Second, typically any changes made to repayment plans will keep you grandfathered in. Congress can’t phase out PSLF simply by de-funding it. They actually have to pass legislation to change it, and any retroactive changes will likely fail (both to pass, and if it does pass, will likely die in court). We can’t guarantee that, but it’s what will likely happen in our opinion.
It's important to note that while these "secret" student loan forgiveness options could be helpful to some borrowers, for others they may result in tax consequences (see taxes and student loan forgiveness). Under current IRS rules, you may be required to pay income tax on any amount that is forgiven if you still have a remaining balance at the end of your repayment period for any of these plans. The only exception to this is currently PSLF, which is tax free loan forgiveness.
CommonBond: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.19% effective August 10, 2019.
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.

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.

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.
If you teach full-time for five complete and consecutive academic years in a low-income elementary school, secondary school, or educational service agency, you may be eligible for forgiveness of up to $17,500 on your Direct Loan or FFEL program loans. See StudentAid.gov/teach-forgive for more information and a form you can fill out when you have completed your teaching service.
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.
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!
Peace Corps volunteers are eligible to apply for Stafford, Perkins and Consolidation loans deferment, as well as partial cancellations of Perkins Loans (at 15% for each year of service, up to a maximum of 70% in total loan Perkins Loans forgiveness for service). For more information, contact the Peace Corps at 1-800-424-8580, or visit the Peace Corps website here.
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?
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.05% effective September 10, 2019.
LendKey: Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.05% effective September 10, 2019.
I have student loans about 28000 and did finish my degree due to the depression and OCD which I had since I was born plus 3 years ago my dad become disable due to the stroke which currently disable and no job. I had to quite my collage and staying with him to help him daily. No degree and no job only had 4100 Last year. What should I do and how can I pay the loan. Is there any forgiven loan program. Any recommendation which can help me please
My 120 qualifying payments could take me 20+ years to eventually make if I let it. With the NHSC program, the requirements are much more specific, rural area, two year commitment, etc. I am interested in potentially applying for the NHSC program as well. I know that the two programs work differently and I am wondering if you know whether or not they could be used simultaneously? Are you aware of whether or not this has this been done before?
I have federal loans that are over 28 years old. I now owe around 45,000. After I graduated I got pregnant and my daughter had health issues that required me being her primary caregiver, at home. I had a note from her doctor stating that fact. (Should have said that these loans were before I got married). My husband has no part in any of them. I worked as an LPN for about 5 years after she was older and in those 5 years my husband lost his job and we filed bankruptcy and lost our house. In 2008, we moved to another state and I had to homeschool my daughter. After 8 years, my husband was laid off and was lucky enough to be transferred to another state. He bought a house in his name only and the bank account has always been in his name only, as well. He knows I have a large amount of student debt. Daughter is now in college and due to anxiety issues cannot drive. I have to drive her to college and to her therapy appointments. She is and has been unable to be home alone-although therapy is working on that, with her. As my husband works 2nd shift, I cannot work (she would have to be home alone). Loans have been in deferment/forbearance and I just received notice that my deferment is ending. I can’t do IBR because they would count my husbands income…and I have had zero income for about 8 years. I don’t know where to turn. We have been through so much with our daughter and we never intended to be a one income family. What do I do?? My husband can’t make a payment for me and I have no idea at this point (due to daughter’s therapy) when I can return to work. Someone suggested just not paying and filing an injured spouse every year. It’s just so stressful. Any help would be appreciated.

