Our Finance Guide
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
Our Finance Guide
No Result
View All Result
Home Loans

My wife is a retired nurse. Can her student loans be forgiven?

admin by admin
October 29, 2021
in Loans
0
Higher loan limit now available for USDA guaranteed farm loans

My wife and I are retired but have student loans from putting our two children through college. We have been diligent in our payments. My wife retired from nursing three years ago but has been called out of retirement as a COVID contact tracer. She has 10 years of repaying student loans. Is there any way she can have her student loans forgiven? Also, I am a retired high school principal with two student loans. One of the loans was $79,000 and with no missed payments, we discovered it had ballooned to over $105,000. How can that be, and is there any action I can take to contest the loans ballooning like that?

College debt is a huge burden on so many people.

Let’s take your questions one at a time.

First, it seems like you’re talking about some loans for your children, some for your wife and some for you.

On loans that were used for your kids’ educations, you should discuss with them if the repayment is significantly impacting your retirement, said Evan Drury, a chartered financial consultant with U.S. Financial Services in Fairfield.

“We all want to give our children everything, but we should give what is reasonable and know that there are other solutions to help your children beyond paying for everything out right,” he said. “For example, you could assist with monthly payments in a way that does not significantly impact your retirement. Remember your children have their entire lives to pay off their loans while you cannot obtain a loan to retire.”

Regardless of who’s name is on the loans, there are a number of factors that could allow a loan to grow over time even if you never missed a payment.

That includes income-driven repayments, Drury said:

“This pertains to federal income-driven plans which allow borrowers to make payments based upon what they can afford rather than what they owe,” he said. “The monthly interest on the loan may be higher than the monthly payment. In this case, the total student loan balance could actually increase each month.”

If you’ve ever opted for a deferment or forbearance with regards to your loan, even though you didn’t have to make a payment, the interest is still growing, he said.

“Sometimes, private lenders allow borrowers to have a temporary reduction in the amount they are expected to pay each month,” he said. “While it might help the borrower in the short-term the interest usually continues to grow.”

You should review your statements and see when and how the balance grew.

 

Related articles

Sallie Mae Responds on the Mounting Federal Student-Loan Problem

Student Loan Cancellation Just Got More Complicated

Read more…

admin

admin

Related Posts

Sallie Mae Responds on the Mounting Federal Student-Loan Problem

Sallie Mae Responds on the Mounting Federal Student-Loan Problem

Josh Mitchell’s profile of Al Lord is a compelling look into the making of the federally guaranteed student-loan program that owns 92% of student loans outstanding...

Student Loan Cancellation Just Got More Complicated

Student Loan Cancellation Just Got More Complicated

At a press conference yesterday, House Speaker Nancy Pelosi (D-CA) threw cold water on the argument that President Biden has the legal authority to cancel student loan debt...

Everything you need to know about motorcycle loans

Collaborating to Fix Student Loans

The Department of Education is planning to continue addressing reforms to the administration of the student loan program -- based partly on the input of two...

Remaining Forborne Loans May Require Additional Relief

Oregon City applies for federal loans to fix water pipes

Oregon City commissioners provided preliminary approval to a plan from city staff to borrow money from the federal government after voters rejected increasing their baseline water...

UK college students could be repaying loans into their 60s

UK college students could be repaying loans into their 60s

Students who start college in the U.K. next year could still be repaying student loans into their sixties, under new plans announced by the British government...

Next Post
Tax fairness concerns muddled in talk of eliminating income tax

The plan to tax billionaires like Elon Musk is dead — for now. Why it should be revived.

U.S. Bank announces two new secured cards: Build your credit and earn rewards at the same time

Best American Express Business Credit Cards Of 2021

The Best Ways to Invest Your Money in 2021, According to the Experts

Women May Be Better Investors Than Men. Let Me Mansplain Why.

No Result
View All Result

Subscribe Us

By clicking subscribe, I authorize: (1) Our Finance Guide to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) Our Finance Guide or third-party companies, including Our Finance Guide’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

RECOMMENDED

Uncategorized

The Ideal Environment For Real Estate Investors Is Here

Strong tech support could help sell Congress on global tax rules -Yellen
Tax

Strong tech support could help sell Congress on global tax rules -Yellen

CATEGORIES

  • Credit Cards
  • Investing
  • Loans
  • Tax
  • Uncategorized

Subscribe Us

By clicking subscribe, I authorize: (1) Our Finance Guide to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) Our Finance Guide or third-party companies, including Our Finance Guide’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

© 2021 Our Finance Guide, All Rights Reserved.

  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Unsubscribe
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing

© 2021 Our Finance Guide, All Rights Reserved.