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.
I have two loans outstanding : 1) original in Jan 1997 from Sallie Mae and 2) original 2012 from Navy Federal. I am a nurse practitioner and cannot figure out how middle class people are supposed to qualify for these federal loan dismissal programs. I have been in graduate school for past 3 years paying as I go along. What is left for me to do to get these paid off or forgiven? Very frustrating to say the least.
One of the best solutions refinancing can provide is a lower rate on your student loans. If you have good credit and a stable monthly income, you can apply to refinance in an attempt to get a much lower interest rate than the one you currently have. This is a wise option, especially if you have high-interest private student loans. With a lower interest rate, you can pay less on your loans overall since more of your payment will go toward the principal balance.

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.


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 owed 160,000 on student’s loans; I qualified for the 10 years forgiveness plan. I have been paying since 2007. My income is not that high, so I have to get a second job in order to be able to make the payments for the student loans. Last year, I found out that none of the payments I made since 2009 qualified for the 10 years forgiveness program, because I was paying under the wrong plan and not the IBR plan, nobody told me that in order to qualified for the 10 year forgiveness program the condition was to be under the IBR payment. Although, the payments before were higher than what I’m paying now under the IBR plan.

I am a mother of a child with a permanent disability. Do to my child needing my full care and attention, I could not finish school. I’m over $11,000 in debt with Mohela in student loans. Can my loans be forgiven, or discharged? I have been in a repayment plan that requires me to pay $0. Every year I have to renew it. I know I will not be able to make any payments anytime soon as I still care for my little one.

Splash Financial: 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 3.50% APR to 7.03% APR and Variable Rates range from 2.43% APR to 7.76% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. Fixed rate options without an autopay discount consist of a range from 3.75% per year to 6.49% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.59% to 6.54% for a 8-year term, 4.55% per year to 6.65% per year for a 10-year term, 4.79% per year to 6.59% per year for a 12-year term, 4.85% per year to 7.05% per year for a 15-year term, or 5.30% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). Variable rate options without an autopay discount consist of a range from 2.68% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 3.69% per year to 5.72% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.47% per year to 6.36% per year for a 12-year term, 4.50% per year to 7.76% per year for a 15-year term, or 4.75% per year to 6.90% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates 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. The maximum variable rate on the student refinance loan is 9.00% for 5-year, 7-year, 8-year and 10-year terms, and 10.00% for 12-year, 15-year and 20-year terms. The floor rate is 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.


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.
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).
These programs should be looked down upon. We’re allowing adults to borrow, and then fail to deliver on their promise to repay. The burden of their failure to pay is carried by the taxpayer, generally those who repay their debts to society. Honest people are being punished by others poor education investments. If we keep incentivizing behavior like this, the entire society will suffer. I can’t blame those taking advantage of this system, it seems to be in their best interest in the short term. The problem lies with those who create the system, generally politicians who create social programs to buy voters.
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.
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Note: Servicing for this program is managed by another federal student loan servicer. If you enroll in Public Service Loan Forgiveness, your eligible loans will be transferred from Great Lakes to that servicer. Also note, you may not receive a benefit for the same qualifying payments or period of service for Teacher Loan Forgiveness and Public Service Loan Forgiveness.
Refinancing has some big potential benefits, including the possibility of lowering your interest rate to save you money on accruing interest. Alternatively, it might reduce your payments to a more affordable level, if you’re willing to shell out more interest over time. A student loan refinancing calculator can calculate your potential savings (or cost).
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
Unfortunately, student loan forgiveness programs tend to leave the parents out in the cold. In fact, there are very few options for any sort of recompense for parents and grandparents (or other cosigners) who helped kids pay for college. I think the Government has taken the viewpoint that the kids are being scammed by shady lenders, but that the adults should have known better.
I owe $62,000 in student loans that I consolidated with Fed Loan Servicing. I am currently paying them back and figure I will be paying on them forever. Some of this amount is due to a couple small forbearances. Over half of the amount that I owe is interest. That is the part that hurts. The amount of interest owed. I gladly will pay back the principal amount owed, but the interest is ridiculous and right now my entire payment goes to interest only. Is there any plan that forgives some of the interest owed? Or that would offer a better interest rate? My current rate is 7.25%. Thank you

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.

