her first year out of school. Yes, it's a lot of debt! However, there is a significant amount of uncertainty around the program. There are two versions. In one, you pay 15 percent of your income over 150 percent of the poverty line for a maximum of 25 years. Anything left after the loan is forgiven. There is a newer version for borrowers' 2012 loans that is only 10 percent over 20 years. I'd like to verify that she's eligible for this newer program. Matthew, Brooklyn, NY
Posted In: student loans, student loan repayment options, income-based replayment plan

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