Washington ? Throughout the year, I receive hundreds of e-mails and questions by way of my regular online discussion from people hoping for an answer to their most pressing personal finance issues.

I can’t possibly answer every one. But over the next few weeks as 2009 comes to a close, I’ll try to answer some that cover recurring money issues.

Student loan debts

Today’s first question comes from a public-sector attorney who is struggling to pay off huge student loan debts.

“I manage to save every month by cutting down on every possible expense,” the lawyer wrote. “But it’s hard to stay motivated. Should I get a second job for the weekend? Do I quit the public sector, which I love, and go to a private firm although I hate the idea?”

The reader didn’t say how much debt he or she was carrying, but if it’s like many others who have gone to law school, it’s more than six figures.

I think it’s a good idea to take on another job to get rid of this debt as soon as possible.

I wouldn’t suggest leaving the public sector; we need talented people serving in these positions.

But there’s another option. There is the Public Service Loan Forgiveness Program, “one of the most significant breakthroughs for public interest lawyers in a generation,” according to Equal Justice Works, a nonprofit organization whose mission it is to help provide a pipeline of lawyers entering public service.

The program is for federal student loan borrowers who work in certain kinds of jobs. To qualify for loan forgiveness, a borrower must have made monthly loan payments for at least 10 years.

Equal Justice Works has a free online resource center at www.equaljusticeworks.org that provides information to cope with student debt.

Go to the site and click on the link for “Resources.” Under that heading you will see a link for “Student Debt Relief.”

Homebuyer tax credit

Lots of people also have questions about the first-time homebuyer tax credit. A representative inquiry: “Is there an income cap to receive the first-time homebuyer’s $8,000? I make over $125,000.”

The Worker, Homeownership, and Business Assistance Act of 2009 extended the deadline to qualify for the $8,000 credit meant for homebuyers who have not owned a primary residence during the three years up to the date of purchase.

And yes, the credit is reduced or eliminated for higher-income taxpayers. For purchases on or before Nov. 6 of this year, the full credit is available for married couples filing a joint return whose modified adjusted income is $150,000 or less and for other taxpayers whose adjusted income is $75,000 or less.

For purchases after Nov. 6, the full credit is available for married couples filing a joint return whose adjusted income is $225,000 or less and for other taxpayers whose income is $125,000 or less.

For more details on the credit please visit the First-Time Homebuyer Credit page on www.irs.gov.

Based on the questions I’m getting, many people are confused about the credit and may be taking it when they don’t qualify.

Saving or debt?

I’m often asked about saving versus aggressively paying off debt.

Such was the case with the following reader, who wrote: “My husband thinks he may be laid off soon. I am wondering if I need to keep an emergency savings fund in addition to paying down my home equity credit line? I’ve been throwing any excess money at the home equity credit line. The credit line is for $40,000. We now only owe $16,000.”

If you have debt, you should try to aggressively pay it down. But you also need to save. However, if you know your job is in jeopardy, you should stop the extra debt payments and instead stockpile cash in case the search for a new job goes on for months, which has been the situation for millions of laid-off workers.

At this point, I suggest making only the minimum payment on the home equity line. Otherwise, you are likely to turn to credit, digging a deeper debt hole.

Giving

Another representative question: “What are some good alternatives to Christmas gifts?”

Give a gift certificate for a family game night or a home-cooked meal. Give an overworked mother or father, or both, a night off while you watch their kids. Really, for many of us, what do we really need? We need more time with the people we love and care about.

I know people love store-bought presents, but time is a great Christmas gift. The best present we can give people is our presence.