My wife has over $180k in student loan debt from medical school. I’ve only talked to one company about possibility of some of it being forgiven but they said going through them would actually increase our monthly payment by 100%. Said it was due to her income ($220k) That was unimagineable to me. Could that be correct? Any advice on what kind of specific program I should look in to and what company may be best to help with it? Thanks a lot!
What kind of consolidation did you do, and what were your loans (all Federal? all Private? a mix of both?). The Loan Forgiveness Program that everyone is looking at is only for Federally-funded student loans, and currently, does not offer benefits for any loans that were taken out before October 2007, so until that eligibility rule is officially changed, you won’t be able to take advantage of the program.
Tim, I took out loans under similar circumstances. I know the loans were federal but I have no idea what the program was. I know they weren’t Perkins loans and I’m not sure if they were Stafford loans or not but I think they were. The loans were serviced by SalieMae from inception starting around 1994. I moved out of forbearance, consolidated the loan to a 25 year repayment plan and have made every payment since September of 2004. I’ve also been a public sector (state) employee since 2002. I’m having trouble determining if my loans qualify. The Public Service Loan Forgiveness Program stipulates that “only loans you received under the William D. Ford Federal Direct Loan (Direct Loan) Program are eligible for PSLF.” I’ve never heard of the program and assume it was created concurrent or subsequent to the inception of this program in 2007. Does that mean I am only eligible if I took out the original loans, or consolidated my loans after a certain date?

For example, if you have both Direct Loans and other types of federal student loans, and you have been making payments toward PSLF on your Direct Loans, you should not consolidate your Direct Loans along with your other loans. Similarly, if you have Federal Perkins Loans and you are employed in an occupation that would qualify you for Perkins Loan cancellation benefits, you should not include your Perkins Loans when you consolidate. Leaving out your Direct Loans or Perkins Loans will preserve the benefits on those loans.


Your credit score is a barometer of your financial responsibility. Most lenders evaluate your credit score (or its underlying components), and want to ensure that you meet your financial obligations and have a history of on-time payments. Generally, top lenders expect a minimum credit score in the mid to high 600's, while others do not have a minimum.

Tim, I took out loans under similar circumstances. I know the loans were federal but I have no idea what the program was. I know they weren’t Perkins loans and I’m not sure if they were Stafford loans or not but I think they were. The loans were serviced by SalieMae from inception starting around 1994. I moved out of forbearance, consolidated the loan to a 25 year repayment plan and have made every payment since September of 2004. I’ve also been a public sector (state) employee since 2002. I’m having trouble determining if my loans qualify. The Public Service Loan Forgiveness Program stipulates that “only loans you received under the William D. Ford Federal Direct Loan (Direct Loan) Program are eligible for PSLF.” I’ve never heard of the program and assume it was created concurrent or subsequent to the inception of this program in 2007. Does that mean I am only eligible if I took out the original loans, or consolidated my loans after a certain date?
I was on PAYE program for couple of years after grace period ended. Each year I submitted copies of my paystubs. This year, however, instead of paystubs I was only allowed to submit tax returns. Since we filed jointly with my domestic partner (not married, live and have a child together), my “income” has drastically increased. Hence, I was not qualified for PAYE. Although, we live together and file taxes jointly, I think it’s wrong to dismiss my actual income. I work part-time and dont make too much at all, so I’m barely able to meet the standard monthly payments. Is there any way around submitting your taxes to qualify for PAYE?
In 1994, I started at ITT. I applied for CAD, I thought I was going to take classes for CAD. Then I was told I tested higher in Electronics and I wld make more money in that field. I was 22 at the time, just married and had a child. So, I went with it. I was lied to from the beginning. I was only in the school 3 months at best. I have had hardship most of my adult life. Stuggling to make ends meet. I originally had my loan through William D Ford Direct Loans. I belive my loan was only 2k to start. Now its at 18k. I kept putting on a deferment. I explained about my hardship. This is what was recommended. Now my loan is at Navient..They want me to pay on this for 25 yrs and then they will give me a loan forgiveness. I’ll probably be be dead by then. Is their any way I can get a forgiveness on this loan now?
I have been very impressed with my application process with LendKey! Their customer service team is prompt in responding to any inquiries via email and very helpful on the phone! The application process was easy to follow and very user friendly! With LendKey's help, I'll be saving nearly $400 per month on my student loans! I'm absolutely thrilled and feel like I can breathe again knowing how much this is going to help me financially and the ability to pay my loans off faster. Thank you LendKey!
It's that simple.  What's even better is that your income could be low enough to qualify for zero or minimal repayment, at which your loan will be forgiven at the end. Yes, there may be tax consequences, but that shouldn't deter you from these programs. It is the best alternative if you can't afford your loans and you are looking for forgiveness options (and we discuss the taxes a bit at the end of the article).
You job qualifies you, but the graduated repayment program does not until your graduated payment exceeds your 10-year standard payment (which typically doesn’t happen until the last few years of repayment). You need to switch repayment plans to standard 10-year, IBR, PAYE, RePAYE, or ICR – then you need to see if you’ll even have a balance left after 10 years.
The information provided on this page is updated as of 10/11/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.

