My daughter is in a repayment plan for teachers (IBF?) that was told would be forgiven after 10 years. Through the 1st 3 years, with income and dependents, she has had no monthly payment to date. In trying to buy a house the mortgage company wants to use 2% of the outstanding student loan…. $73,000…. in debt to income ratio. $1460/mo is over 40% of her monthly “GROSS”…. she an elementary teacher, not a brain surgeon! The loan shows on her credit report but shows no monthly payment and nothing owed….. its just there.
SoFi: 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.
Hey Adam! It is a sacrifice – but likely a good one. You can go live your life – buy a house, go in debt on a car, spent on whatever you want. Nobody is stopping you. But you searched the Internet for loan forgiveness options because somewhere inside you, this debt worries you. Yes, you’re going to have to pay the student loans, and then yes, you’re going to owe the IRS.

My granddaughter went to school locally for part of a qtr. (2015) She was actually pregnant before she started and then she couldn’t finish. She was a minority (ethnically) and received alot of bullying and couldn’t take it. She owes about $7,000. The school turned it over to a collection agency. She can’t afford to pay that back. She is single and now has another child. Can you give me any ideas to help on what she can do?


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.

Different lenders have different credit requirements, but for Earnest, a minimum credit score of 650 is necessary for approval. Typically, the better your credit, the lower a rate a lender will be willing to offer. But at Earnest, your credit score isn’t the only factor we consider when evaluating your application. We look at data other lenders don’t (like your savings, education, and earning potential) to offer fair rates that are customized to you.


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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.

I will start repaying my 75,000 loan (undergrad/grad). I’m a military spouse and currently don’t have a job. How I can tackle my student loan with only 1 income. I’m planning to join the Navy reserve, will that help forgive some of my loan? What is the best way to pay off my loan considering our current income situation? I can pay at least 200 a month but can I do that or the FedLoan servicing will set the amount that I need to pay? You’re feedback will be very helpful. Thank you.
I finished grad school with about 50k in federal direct loans. I immediately went to work in a non profit and enrolled in IBR repayment plan. I paid on this for about 5 years which left me owing about 80k. At the time I was not concerned because I figured I would remain in the same field for at least 10 years and would be eligible for forgiveness. However, I got a new job in the private sector last year, nearly tripling y salary. I switched to standard repayment plan and have paid down my loan aggressively and am now back down to about 45k. My fixed interest rate is 6.5%. I plan to pay off the remainder in the next year (barring any catastrophic events). My question is — is my best bet to just continue (over) paying my loans on this current plan or do I have any other options? Am I able to pay them off with a private loan that has a lower interest rate? Thanks so much for your help!
GREAT Article and it gave me hope. I’m a Graphic Designer and many programs do not offer assistance to Creatives. It’s tough! My Federal Loans are $50,000 + I have Private loans as well. The payments continue, but my balance has barely moved in 10yrs. Question, I checked out Ameritech Financial, the company you suggest, but they DO NOT service Colorado. I’ve exhausted my efforts and need HELP! Does Anyone have suggestions for Companies/Institution that assist with Federal Student Loan Evaluation in Colorado? Do want to get scammed!!

This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. StudentDebtRelief.us is a private company not affiliated with the Department of Education of the Federal Government.
FFEL Consolidation Loan to use the no accrual of interest benefit for active duty service members, which states that you’re not required to pay the interest that accrues during periods of qualifying active duty military service (for up to 60 months) on the portion of a Direct Consolidation Loan that repaid a Direct Loan Program or FFEL Program loan first disbursed on or after Oct. 1, 2008.

I have student loan for about $25000. I wanted to become a teacher. Online college assured me that once i finish my teaching degree and work in the field for 5 years my loan will be completely waived off. I have about year and a 1/2 left over to finish this degree but I had a medical emergency. While the Dentist was examining my mouth his hand slipped and the sharp needle went under my tongue. I filed a lawsuit but he claims that never happened since then my nerve that was connected to my head from my mouth was pressed in. I had plenty of medical bill which I paid off and now I’m left with sharp shooting pain from my mouth to my head because of which I have difficulty continuing my education and becoming a teacher. What should I do?

Earnest fixed rate loan rates range from 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 2.05% APR (with Auto Pay) to 6.49% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of October 11, 2019, and are subject to change based on market conditions and borrower eligibility.
I was a teacher for almost 15 years at three different Title I schools which qualified me for the “service related” but I never took advantage of it because I was making good money. I decided to change jobs and to work for New York State in a juvenile detention center as a teacher, and I lost that job. I have been two years with out a job and no unemployment for the past year, so this doesn’t qualify me for the “service related” forgiveness plan. What should I do?
I have been working for a non profit public university for the past 4 years and loyally paying on my loans…under a graduated repayment plan 🙁 I thought my payments qualified! Nobody ever told me a graduated repayment plan would disqualify me from loan forgiveness! I feel like I’ve lost 4 years that I desperately needed toward paying these off. What do I do??? Is there any way to make those 4 years count? The plans that do qualify were only $30 a month more than what I’ve been paying, it seems so silly…and now I’m so discouraged…
Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2019, the one-month LIBOR rate is 2.05%. Variable interest rates range from 2.25% – 9.24% (3.25% – 9.24% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.45% – 9.49% (3.45% – 9.49% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
I have around $190k in loans consolidated. I make $86k a year and my husband brings in about $50k. I put the loans in IBR 2 years ago and they want my payments to be over $1800/month. There is no way possible we can pay that!! So at the time I put them in forbearance. Now I need to do something and want to pay on them but honestly can’t do it at that payment amount. What other options do I have?
I have about 200,000 in student loans. I am just starting to pay them off. I work for an Intermediate unit, so I was told I would qualify for PSLF after ten years of making payments on time. I was also told I can consolidate to decrease payment amounts. I am not sure which plan to choose to remain in the PSLF program. Do I have to do IBR? Or can I select Graduated which gives me a lower payment? I would love to have the smaller monthly payment and extended loan amount. Any suggestions?
I had a 47,000 student loan from 1997. In 2008 I was a substitute teacher and was not able to get any kind of loan adjustments to save my home. I have since stayed with various relatives and today I received a letter from a debt collector stating that the loan has been turned over to them. The last time I moved I was able to get work as a substitute teacher again. School has just begun so I am not working yet. The letter says that I now owe almost 90,000. $40,000 has been added to my loan. What should I do and do I qualify for any kind of loan forgiveness. How is it different since, it has been turned over to a debt collector.
Military personnel continue to have access to some of the best Federal student loan forgiveness benefits, with options for using programs like the incredible Public Service Loan Forgiveness Program (which they qualify for as Military Personnel, or Government Employees), or the amazing College Loan Repayment Programs, which offer up to $65,000 in forgiveness to eligible service members.
Moving your loans to a private lender or grouping your government debt with a new federal loan servicer could be the turning point of your repayment. If you’re unsure which route to take, consider scenarios when refinancing makes sense or whether consolidation would be wise in your case. In the end, the best decision is the one that’s best for you.

