The student debt dilemma: Is it worth paying off your child’s loan?

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Although homeownership can be a net-worth builder. it pays more to rent your roof than own it You have $100,000 in student loans. Should you save for retirement or pay off debt? 5 ways to afford.

 · Consider any tax implications of paying your child’s debt, if you’re planning to pay more than $13,000 this year as a gift to them. The IRS website has details on the gift tax and your tax planner or accountant can explain the potential impact to your income taxes.

Student loans can help your child pay for their education goals, but the debt can sometimes be hard to manage as your child pursues life after graduation. While you may not have been able to cover the entire college tuition bill at enrollment, here is some advice on helping your child pay off their student loans.

Can i use retirement savings to pay student loan?. The content is broad in scope and does not consider your personal financial situation. bankrate recommends that you seek the advice of.

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 · Boston-based student loan lawyer Adam minsky helps student loan borrowers, including parents, work their way through the sometimes frustrating process of paying off student loan debt.

If you suspect your child will be a high-earner then paying off the loan could save them tens of thousands of pounds in interest charges. A.J. Bell says the ‘tipping point’ at which a graduate with a 50,000 loan will pay back more than they have borrowed comes if they start their career in a job paying 28,000.

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Is The Student Loan Forgiveness Plan A Good Idea?. How to pay off student loans 4-5X faster – Duration:. Paid Off $61k In Debt In 2.5 Years Making $41k – Duration:.

Paying off your kid’s student loan is a nice thing to do. Keep in mind that Uncle Sam considers that a gift.. Net worth calculator ;. My daughter has $145,000 in student loan debt. We have.

 · If the amount you pay exceeds the $13,000 gift tax exclusion, there may be gift tax implications, using up part of your lifetime exemption. Note that if you are a cosigner on the loan, gift tax issues do not apply. It’s only if you are not obliged.