Designed to help you understand how consolidation will affect each of your loans, our detailed loan review process will provide you with the in-depth information you need in order to make an informed decision about which loans you want to consolidate and which loans you may want to leave out. You can reach out to your Student Loan Consultant at any point during the process.
Good Morning Robert, I did an (Obama) forgivness loan agreement with NationalStudentCenter.com 1(866)359-3821. Currently unemployed and said I qualified for my loans to be consolidated and reduced all the way to $0 for the next 20-30 month with the first 3months being $197.33. Paid thru my checking and already one month in. The wierd thing is I had to Esign the App so they can move forward with the process. I received an email from NelNet saying that they received my App. But I never Esigned the App because I started to become skeptical about the loan. With the info that I just provided you, can your expertise tell me if this is a scam? If so how do I get out of it.
The sooner you refinance, the more you could save. The longer you hold your loan at a higher rate, the more interest you are accruing—even if you are in a grace period. That being said, you must be employed or possess a job offer to be eligible to refinance with Earnest. The more your financial situation has improved since you took out the loans originally, the better your refinancing offer will be.
Yes it does. I think my wife needs to certify the employment and do more with the PSLF as I think the loan officer that told her about it did not say anything about recertifying… I am hoping she can get certified then and possibly still make it work because she has been at her current public teaching job 9+ years and I hope her digging more into it can get it all certified and her loan taken care of.
I went to a community college in SE Missouri. A financial/education advisor was assigned to me like every other student. After receiving next to no true help from my assigned advisor, at my adamit request I was denied using any other then the one assigned. I must admit She did help with my decision to become a history teacher with great enthusiasm. Although she was a great help with setting my goal she gave me no instruction to accomplish my goal outside of what Prerequisite classes where required and what financial options where available. Nothing about what was required of me nor how to properly handle the responsibility that came along with the financial assistance I required. But the worst part was she couldn’t comprehend the details for the post 9/11 GI Bill causing her to provide inaccurate information as well as refused to take in the fact that I was unable to go full time and seemed to be quite annoyed that I wouldn’t cut out my income to follow the rules ”I” discovered the GI Bill required for assistance. Having been out of school for as long as I had and being ignorant to the financial assistance programs I made decisions on what little information I was able to muster, needless to say I became quite overwhelmed and was incapable of performing the tasks required. I then gave into her insistent advice and went full time to take advantage of free government assistance. This, was not a good decision on my part so I dropped a class (with correct/incorrect info I was able to drop one class without penalty) so I chose to drop biology having been the class I was struggling the most with this put me over a half a credit causing me to loose my GI Bill as well as Pell Grant. I also took out a federal loan to subsidize my lost income due to going full time. I didn’t go back the next semester because of my lost assistance and fear of putting myself into more debt. That being said, time has gone by and I’m more informed and less intimidated but can’t seem to come up with a plan to accomplish my goal/dream to teach. I can’t afford to pay out of pocket for a full time semester to get my assistance’s back. How can I go about loan deferral to gain approval for one more loan?
Forgiven loans may be taxable. Generally, forgiven, canceled or discharged student debt is taxed as income unless you were required to work for a certain type of employer or in a certain profession to qualify for the forgiveness. For instance, loans discharged through Public Service Loan Forgiveness are not taxable, but debt forgiven through income-driven repayment plans is taxable. Loans discharged upon a borrower’s death or permanent disability were previously taxed as income, but the latest tax code changed that. Loans discharged for this reason after Dec. 31, 2017, are not taxable.
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