If any of the loans you want to consolidate are still in the grace period, you have the option of indicating on your Direct Consolidation Loan application that you want the servicer that is processing your application to delay the consolidation of your loans until closer to the grace period end date. If you select this option, you won’t have to begin making payments on your new Direct Consolidation Loan until closer to the end of the grace period on your current loans.
I had to file to drop my classes because I was in bed rest for four months. I was told that since it was a medical emergency that I wouldn’t be expected to pay back any student aid that I received and I could continue once I was off bed rest. When I tried to go back I was told that I had to pay off my loan first. So I did. Then I was told that another loan had been taken out in my name. The address that they claimed the check was delivered to has never been my address, nor have I ever lived there. It was the address of an estranged sibling that I have had no contact with. I explained this, but I was told that I still have to pay the loan or my transcripts would be held hostage so that I could never go back to college anywhere. The advisor that they appointed me when I first enrolled had been fired, so I found a new one who worked for the state. He tried to help me sort things out. On one conference call they told him that a loan had been sent to the fore mentioned address, on another they claimed that I had outstanding fines from aid money that I needed to repay. We called the office that handles all student aid info and they said that I do not owe them money and if I did then it would be between me and the state, not the school. So we called them again and again they claimed that I had taken out a second loan. The new advisor said he’d never seen anything like it and he said that I still qualify for a full scholarship if I can get my transcripts released. I don’t have the money to pay the loan back twice. It took me years to pay it back the first time. Any ideas? I’ve tried just about everything, including reporting it on the FBI’s identity theft site.
I would recommend you call the for-profit company called the Student Loan Relief Helpline. Please do note that this is not a free service, and it’s not a Government Service, but a profit-driven organization that helps people reduce their monthly payments and find out how to qualify for loan forgiveness benefits. You can reach them here: 1-888-694-8235.

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?
Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2019, the one-month LIBOR rate is 2.05%. Variable interest rates range from 2.25%- 9.24% (2.25%-9.24% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.45%-9.49% (3.45% - 9.49% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
I have 2 student loans from Great Lakes higher education one for aprox $9,000 and one for Aprox $19,000 it looks as if they defaulted not my credit report in 2013 however the loans were taking out between 2002-2006 I believe. I am now unemployed I have been for 6 years. I have filed for social security disability. Does this change anything about repayment or if I’m approved for disability will that change anything for repayment? I really hope you have some info on this no one seems to know. Thank you.
Private student loan lenders want to ensure that you have sufficient income to repay your student loans. Lenders want proof that you have stable and recurring monthly income and cash flow. Examine your pay stubs and identify your after-tax monthly income. When you subtract your proposed monthly student loan payments, does a sufficient amount remain for other essential living expenses?
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?
Thank you. The article you referenced states that the AGI is minus personal exemptions and itemized deductions…which is wrong. “Adjusted Gross Income is calculated before the itemized or standard deductions” from a tax website. I WISH it was after exemptions and itemized deductions as that is a huge, huge difference in the AGI…but it’s not. My payment is supposed to be $400 based on my husbands income alone and their is no way we can do that now…none. If find SOME job to make that $400, the payment will just go UP…which is crazy. It’s like you cannot win. It seems to make no sense for me to work at all….which is wrong. Filing separately seems to be a choice, but we have a daughter in college and would lose the education deductions, etc. This whole thing is crazy if it makes more financial sense for me to not work at all! Or I guess he could file injured spouse year after year, but I just don’t understand why they won’t just consider MY income. Sorry for venting, just frustrated.
I would recommend you call the for-profit company called the Student Loan Relief Helpline. Please do note that this is not a free service, and it’s not a Government Service, but a profit-driven organization that helps people reduce their monthly payments and find out how to qualify for loan forgiveness benefits. You can reach them here: 1-888-694-8235.
I am conflicted bc after reading your articles I feel like it will still make more sense for me to switch plans (in order to pay 10% of income as opposed to 15% monthly and bc I have not paid much off my debt thus far in a few years). However, my family has advised me that I need to see real numbers to know how much I will owe when my loans are forgiven in 25 years when my taxes are due. In my head adding an extra $35k to my $206k balance will be just the same when those taxes are due-seemingly impossible. But it is true that I do not know how to calculate the actual numbers to have a better idea of what kind of added interest the added $35k will make to my total that will be forgiven in 25yrs which I will then owe in taxes.
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.
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