Real Answers for Life’s Money Challenges
I am in big trouble.
My husband wants to sell our home and pay off the debt.
If we dont sell, we can afford the student loan payments.
Trying to climb out of debt? Here are50 ways to bring in extra money this month.
But we will be very limited with no extra money left to save for emergencies.
I have many sleepless nights trying to find the best solution to this.
But the reality is that $190,000 is a lot of money.
Delaying retirement by a couple years may not be enough to make significant headway.
About 20% of federalstudent loan debtis held by people 50 and older.
Shes advised thousands of student loan borrowers about the best way to deal with their debt.
She emphasized just how common your dilemma is.
I get questions similar to this one all the time.
The options you have available depend on a couple of factors.
First of all, are these federal loans, private loans or a combination of the two?
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you could easily return later.
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Only in rare occasions are student loans dischargeable in bankruptcy.
You probably wouldnt be a good bankruptcy candidate since it sounds like you have decent home equity.
Unfortunately, there arent any great relief options if you have private loans.
But if you have federal loans, you have several options.
Youll need to consolidate your loans to enroll.
If their income goes up, the payment goes up.
If they still have a balance at the end of 25 years, the balance is forgiven.
Moyette wouldnt be surprised if Congress eventually extends that tax break.
Thats a difficult conversation but sometimes thats a conversation that needs to be had, Moyette said.
Assuming you have options to lower your monthly payments, its really about your personal preference.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…