Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
I believe this is misleading, You mentioned having $50k forgiven at the end of an income-based repayment term, that the tax owed is cheaper than the loan + interest. But the $50K you would owe at that point *is* the remaining loan + interest. If your IBR amount was covering the interest and some of the principle you’d likely have paid a ton more interest than you would have if you stayed on a 10-year term, but if your payments did not cover the interest, then your loan balance would have been increasing over time. That $50k could have represented a $12k original loan… If you qualified to pay nothing — then with a 6.5% interest loan over 25 years you’d end-up paying tax on 5x the original balance… You’d likely be pushed into a much higher tax bracket. I believe this is a dangerous recommendation for you to make. If the tax law change, then great, but there’s no guarantee of that. Can you explain your logic in the light that unpaid interest in accruing in your loan balance?

Military student loan forgiveness and assistance. Military personnel in the Army, Navy, Air Force, National Guard and Coast Guard may qualify for their own loan forgiveness programs. In the National Guard, for example, qualifying soldiers and officers could receive up to $50,000 to pay off federal student loans through the Student Loan Repayment Program.
Given your debt load and income, my guess is you’re a lawyer or doctor. Remember, the goal of such a high degree of education is to boost your income. Do you think you’ll be at $100k forever, or do you expect that to climb? I would expect it to climb, which also means your payments will rise under IBR, and you could also make extra payments to lower your debt.
The NURSE Corps Loan Repayment Program (NHSC) – This program was previously called the Nursing Education Loan Repayment Program (NELRP), and was created to help encourage RN’s to work in underserved hospitals and clinics, by offering them the chance to write off some of their student loans for qualifying service. The way it works is that RN’s will are able to have 60% of their Nursing loans written off for serving 2 years at a qualifying facility, along with 25% more for 1 additional year. That’s a pretty dang good deal, but it means you’d have to be willing to work at an underserved hospital or clinic, which could be a stressful, frustrating experience.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

Student loan Refinance: Fixed rates from 3.46% APR to 5.98% APR (with AutoPay). Variable rates from 2.05% APR to 5.98% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.05% APR assumes current 1 month LIBOR rate of 2.05% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Yes i graduated college in 2010 and joined the navy in Fall of 2012 while I was at MEPS i was not aware of the Program the navy offered for Student Loan Forgiveness.. Now I am currently still in , and I have been doing some research about the Navy program for Student Loan Forgiveness and it is only offered for people who are about to join the navy. I am wondering are there any programs for Active Military Personnel like my self can qualify for???
I’m concerned about changes in loan information and the status of civil service enrollment. It appears purported loan was sold to Navient but the balances don’t match and there is no original balance, lender or name of school. When I went to get job training I was denied because the government had no record of my civil service registration from the 80’s. In order to get student loans this was necessary. I paid off loans from my BA but loans from private technical college have the issues. Can I have Navient verify the debt and address civil service and training issues?
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 [email protected], or call 888-601-2801 for more information on our student loan refinance product.
I have $17K of subsidized student loans left to pay after about 12 years of payments. I’ve been at my public service job for about 12 years also. I never enrolled in any forgiveness plan. Is there a way for me to get the $17K forgiven or do I need to enroll in a program now, then my payments start “counting” towards the 10 years (which wouldn’t make sense)?
Refinancing student loans makes sense for many people if they are eligible. For starters, student loan consolidation (which is included in the student loan refinancing process) simplifies the management of your monthly payments. Refinancing allows you to consolidate both your federal and private loans, select a repayment term that makes sense for you, and often lower your interest rate. Here at Earnest, the entire application process is online, and you could have your new low interest rate loan in less than a week.

I have been on the IBR Plan for a few years and due to such low income previously I have barely paid much off of my debt while my interest accrues. After reading your articles I checked studentloans.gov repayment calculator and double-checked with Navient- I am thinking of switching to the RePAYE plan as this would lower my monthly payments and take 10% of my discretionary income as opposed to the 15% that IBR takes.


