Advice needed about student loans from ex pat

Options
Here is my situation I moved from England to the states in April and tried hard to save as well as pay my debts off because i was getting married. Anyway i managed to pay all my credit card and over draft debts off but i just couldn't sort my student loans out.

My situation at the moment is that I owe about 5000 pounds on the loans but i have 3000 pounds saved in my english account.

I still have my nationwide account open so i don't get charged for withdrawing money here and i get the business exhange rate also.

I really need some advice. The 3000 pounds is really savings for a house here and it's great when the exchange rate changes and increases the amount i would get in dollars if i withdrew my savings. Unfortunately a change in the exchange rates also affects my student loans debt in that i have to pay more or less in dollars.

I really am trying to wrap my head around what i would be better doing. I have thought about using my savings to pay off part of my student loans. I have thought about rolling my loans into a mortage here. I think my final option is just to make the payments and grin and bear it when the exchange rate changes. If i take this last option i think i will give my parents my american bank card so they can withdraw the cash over there and make my payments for me (If someone knows a better way to make payments please lt me know).

I would really appreciate some help on this as i'm really worried that making the wrong choice could leave me in a situation i didn't need to be in and i have heard that student loans should be the last thign you pay off.

I'm confused

Thanks for any help you can give me

Chris

p.s. does anyone know of a similar site for the US

Comments

  • lynzpower
    lynzpower Posts: 25,311 Forumite
    Combo Breaker First Post
    Options
    Hi there
    Right im not 100% here, but on 5k I reckon its costing you roughly about £35 a month. you can find out from them. If your savings are making less than this ( which Im guessing they might) you may as well pay off the 3k.
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • Cook_County
    Options
    1. Your student loan interest should be deductible on your US tax return.
    2. Conversely the Nationwide interest is taxable in the US.
    You'll need to look at the after tax numbers too before deciding which way to go on this...
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.5K Work, Benefits & Business
  • 608.4K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards