My 25 year old daughter’s student loan from 2011 is in collections. The original loan amount was approximately $7,800.00 and the balance due now is ~ $12,000.00. She is a single mom of one child and earned $13,000.00 last year. They took her 2016 tax refund of $5,000.00 to put towards her loan balance. When she called, they indicated they would accept $5,260.00 to settle and close the loan or she could try to have the loan returned to the Dept. of Education and then determine the best repayment options.
Should she be eligable for a possible $0 monthly payment with no income even though we file jointly, or does the fact that we are married mean my income has to contribute to her ability to pay? This is where it has been unclear to me. Can she report her income on the IBR paperwork as $0 even though she’s filed on my tax return as joint? If that is the case completely agree that with no income she should qualify for a $0 payment but I was under the impression that I had to use our tax return AGI for both our IBR forms.
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.
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?
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Once you apply, it can take from 30 to 45 days to process. During that time, we complete the credit review process, you (and your cosigner, if applicable) will sign the loan documents and we will ask you to obtain payoff statements from your current loan servicers. If you prefer, we can schedule a call with you and your current loan servicer(s) to verify the loans you want to consolidate.
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.

You’ll have to evaluate your situation to decide whether refinancing federal student loans is a wise decision. For example, if you work in the public sector and could qualify for loan forgiveness in the future, you’d typically be better off keeping your federal loans. On the other hand, if you don’t work in the public sector and you’ve had no problems making your loan payments to date, then you may want to go ahead and refinance to save money on interest.
I have an associate in nursing with student loans from a school that promised accreditation and never got it, so they changed the name and got accredited then. Whats frustrating to me is there are only limited places I am able to work for so many years due to them not being accredited. I have to pay these loans back, and I’m wondering what is the best option to do.
In the early 1990’s I was an “adult learner” (25 yrs old), a single parent, living on my own, having zero child support and receiving some forms of welfare assistance while I was employed and attended school full-time. I did not qualify for scholarships and had to take out school loans to supplement my schooling cost and used the loan “refund” to pay my living bills (utilities) for 6-8 months ahead in the event I couldn’t or didn’t have the money to make my bills at that given time. I attended an accredited school 4 years, graduated with 2 associate degrees and began working almost immediately. However, due to HMO’s and my chosen field’s national organization, Occupational Therapy, not really pushing the benefits of OT/COTA nor explaining to the public what it was exactly, the facility where I was employed fazed all COTA’s out. After a short period of time I went back to school, a trade school (Cosmetology), had to apply for loans again and again, did not qualify for scholarships.
For help with PRIVATE Student Loans: Call McCarthy Law PLC at 1-877-317-0455. They will negotiate with your lender to settle your private loans for much less than you owe (typically about 40% your total outstanding balance), then get you a new loan for the much lower, settled amount so you can pay off the old deb, repair your credit and start making much lower monthly payments. NOTE: McCarthy Law can ONLY help with Private student loans, so please do not call them if you only have Federal loans.
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Rates and offers current as October 1, 2019. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.48% APR to 6.03% APR and Variable Rate range from 2.67% APR to 7.41%. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are 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.This credit union is federally insured by the National Credit Union Administration.
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.
Automatically withdrawn payment discount (“ACH”) — You may qualify for a 0.25% interest rate discount during repayment if you set up automatically withdrawn payments (ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. The discount reduces the amount of interest you pay over the life of the loan. The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or the amount of your final payment. ACH payments and discount will discontinue upon entering deferment or forbearance periods.
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