Earnest: 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.
I came across your blog in my pursuit of refinancing my student loans which I consolidated back in 1999. I currently have a consolidated subsidized loan with approximately $25k outstanding, and a consolidated unsubsidized loan with approximately $35k outstanding. Both loans have a fixed rate of 7.25%. If it’s relevant, the owner of both loans is Keybank, and both loans are guaranteed by PHEAA. To my understanding, I have not been paying the loans back pursuant to any specific payment plan (e.g., IBR, PAYE, graduated repayment plan, etc.), but on a regular monthly payment plan amortized over a 30 year period. I took advantage of the deferment option for two (2) years in the past, and at my current interest rate and payment amount, I’m estimated to pay the loans off in 2032. My question to you is “Can my loans be forgiven in the 25 year period that I have read about in your blog?” If so, when would the 25 year period have begun for determining when my loans will be forgiven? If my loans are not able to be forgiven, what are my options if any (other than refinancing the loans to lower the interest rate)?
You’re mixing up two different things. Graduated Repayment is a repayment plan that DOESN’T have forgiveness, but you can qualify for Public Service Loan Forgiveness (PSLF) anyway. As long as you can certify your last 4 years of employment (might take you tracking down some HR people), you can qualify. Simply fill out the certification form here: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
Finally, where is all the money going? I get that your payments are a lot of money each month, but your husband makes a really good income, and you didn’t say, but with that much debt I would guess you have your masters and earn at least $50k per year. That’s $185,000 per year – after taxes you should still be bringing in $11,500. After his child support you should still be at $10,000 or so per month. A big house, food for all the kids, clothes, etc, maybe costs you $6,000 per month (and that’s being very generous). Where’s the other $4,000 going? Something is not adding up here.

I’ve been working for a non-profit for 4.5 years, and am on IBR, and have made 47 payments (full, on-time, etc….in other words, “qualifying payments.”) I have certified my employment. About half my loans ($25k) are through FedLoans, and the other half are through Navient. I’m on IBR for both. Navient told me they “don’t handle PSLF.” FedLoans told me I need to move my loans to them, by contacting Navient and asking them to transfer them to FedLoans. I did, and Navient told me they couldn’t transfer them, and that I should consider consolidation. It looks like if I consolidate, I’ll lose credit for the payments I’ve made!
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.
I always recommend an income-based repayment plan if you need it. It just makes the most sense. And borrowers shouldn’t worry about the election – if anything changes, history tells us that it will just impact future borrowers, not existing ones. Each new payment plan, forgiveness program, etc. typically isn’t retro-active, but rather only impacts loans that originate in this year.
I have a question. My fiancé owes about 42000 with dept of education fed loan servicing, just got a notice that the new revised income driven is now $260 a month that we can not afford (for 28 years!?) that’s 87000 we will be paying off by the end of it! Is there any way to get out of that!? How can someone buy a 50000 truck and pay $700 a month for five years and that’s done but 42000 in loans is over 28 years and turns into 87000! We need help. We can’t lay $260 a month but also don’t want to end up paying almost 90k
Quick question. I am an officer in the military, so to my understanding most replayment or forgiveness plans won’t work for me (not enlisted). Is there any plans for officers. I have a PhD and accured quite a bit of debt to attain it. Previously in deferrment because of additional army training, now I am required to pay it back but there is so much. Is there anything that I can do to have this forgiven or paid off by other means?
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.
I went back to college at 35, just to get the piece of paper because I couldn’t get an accounting job without a degree after moving to a college town, even with nearly 20 years experience. Because of my hour commute to the next state for work, my most flexible choice was Univ of Phoenix online. I graduated in 2011, and went into repayment in March 2012. I paid 1 loan off before graduation and I’ve paid ahead since then, killing off 1 loan at a time so I’m down to only 5 loans left, with 1 of them paid down so it’ll pay off over a year early. Because I had my payment frozen a couple years ago, I’m also paying about $50 extra a month. I haven’t worked in almost a year and a half for medical reasons, and am waiting for a disability appeal hearing because I was denied on a technicality, so my boyfriend has been covering my student loan payment to protect my credit, and because I was raised that you pay what you owe. Am I better off continuing as is or will an IBR program not hurt my credit standing? It’s not that he minds, but I feel bad about him paying it when I can’t work.
If you want to get approved for a Borrower’s Defense Discharge, then you should call the Student Loan Relief Helpline’s Borrower’s Defense Against Repayment Hotline and pay them to review your situation, help you put together the legal arguments required for your application, and increase the odds that you’ll actually receive an approval after it’s been submitted.