I am an EMT/Firefighter working for a tribal fire and rescue agency. I am also a local volunteer fire fighter. I started my AS in respiratory therapy almost 2 years ago and received Stafford loans. I do not know why they didn’t give me Perkins loans or if it matters. I have a 3.97 GPA and am due to graduate in December with a huge bill. Despite my years of service, good grades and financial need, I have been unable to find scholarships or grants beyond the federal programs. I am trying to be smart about my upcoming student loans and not make mistakes. From all my reading, it seems I would have been better off with Perkins loans, but despite my inquiries to the school… I haven’t received any reason why or information regarding the matter. Any advice?


I would just like to acknowledge your continued support and communication to the people who come to this site in search of answers – sometimes desperate, usually in despair, or incredibly stressed how to unearth the mountain of debt they’re under (including myself). I see this long thread of messages and I am astounded by your commitment to help nearly everyone that shares their story. So, short story long, THANK YOU for your work in bringing people direction, comfort, and help when they have no where else to turn. Even if you don’t receive much thanks, you are very much appreciated.
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.
To ask questions after you have submitted your Federal Direct Consolidation Loan Application and Promissory Note, contact the servicer for your new Direct Consolidation Loan. If you submitted your application online, your consolidation servicer’s contact information was provided at the end of the online process. If you submitted a paper application by U.S. mail, your consolidation servicer’s contact information was available when you downloaded or printed the paper application.
Right now, you aren’t eligible for the reduced loan forgiveness benefit (forgiveness after 20 years), since your loans are older than October 1st, 2007. You should be eligible for forgiveness after 25 years of payments in 2022 though, and if they remove the qualification regarding age of the loan, then you may end up qualifying for complete forgiveness earlier.
Robert I really appreciate what you are doing here. This student loan thing is so complicated. I am the parent of a grad-student who graduated in May with a degree in film (screenwriting) we co-signed on his private loans ($130k) and he still doesn’t have permanent/full time work. We have spoken to the loan provider and they want us to repay the loans since our son can’t yet. I don’t know how many of these options are available for private loans. Right now they want $1100 per month, which we can’t pay and neither can our son. We should never have co-signed because now its going to affect our credit and his. What are out options? Thanks

You’ll need to figure out if the loan is Private or Federal, and then determine if you have any sort of qualifying conditions, like working for the right kind of employer, in the Non-Profit space, Federal Government, as a Nurse, etc., to see if your wife matches any of the available Forgiveness programs currently on offer. It’s not a simple question!
Im so happy I found your site. I need help. I owe $270,000 in student loans from medical school. $60,000 of it is from private loans. Both my subsidized and unsubsidized federal loans have been in repayment for 10 years. My balance has actually gone up approx. $25,000. Due to interest and two short term forebearances. I discovered IBR plan last year and qualified, but this year i will not qualify. Im stuck and feel like I will be paying this well beyond retirement years. Im 40 yrs old.

I have $17K of subsidized student loans left to pay after about 12 years of payments. I’ve been at my public service job for about 12 years also. I never enrolled in any forgiveness plan. Is there a way for me to get the $17K forgiven or do I need to enroll in a program now, then my payments start “counting” towards the 10 years (which wouldn’t make sense)?


