2. If you believe that ITT lied to you or misled you into getting student loans because of false or fake statistics on job placement and salary, you could potentially qualify for a Borrower Defense to Repayment discharge. This is a very new form of discharge, and you have to prove that you received some type of documented misleading statements from the school or their financial aid office. This is the way that some borrowers from Corinthian Colleges were able to get their loans forgiven, but realize that the CFPB also settled a lawsuit and some students simply received refunds to offset their loans as well (so it wasn’t a true forgiveness).


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.
I did the same thing. Paid a company to get my student loans into a rehab program. 7 months and almost $500 later, I am still in the same situation and nothing is being done. Its always one excuse after another. Please don’t pay someone to do what you can do for free youself. I just wish there was some way to get back that lost time and money. Good luck!
I just wanted to comment on how dedicated you are to helping people Robert. You have provided prompt clear responses, with impressive information to every single person who commented on your article. I will share this with friends. I was fortunate to be in healthcare/non-profit & have a Perkins loan that was forgiven after 5 years. Thank you for your dedication to your field & being such an amazing person to give your time to answer all these questions. Kudos to you!
I don’t have a loan, but I owe money to my actually university. I can’t afford it although it’s a really low debt; it’s under 3k. I don’t know here to begin paying it back. I’m very young and while yes, I have a job, it isn’t enough to make a living off of as well as pay off this debt. What can I do to have that debt waved so I can move on with my education?
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.
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.
I Would LOVE for somebody to help me figure out my student loans….. I have a company garnishing my wages from one company to another company I’m paying money too…. and then then I got another letter from a lawyer saying I owe more money..WHAT is going on? ???? I started out with maybe 35 To 40 thousand debt which is up to 70or 80thousand now…. and I don’t know what’s going on and I need somebody to help me…

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 just read that the government is investigating ITT Tech just like they did last year to another for-profit college crackdown which caused Corinthian Colleges to close. In the event that these investigations would end in the school closing their campuses, does that mean my student loans get discharged as well? I graduated in 2005. Or that only applies to recent graduates and current students?
There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. These companies have no affiliation with the U.S. Department of Education (ED) or ED’s consolidation loan servicers. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The application process is easy and free.

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.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.


After spending weeks communicating with other companies I had about given up on refinancing my loans. I decided to give one more company a try. Laurel Road (formerly DRB Student Loan) was such an easy online process I almost didn’t believe. I would recommend them to anyone. Student loans are stressful so it’s so nice knowing there’s a company out there to make the process as pain free as possible!
When you’re in garnishment, the companies servicing your loan refuse any attempt at refinancing. Can you do some in-depth research on ways to finally pay this off? I am considering borrowing against my meager 403b to pay off the loans, just so they don’t garnish for another decade and then start on my Social Security. The balance hasn’t moved in more than 10 years, because it all goes toward “fees” they add every month. I’m in indentured servitude to these people. Also, will you consider writing about how to be assured you won’t be re-billed for loans that are paid?

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!
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.
Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.

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).


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.

Like other forms of debt, you can refinance a student loan (both private student loans and federal student loans are eligible for refinancing). With most lenders, you start with a rate estimate, which doesn’t require a hard credit inquiry. When comparing rates from different lenders, be sure to pay attention to additional key differences, such as fees, before making a final decision (Earnest has no fees, for what it’s worth). The next step is to submit an application, and provide any additional required verification, such as IDs or pay stubs. Once you’re approved, you sign a few documents and indicate the loans you’d like to refinance. Your new lender will pay off these old loans, and voila, you have a shiny new refinanced student loan.

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 September 1, 2019, the one-month LIBOR rate is 2.14%. Variable interest rates range from 2.34%-9.33%(2.34%-9.33% 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 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...
I took out Federal loans, Perkins and Stafford Loans. Sallie Mae now handles them and consolidated my loans. I borrowed money for this education beginning in 1990. Interest has accumulated and as of today, I am not employed. I have filed forbearances, deferments, etc. and I keep accumulating interest and making no payments. I am wondering if I can qualify for “forgiveness” on this debt. It is now around $29,000.

The military offers a number of student loan forgiveness and repayment assistance programs to health care professionals. Army doctors could receive up to $120,000 from the Active Duty Health Professions Loan Repayment Program. The Navy Financial Assistance Program offers up to $275,000 in loan assistance for medical residents. You might need the complete repayment guide for doctors to find more options.
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