Many lenders offer student loan refinancing, from traditional banks, to credit unions to online lenders. Before choosing one, shop around and compare your offers. Several lenders make it easy to get an instant rate quote online with no impact on your credit score. By checking your rates with a variety of providers, you can find a refinanced student loan with the best possible terms.
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 have my payments deferred at the moment as I have not been able to work, due to caring for my daughter with special needs. My husband is the only one working. The loans are in my name only. My/our question is this; If I can find a way to bring in ANY income at all, won’t it just make my payment go even higher? Because doesn’t every plan include my husband’s earnings?? My husband says it makes no sense to do that-try and find SOMETHING to earn because we will be out more money in the end-due to them always using his income. Are we missing something?

my loans are 72k and 3.5%. I am currently enrolled for the last two years under public service loan forgiveness. I do not qualify for IBR and am in the process of applying for PAYE. I have been paying my loans since 2007 but only under the PSLF since 2014. My question is..Is it worth it to stay under PSLF for another 8 years or switch back to a graduated payment plan for another 10 years that will give me lower payments. Which plan will result in the most loan forgiveness.
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 have had a student loan since 1990 when I was 17years old. It started out as a $3500 and today (27 years later) I owe $4500 – how is this possible? I remember 2 years ago i was scheduled to receive $2600 back in federal taxes and they took it all….I have attended college 3 times and I know that had to have been in good standing as well as in deferment so how can i owe more now than I did when I got the loan? I am currently in a rehabilitation program paying $5 a month but the interest continues to grow I will never get out from underneath this gray cloud. Believe me if I had the money I would pay it. I owe peanuts compared to some. Why are they allowed to have the interest accrue on a school loan. Just seems wrong.

I have $60,000 in student loan debt from becoming a counselor, I was on the Public service forgiveness program on the IBR plan working at a social service agency, I made 5 years of qualifying payments but I recently left to go into private practice so I wouldn’t have to deal with insurance companies and productivity requirements, but I am assuming now being self employed, although I am doing the same kind off work, that this employment will no longer qualify for public service forgiveness, is this correct? Any suggestions on how to navigate this?
If you have several student loans with different interest rates, you can consolidate everything into a single new loan with one interest rate. Juggling multiple loan payments can be difficult to keep up with, especially when you have multiple lenders. Not to mention, some student loan servicers buy and sell loans, so you could wind up paying different lenders than the original servicer that you used.

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Advice please! I have $260,000 in undergraduate and graduate school loans which continues to grow due to interest. I am currently under IBR since 2011 and pay 15% of my AGI which is $100,000. I understand after 25 years any amount will be forgiven but will be taxed as income. So in 21 years after my loans continue to increase due to interest I will have approximately $450,000-$500,000 in loans forgiven. If they tax that as income that means I’ll be taxed roughly 40% of $550,000-$600,000 which is $220,00. Then I’ll have to get on a repayment to pay those taxes. It will be a never ending task to pay off my school loans unless I hit the lottery. Any advice please?

In the year of 1999-2003 i went to school for my A.S.degree in Nursing, after finishing the pre-requisites you have to apply for the program, i applied and i was not accepted. I then realized that i was stuck with student loans. In 2011 i was accepted into another University and finally got in the Nursing Program. In the 3rd semester of being in the program i was released because of Academic issues. I had 3 family deaths in one year and broke my finger within the same time frame. The school believes that if you get more than 2 C’s you are automatically released from the program. I am now further in debt with student loans and of course no degree. I am truly devastated and really need some help, what do i need to do, anyone please.
Hello Robert, so i have set up a income based repayment plan. The lowest payment for me to make is 600 a month and with my other debts and private student loans i can not afford this amount. I want to make payments but this is just way to much. They said this is based on income and that it is my only option. How can i pay a lesser amount with out being penalized? I am a school counselor.
I am planning on consolidating my parent plus loans into a direct loan and using PSLF to pay since my income is $45,000 and i work for the state government. Under a possible change to student loan repayment, if i start the ICR plan, and the budget takes it away, am i grandfathered into that plan? Since that is the only one that accepts PLUS consolidation loans i am worried about making 2 or 3 years payments towards PSLF and then having it all thrown away when they change the repayment plans and i dont qualify for the new ones because its a PLUS consolidation loan.
Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school. People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.
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).
You can start by looking at our list of the best student loan refinancing lenders, and then picking out the ones that seem like good fits. All these lenders let you check what kind of loan terms you could get through them online in a matter of minutes. You just plug in some of your information, the lender does a soft credit check (which has no impact on your credit score), and then they’ll show you potential loan options.
Do student loans ever “expire”? I have about $ 11,000 in student loans from 1984-1988 from before we were married. They were consolidated around 1998. I have been a stay at home mom since 1993. We now have 8 kids, Our budget has always been tight, & although we will have my husbands student loans paid off in 2 years, there never has been enough extra to make consistent payments on mine. My loans have have been in & out of forbearance, deferment, rehabilitation, etc. They have been in default (again) for some time. Last year they took our income tax return. Now the collection compay is suggesting another rehabilitation – but I am a stay at home mom and don’t expect to ever have my “own” income. Is my husband obligated to pay my loans from his salary? Can they put a lien on our home? Should I be even considering signing these rehab forms? They want to set us up on a year of monthly payments I am not even sure we can meet. And after the loan is rehabilitated & some other company buys it I am sure our payments will increase. I feel like I am lying by agreeing to make these payments, as I am not sure we can. What should I do? – Thank you!

