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Forum
-> Household Management
-> Finances
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amother
Brown
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 Fri, Sep 02 2016, 12:50 pm
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I don't know if this will happen, but we're considering making an Aliyah. The problem is that my husband still pays student loans and still paying off our car loans. Assuming we'll make an aliyah in a year or two, what can we do about the car if we still have to pay the loan for about 3-4 more years? What happens to the student loans? we won't be able to pay it from Israel right away if we won't have any income in the beginning until we actually find work. Also, if we don't have to pay it when we move out of the country, what will happen when/if we come back to the US?
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grace413
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Sat, Sep 03 2016, 3:47 pm
Can you sell the car and use the proceeds to pay off the loans?
I strongly suggest not defaulting on the students loans. If you do default you will never be able to get any credit in the US. Depending on how large the loans are, you may need to figure out if you'd be able to repay them on average Israeli salaries.
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asp40
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Sat, Sep 03 2016, 3:59 pm
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You sell your car and pay off the loans. And you call the student loans up and see if they will work with you to lower your payments for now. Do not default on them!
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Tel Tzion Ima
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Sat, Sep 03 2016, 5:09 pm
I know people who came to Israel right after college, and years and years later they are still paying off their loans. Some of them are single-income families and managing.
It's probably just not worth it to bring the car. I agree with others who said to sell it.
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greenfire
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Sun, Sep 04 2016, 1:45 pm
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quite often you can ask for a temporary stay of payment ... you would probably need to give them a good reason
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nicole81
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Sun, Sep 04 2016, 2:14 pm
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if you have stafford loans, there are temporary hardship forbearance options as well as income contingent repayment plans. call up your servicer to discuss options.
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mandksima
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Sun, Sep 11 2016, 2:44 pm
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We used the money from our car to finish the last of the student loans. I don't recommend not paying off loans and moving. Find the money from somewhere you wanted to use for the move. Don't send a lift if you owe someone money. You'll get more debts or loans down the line someday probably. Best to start fresh and without owing anyone anything. Wouldn't it be a halachic problem to run away from a loan?
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