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Thread: A way to pay my student loans?

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    #1

    Question A way to pay my student loans?

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    So I have a few very general questions about how my husband and I can handle my student loans...and I'm guessing that the Military Benefits section is where they belong, though I'm not sure!

    Financially, for the moment anyways, my husband and I have joint everything. He sees my student loan debts as "our debt" not just mine--though I make more than enough each month to make my own loan payments. Anyhow, we will soon need a new car...long sad story about our current one, lol...and in a year or so, we will need a second one since we will not be living near public transportation anymore. We were trying to figure out what we might be able to afford each month in car payment(s).

    I'm paying about $540/month in student loan payments, and will be paying about that for a looooong time. I paid for 2 years of community college on my own, for the most part, and went to a private university for 2 years (ouch). Originally, my parents were going to handle those 2 years. Well...all hell sort of broke loose in my family right before I left for school--my parents are now divorced and my dad is unable to work for medical reasons, my mom is looking for a teaching job. My parents can do absolutetly nothing to help me pay for my education. I don't hold that against them at ALL and never will, it just was unexpected!

    So that's the background (sorry it's so long, haha!).

    My question is: Is there any way my husband can use any part of his benefit(s) to pay my student loans? Do any of you know a way? He will most likely not be using much of the education benefits he will receive...He isn't so in to the idea of going to school for 4 years, haha. He may just get an AA, do a cert. program or spread the 4 years out. He plans on becoming a US Marshal after getting out or having some other sort of government job that will provide benefits apart from his GI bill or any other service-related education benefits. Also, he will most likely attend a state school that would be waaay cheaper than my two years at a private one!

    I tried calling ACS but they have not really gotten back to me, so I thought I would try here! Have any of you used your husband or wife's benefits to pay your student loans? Can such a thing be done?

    (and fyi...it was his idea to use his benefits for my student loans...i wouldn't have suggested that to him!)
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    I am 99.9% sure that there is no way to use his benefits to pay off education debt that is already accrued. Trust me, I wish it was! My ex and I most likely would have used his benefits to pay my $25K+ in student loans (sounds like you have a lot more than that!).

    Have you consolidated your loans? Can I be nosy and ask what your interest rate is?
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    #3
    Quote Originally Posted by BethM View Post
    I am 99.9% sure that there is no way to use his benefits to pay off education debt that is already accrued. Trust me, I wish it was! My ex and I most likely would have used his benefits to pay my $25K+ in student loans (sounds like you have a lot more than that!).

    Have you consolidated your loans? Can I be nosy and ask what your interest rate is?
    agree..... I don't think there is anyway around that. their benefits are pretty strict in how they can be used.
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    Quote Originally Posted by BethM View Post
    I am 99.9% sure that there is no way to use his benefits to pay off education debt that is already accrued. Trust me, I wish it was! My ex and I most likely would have used his benefits to pay my $25K+ in student loans (sounds like you have a lot more than that!).

    Have you consolidated your loans? Can I be nosy and ask what your interest rate is?
    Altogether I owe $40-something K to Sallie Mae and the Dept. of Ed. since they bought part of my loans (close to 50k, that's why I only went for 2 years to a private school, lol...I did love it, but it was expensive as h*ll!). Like I said...originally my parents were gonna do those 2 years for me with no problems but, well, life doesn't always work the way you think it will! I'm glad I did go too, or I wouldn't have met my hubby This is awful...but I don't know my interest rate off the top of my head! Haha.....it's not nosy, this is all anonymous so I don't mind you asking at all!

    It's ironic that I got almost no aid b/c on paper my family was in too high of an income bracket...and now they literally have nothing on paper. Recession hit 'em hard . Again, life just never goes the way you think it will!

    It makes sense if there is no way for his benefits to go towards my debt...or people would probably take advantage of that big time (and not for the right reasons) all the time...but I wanted to ask!
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    I don't believe there is a good way to use the GI bill to pay for loans already accrued. The isilver lining to this cloud is there ARE some great tax advantages you are elligble for since you are paying your loans yourself. PM me sometime if you have any tax planning questions about this as tax season is upon us and you could be looking at a nice refund!
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    Thanks so much, I will do that
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    #7
    How long is your student loan for and what interest?
    the amount you are paying each month is way too much for the amount you owe.

    Call the lender and look at refinancing at a much lower interest rate, or extending the term of the loan.
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    Quote Originally Posted by guynavywife View Post
    How long is your student loan for and what interest?
    the amount you are paying each month is way too much for the amount you owe.

    Call the lender and look at refinancing at a much lower interest rate, or extending the term of the loan.
    I will get the stats once I'm home and have the paperwork in front of me...I have not been making payments for that long so I don't remember all the details, haha! I am paying a bit more than I am technically required to pay each month...I figure it's good to pay a leeetle bit extra every month while I still can! Thank you again for these suggestions!!!!
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    #9
    OP - I feel your pain. Student Loans are a necessary evil if you have no other way to pay for college. I have about $60K in student loans because I paid out of state tuition for a year and a half. There are different options to lower your payments - graduated payment program which cuts the interest rates, forebearance, deferment (both of which I would not recommend unless you are in a very TIGHT financial situation), and loan consolidation.

    I hate Sallie Mae and I have had a lot of problems with them because all they care about is getting their money! They dont really care about helping people.

    Also, in the next month or so, make sure to check your 1098E tax form from your student loans because that will help you get more money back when you file for your taxes. They give you SOME money back that you paid in interest.

    Hope that helps! And I have a feeling you live in NoVA because you said the public transportation system. I do too
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    Thank you, I will do exactly that! Yeah, I'm very fortunate to have a job right now...so I am able to cover my loans just fine (plus some). But things are gonna get really tight when we need to get another car and eventually...we will move and I will also need another job! So we are trying to find out what we can do right now that is going to help us a lot later!

    Yes, we live just outside DC . My hubby is stationed at Ft. Myer. Where are you located?!
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