Also, I am currently back in school and now have federal loans that are deferred while I’m enrolled, but I want to understand what the best thing to do is once I graduate and have to start paying those back as well. I have felt a little lost in this process and don’t know where to turn/who to ask for advice, especially with the private loans and the balance that won’t go down. I appreciate any advice.
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 currently owe 385,000 in student loans. My loans are a combination of undergraduate, law school and and LL.M degree. All of these loans are also at varying interest rates, from 5.8-8.5 and dating back to 2003. They are all federal and are direct, ffel, etc. One of the things I don’t understand is interest. I am currently on IBR which makes my payments affordable. But unfortunately I don’t make enough money to put a dent in the principal. Although my goal is to make more money, I just had the interest on my loan capitalized to the current amount because I did not recertify my IBR on time (this is my first year on IBR). I applied for reinstatement of IBR so I am waiting on approval. My question is, hypothetically if I am not able to increase my salary significantly enough to put a dent in the principal, will I owe BOTH the principal and the unpaid interest at the end of the 25 year term? And what happens to the unpaid interest while I am in repayment?

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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.

First let me say thank you for this article and all the helpful advice. Originally I owed a little over 40k when I graduated back in 1998. I got some deferments and then I went into default. Govt takes my tax return and applies it to my loan repayment. Twice I tried to make arrangements to pay…first time I was told to “wait it out until I get a good offer to pay pennies on the dollar” the second time I was told that I needed to make a payment that I just couldn’t afford… I offered $100 a month until i had better cashflow and the guy laughed at me and told me that would be worthless.
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.
Also, I am currently back in school and now have federal loans that are deferred while I’m enrolled, but I want to understand what the best thing to do is once I graduate and have to start paying those back as well. I have felt a little lost in this process and don’t know where to turn/who to ask for advice, especially with the private loans and the balance that won’t go down. I appreciate any advice.
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.
RePAYE is a modified version of PAYE that has become available to borrowers after December 17, 2015. Unlike PAYE, which was available for loans taken out after 2007, RePAYE is open to all Direct Loan Borrowers, regardless of when the loan was taken out. The repayment plan still caps your payment at 10% of your discretionary income, and the loan will be forgiven after 20 years.
my loans are 72k and 3.5%. I am currently enrolled for the last two years under public service loan forgiveness. I do not qualify for IBR and am in the process of applying for PAYE. I have been paying my loans since 2007 but only under the PSLF since 2014. My question is..Is it worth it to stay under PSLF for another 8 years or switch back to a graduated payment plan for another 10 years that will give me lower payments. Which plan will result in the most loan forgiveness.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

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…
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.
Earnest: 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.
The quoted Annual Percentage Rate (APR) with discount includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account and requires a 5-year term. APRs may vary based on terms selected. Repayment term options may include 5, 7, 10, 15 and 20 years based on credit qualifications. (A 20-year repayment term is available when the consolidation loan amount is $50,000 or more). Variable interest rates are based on an Index, plus a margin. The Index is equal to the Prime rate published in the Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 10/01/2019 and subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction, credit history, and loan term selected and will be determined when a credit decision is made. For questions, please contact us at 1-877-315-7723.
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.
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.

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!
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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.

For example: if you elect to have the National Service Trust send $1,000 of your education award towards payment on a Direct Loan, and under your repayment plan you are expected to pay $100 each month, your education award payment would count as 10 payments towards PSLF, and you would not owe another payment for 10 months from the date the lump sum payment was applied.
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.
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