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Message
Student-loan(ish) question...
Posted on 7/14/09 at 11:52 pm
Posted on 7/14/09 at 11:52 pm
So I'm starting back part-time this fall. Tuition and books is going to be about $1500/semester.
I can pay this out of pocket but it would put a strain on the budget. Are there loans that are more short-term? I.e. I could pay this off easily throughout the semester.
Or should I just suck it up and deal with it up front?
I can pay this out of pocket but it would put a strain on the budget. Are there loans that are more short-term? I.e. I could pay this off easily throughout the semester.
Or should I just suck it up and deal with it up front?
This post was edited on 7/14/09 at 11:53 pm
5
Posted on 7/14/09 at 11:56 pm to Golfer
quote:
Golfer
I pay 250 a month on my student loans now.
I mean I do not have too yet, but I do it anyway so that I do not owe as much when it comes time too.
Look at whoever you bank with, Chase, Regions, Capital One all offer student loans and you can pay on them monthly also if you choose.
Posted on 7/14/09 at 11:57 pm to Golfer
quote:
Are there loans that are more short-term?
Golfer, have you thought about getting a personal loan from family/friends? Get it down on paper if they need it and offer to pay some interest.
Posted on 7/14/09 at 11:58 pm to Golfer
I believe in low interest loans for those who can get them and are still concerned about cash flow. You should talk to a credit union.
Posted on 7/14/09 at 11:59 pm to TulaneUVA
I agree with Tulane, it's a lot better if someone is able to loan you that amount of money
Who do you bank with?
Who do you bank with?
Posted on 7/14/09 at 11:59 pm to Golfer
deferred payment
Posted on 7/14/09 at 11:59 pm to apple19
quote:
Who do you bank with?
Campus Federal.
Posted on 7/15/09 at 12:01 am to Golfer
Can you choose deferred payment?
Posted on 7/15/09 at 12:01 am to coachLSU
quote:
deferred payment
Well I could pay the $325 or so a month over the semester, just dropping $1500 in August would just make everything tight right now. I'd rather have that cushion.
Also, I'm reading where I can withdraw from my 401k for educational purposes...bad idea?
ETA: is this deferred payment through LSU or the bank?
This post was edited on 7/15/09 at 12:03 am
Posted on 7/15/09 at 12:03 am to Golfer
Depending on where you are going to school you can pay tution monthly.
I did that for awhile, made 3 payments of 450 while at SELU my first year.
I did that for awhile, made 3 payments of 450 while at SELU my first year.
Posted on 7/15/09 at 12:04 am to Golfer
quote:
Also, I'm reading where I can withdraw from my 401k for educational purposes...bad idea?
Check the TAX implications!!!!
Posted on 7/15/09 at 12:06 am to liz18lsu
quote:
Check the TAX implications!!!!
Well its a loan, so you just pay it back into the program.
Posted on 7/15/09 at 12:08 am to Golfer
if you borrow from your 401(k) there are typically tax implications (penalties for early withdraw)
Posted on 7/15/09 at 12:12 am to liz18lsu
quote:
if you borrow from your 401(k) there are typically tax implications (penalties for early withdraw)
borrowing is not an early withdrawal. I know that much.
Posted on 7/15/09 at 12:16 am to Golfer
Ummmm, tax accountant here...if you take $$ out before a certain age you WILL owe penalty
Posted on 7/15/09 at 12:17 am to Golfer
Looks like LSU will allow Deferred Payment
1/2 down on initial due date
1/3 of the remaining balance over the 3 months of classes...$15 admin fee.
looks like I'll be doing this.
1/2 down on initial due date
1/3 of the remaining balance over the 3 months of classes...$15 admin fee.
looks like I'll be doing this.
Posted on 7/15/09 at 12:18 am to Golfer
Dont forget to save 300-500 for books
Posted on 7/15/09 at 12:20 am to liz18lsu
quote:Ummmm read up on your info...a 401k loan is different than a hardship withdrawal.
Ummmm, tax accountant here...if you take $$ out before a certain age you WILL owe penalty
quote:
Funds obtains from a loan are not subject to income tax or the 10% early withdrawal penalty (unless the loan defaults). If the participant should terminate employment, often any unpaid loan will be distributed to them as income. The amount will then be subject to income tax and may also be subject to 10% withdrawal penalty. A loan can't be rolled over to an IRA.
LINK
Posted on 7/15/09 at 12:21 am to tduecen
quote:
Dont forget to save 300-500 for books
That's in the cost...
Posted on 7/15/09 at 12:22 am to Golfer
BOOM - Good thing I don't do personal income tax (corporate); my friend who withdrew last year paid the penalty...sorry for the misinformation and thanks Golfer 
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