May 17, 2022

College

Its all about the school

(Ep. 147) Student Loan Loopholes That Don’t Work | Student Loan Planner

13 min read

Student loan loopholes aren’t always a good thing. While many loopholes can benefit borrowers by helping them pay less on their student loans, some can end up doing more harm than good. Listen in as I dismantle eight loopholes that actually aren’t loopholes, from rolling your student loan into a mortgage or practice loan to borrowing from your parents to relying on your spouse’s ability to pay for your tuition and living expenses while at school.

In today’s episode, you’ll find out why these loopholes don’t work:

✅ How to get your student loan questions answered on the podcast
✅ Turn your non-deductible student loan interest into deductible mortgage interest
✅ Roll your student loan into your practice loan to get a tax deduction
✅ Borrow from your parents or other family members to pay down your student loan
✅ Borrow from the Department of Health and Human Services, i.e. Loans for Disadvantaged Students
✅ Pay off your student loan with a credit card
✅ Use your spouse’s money for tuition and living expenses while you’re at school
✅ Go to a Caribbean medical or vet school instead of waiting for another acceptance
✅ Work while you’re still in school

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Legal: Student Loan Planner is a financial coaching company and does not claim to provide financial advice on investment products. Refinancing federal loans causes the borrower to lose access to income-based repayment plans as well as the PSLF program. We may earn compensation from advertising partners when you click on links on our site. Student Loan Planner is not a debt settlement or debt relief company. We do not provide tax or legal advice.

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Source: Student Loan Planner

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