I have a question I have a parent plus student loan that I never applied for, the loan paper they mailed to me has what looks like my signature. But I never signed that paper there are three different types of hand writing on it, any way my son was paying it until there was a class action law suit for his loan that was ac heaved the same way mine loan was I have been telling them for years not my email that you are sending the bills to I everyone once in a while would get a letter via snail mail. it has been about 10 years and I have never made a single payment and I have been sent to Pioneer collection. what can I do.
In short, refinancing student loans generally does not hurt your credit. When getting your initial rate estimate, all that’s required is a ’soft credit inquiry,’ which doesn’t affect your credit score at all. Once you determine which lender has the best offer (Earnest, we hope), you’ll complete a full application. This application does require a ‘hard credit inquiry,’ which can have a minor credit impact (typically a few points). However, in the months and years after refinancing, your credit score should see steady improvement as you make on-time payments and pay down your debt.
After reading all the comments above I am extremely worried for my daughter who will be going off to college next year. The school she will be attending is a private Christian college, after scholarships she will have some debts. What types of loans should she get? There are so many I’m totally confused. I would like to help her make the right decisions from the beginning so she doesn’t go through what others are suffering.
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.
Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance,including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
I took out Federal Student Loans in 1986 totaling about $25,000. Repayment began in 1992. I consolidated Perkins and Stafford loans in 1995. I have made 188 payments totaling $55,800 of which only $12,800 has gone to principal the remaining has gone to interest. I feel this is ridiculously upside down for a federal student loan. My current balance is $38000. Is there anything I can do to have all or part of this forgiven? I also very small loan from 2011 at a lower interest rate. Would consolidating make any difference?

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.


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.
My navient and nelnet government student loans are both in hardship deferments. If I consolidate these two student loans when my deferments end in june, this month, 2019, and July next month 2019, will this new consolidated student loan qualify for ibr and the 20 and 25-year undergrad and grad student loan forgiveness? My student loan debt exceeds my own income at this time so much that my monthly payment will be set at $0. However, I filed a joint return with my husband this year, so if I go on ibr this year, my monthly payment will not be $0 but based on both my husband’s (primary income) and mine ($12,000 per year). Our debts are such that we cannot afford the ibr payments based on our joint income tax filing for this year. If I fail to make any payments on either student loan once my deferments end this month, in June and next month in July, until the new 2020 tax year, so in Feb and March 2020, can I then just file separately and qualify for the ibr $0 monthly payment? I just wonder (am terrified) of what will happen in the 7-month period when I’m not making any payments; should I let my student loan lenders know my situation? If I miss 7 payments, so not yet defaulting, will i still qualify for ibr after these missed payments? Thank you for your help; I sometimes want to jump off a bridge when I see that terrifying student loan debt total.
Refinancing my student loans through Laurel Road is the best thing that could have happened for my personal finances. The online application was very straightforward and I was approved within a week of applying. The customer service has been nothing but professional, promptly answering any questions I have about my account. Throughout the lifetime of my loan I will save over $20,000!

Remember that when you’re refinancing, you can pick exactly which loans you want to refinance. You’re free to refinance only your private student loans and continue paying off the federal loans like normal. You may find that option gives you the best of both worlds, allowing you to save money on your private loans while retaining the perks of your federal loans.
Good day! My husband and I are currently in a dental residency program that we’ll finish summer of 2018. At the end, we’ll both be in debt of around $400k together. DO you suggest for us to start paying it off a little as we can? Does it make sense to consolidate/refinance now? Our loans are all direct unsubsidized federal loans which have interest rates from 6- 7.5%.
When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan. You’re generally eligible once you graduate, leave school or drop below half-time enrollment. Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
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?
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
The money I was making wasn’t very much and I put the student loans under an IBR with a payment of $0 per month. My original loans were all subsidized but because I consolidated them around 1993 (there was some law that came into effect right afterward to protect borrowers who had subsidized loans) they still accrue interest. My current balance is over $53,000.
1. Student loan collateral is your earnings. So like a car loan, the collateral is the car. If you don’t pay your car loan, the bank takes your car. It’s basically the same things for student loans. That’s why consumer protections like bankruptcy don’t apply. If you ever have the potential to earn money above subsistence level, that money (at least a portion of it) will go towards the debt. Whether you agree or disagree, that’s how it’s setup.
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.
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.
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.
×