I make about 35k (my wife also makes about 38k — my wife and I file married but separate taxes — we have 3 kids.) I feel lost. I don’t know how I got so deep or how this got so out of control. Any help is appreciated. Do you think I qualify for these repayment programs? Which would be best for such an old defaulted loan? Is there a place (other than the collection agency) that can help guide me? Again I sincerely appreciate your article and advice.
Additional info, after registering on studentaid.ed.gov I’ve confirmed my original loans were Stafford subsidized and unsubsidized loans. When I reconsolidated in 2004, they became FFE Consolidated Loans. So, based on this info, I understand that the only way I could take advantage of the public service program is if I reconsolidated my current balance into a Federal Direct consolidation loan and made an additional 10 years of payments. Do you interpret my circumstance in the same way?
Refinancing student loans makes sense for many people if they are eligible. For starters, student loan consolidation (which is included in the student loan refinancing process) simplifies the management of your monthly payments. Refinancing allows you to consolidate both your federal and private loans, select a repayment term that makes sense for you, and often lower your interest rate. Here at Earnest, the entire application process is online, and you could have your new low interest rate loan in less than a week.
I’m looking for options. I’m currently defaulted on $27,000 and in the process of applying for a discharge due to the school not ensuring my ability to benefit (I did not graduate high school and did not have a GED, yet they never gave me any sort of test to determine if I’d be able to benefit from my chosen program), which I assume will be approved, however currently they’re taking my tax refund (which I really cannot afford to lose) so if for whatever reason I’m denied I am hoping to have options so I don’t continue to have my tax refunds taken.
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
For details on how this program works, you definitely need to visit my page on the Borrower’s Defense Against Repayment Program, but because the system is so complicated, and can take so long to get an approval or denial response, this is one situation where I recommend that EVERYONE hires a student loan expert for assistance in preparing the application.
Student loans can be expensive. Whether you refinance federal student loans, refinance private student loans or both, you will work with a private lender to refinance student loans. This is because the federal government does not refinance student loans. Lenders want to refinance student loans for borrowers who they believe will repay their student loans.
You can refinance one or more federal and/or private student loans, but you must meet a lender’s requirements for credit and income. Most lenders look for a credit score of 650 or higher, along with a steady source of income or an offer of employment. If you can’t meet these criteria on your own, you could qualify by applying with a creditworthy cosigner, such as a parent.
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?
So i have about $65k in federal loans and $20k in private student loan debt. I have worked for a non-profit for over 9 years and I had hopes that I would qualify for student loan forgiveness after getting confirmation that my employer was a certified employer under the student loan forgiveness program. Well it turns out i’ve made over 10 years of payments and i was on the wrong payment plan and i also consolidated in 2016 so i have to start all over with the 120 payments. I don’t plan to work here for another 10 years so i am extremely disappointed i didn’t know this information earlier. I now switched to IBR and my payments are $0. It’s my understanding that under IBR your payments are forgiven after 25 years. So since i’ve made over 10 years of payments already (under another payment plan) does this count towards the 25 years or does it start all over since i just got on IBR? I guess i want to know when my 25 year mark would be.
Additional info, after registering on studentaid.ed.gov I’ve confirmed my original loans were Stafford subsidized and unsubsidized loans. When I reconsolidated in 2004, they became FFE Consolidated Loans. So, based on this info, I understand that the only way I could take advantage of the public service program is if I reconsolidated my current balance into a Federal Direct consolidation loan and made an additional 10 years of payments. Do you interpret my circumstance in the same way?
If you are certifying and still have some time left to hit 120 payments – your loans will transfer to Fedloan Servicing (Federal Student Aid is simply a program name, not a loan servicer). FedLoan handles all PSLF requests for the Department of Education. Nothing with your loans change (payment, amount, etc), simply who you make payment to changes.
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less.  A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
Their seems to be no provision made to forgive student loans at the time of 9/11 and the years following when so many middle class families who were and still are, bearing the brunt of supporting the economy and cities by continuing to pay taxes even when the lower income are not required to. Most middle class families took student loans and lost everything after 9/11.
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
Public Service Loan Forgiveness. Public Service Loan Forgiveness is available to government and qualifying nonprofit employees with federal student loans. Eligible borrowers can have their remaining loan balance forgiven tax-free after making 120 qualifying loan payments. In order to benefit from PSLF, you’ll need to make payments while enrolled in an income-driven repayment plan. Otherwise, on a standard repayment plan, the loan would be paid off before you’re eligible to benefit from forgiveness.
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