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.
Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility.
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.
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.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico.  All loans are provided by KeyBank National Association, a nationally chartered bank.  Member FDIC.  For more information, visit www.laurelroad.com.
Hi! Just a few days ago I got an offer about consolidating my student loans. I go through Navient and they said that I qualify for student loan forgiveness. However, it was not Navient offering this to me. They said they were Student Services based out of Newport Beach, California. However, they said I would need to pay $245 to start the consolidation fee and pay another $97 for the next 3 months before my payments would drop down to $75 a month.

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.
Consolidating multiple student loans or refinancing a single private student loan may lower your monthly payment if you qualify for a lower interest rate or a longer repayment period. Keep in mind that extending the repayment term may increase the total amount you pay over the life of the loan. Alternatively, if you choose a shorter repayment term than your current loans, your monthly payments may increase, but the total amount you pay may be less over the life of the loan.
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?

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 have been on the IBR plan, and now have payments I can’t make — due to the fact that I have two special needs children whose monthly expenses exceed $800 (one is Type 1 diabetic and one is on ABA for autism.) According to my loan servicer, the only option at this point is to consolidate. This is really frustrating. I have tried my best to do what is needed, but now I am getting to the point where even though my husband and I are both making decent money, we are having to choose between food and paying student loans, since not getting insulin is off the table obviously. We have exhausted the limits for putting off payments. I am simply hoping to keep everything together at this point, but my frustration and stress level about it is just through the roof. Ugh. I owe, about 90K, my husband about 10K. We both have master’s degrees and work in the public sector (me at a public school district, him at a state university.) We also live in the SF Bay Area, which is expensive — but we would be getting paid a fraction of what we make now with pathetic health benefits (to say nothing of hospital/dr access) if we were to move.
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Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.55% per year to 6.65% per year for a 10-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). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.25% per year for a 7-year term would be from $137.84 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.55% per year to 6.65% per year for a 10-year term would be from $103.88 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.85% per year to 7.05% per year for a 15-year term would be from $78.30 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.27% per year for a 20-year term would be from $67.66 to $79.16.

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.

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.
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.
In 1994, I started at ITT. I applied for CAD, I thought I was going to take classes for CAD. Then I was told I tested higher in Electronics and I wld make more money in that field. I was 22 at the time, just married and had a child. So, I went with it. I was lied to from the beginning. I was only in the school 3 months at best. I have had hardship most of my adult life. Stuggling to make ends meet. I originally had my loan through William D Ford Direct Loans. I belive my loan was only 2k to start. Now its at 18k. I kept putting on a deferment. I explained about my hardship. This is what was recommended. Now my loan is at Navient..They want me to pay on this for 25 yrs and then they will give me a loan forgiveness. I’ll probably be be dead by then. Is their any way I can get a forgiveness on this loan now?
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.
Refinancing federal student loans means you turn them private. As a result, you lose access to federal programs, such as income-driven repayment and Public Service Loan Forgiveness. Some private lenders offer help if you run into financial hardship, but this varies by lender. If you’re relying on federal protections, then you should not refinance your federal student loans. But if you’re comfortable sacrificing these programs, refinancing could be a smart strategy for paying off your loans.
I have a hard time finding any jobs I qualify for in some of the very rural areas the Army sends my husband. I have been told I’m over qualified since I have my master’s degree to work at a college. I was also in a car wreck in 2003 and now have a lot of issues with my knee (have had surgery) and neck (need surgery). My brother who is an RN said I definitely need to qualify for disability… But I’ve been fighting it, not sure I’m ready to do that. But there are times when I can’t use my left arm and have been in physical therapy so many times now for my neck and knee. My husband (been married 11 years) has no plans of helping me pay on my student loans at all. And some employers don’t want to hire a military spouse knowing we’ll have to move within 2 years. This student loan debt is ALWAYS on my mind and I get very depressed over it (I graduated in 1995 and did pay on them before I started moving around with my husband.) I just don’t even know what to do…
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.
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.
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.
This program is relatively easy to qualify for, and it can provide a great deal of value (at $4,000 per year, if it takes you 4 years to complete your undergraduate degree, then you could stand to receive $16,000 in TEACH Grant loans just for your undergraduate education), so it’s more than worth looking into if you’re interested in becoming a teacher.
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 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.

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?
4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Along with your credit score and annual income, some lenders also look at your savings and debt-to-income ratio. Finally, some lenders require proof of graduation, as they’ll only approve borrowers who have obtained their degree. If you left school before graduating, there are relatively few student loan refinance providers that will work with you.

I have loans with Navient. I had thought these were federal student loans….but I saw that someone mentioned that they had loans with Sallie Mae (No Navient), and you told them they were private loans and that there is no forgiveness for private loans. ?? Why do my loans at Navient say “Federal Student Loans”?? These are consolidated loans. Are they indeed private? Sorry, this is all so confusing.


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?
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?

Hello! I have over $120,000 in subsidized/unsubsidized student loans (not including interest). I was in dental school but I was dismissed due to failing. Now I’m stuck with loans for something I didn’t even earn. I didn’t have any loans while I was an undergraduate student, I had scholarships and grants. I’m currently pursuing a Master’s degree in public health, and I am preparing to begin a career as a teacher next year. I haven’t started paying loans yet because they’re still in deferment due to me being in school, but when I do I plan to do the IBR plan. I am hoping that I will also be able to qualify for public service loan forgiveness and teacher loan forgiveness. I believe that they’ll forgive up to $17,500 if I teach secondary science? Do you know if I could qualify for both forgiveness plans? Does teaching at a community college qualify me for public service or teacher loan forgiveness? Also, I understand that with the IBR, the loan can be canceled after 20-25 years. So, if I have the PSLF, it will be canceled in 10 years instead, correct? I also had a scholarship at the dental school that was turned into a loan because I didn’t complete the program and graduate to work in a rural area. However, I was dismissed, I didn’t voluntarily withdraw from the school. Now they’re expecting me to pay over $50,000 back, with about $20,000 of it behind and being sent to collections because they would not work with me to set up a payment arrangement (I didn’t have a job at the time). What can I do about that? Could I file bankruptcy to get rid of it? Any advice you can give will be wonderful.


I am in the same situation as Stephanie, I have made 5 years of consistent payments on a graduated repayment plan. I was counting on PSLF after 10 years, but was told by my FedLoan that none of my graduated payments would count because it is not a “qualifying repayment plan”. I did a lot of research when I first started paying my loans to ensure that I would qualify, and I could have sworn that graduated was listed as a qualifying repayment plan. Everywhere I read now, it says that it is not a qualifying plan. I did fill out a certification form recently, but they said it would take 90 days to process. Please help!

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.
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 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.
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.

You can refinance both your federal student loans and your private student loans through a private lender, such as a bank or one of the lenders offered by LendingTree. Refinancing your loans will combine all of them into one loan with one monthly payment. Your interest rate will be based off of your credit score, so if it’s higher than when you first applied, you should score an incredibly low rate.


On IBR, your loan balance is forgiven after your repayment term (20 or 25 years). The best thing to do is make the payment you can afford. If you’re on IBR, and your payment is $0, you likely don’t have much income. If you can make extra payments, great – but don’t compromise other financial goals/issues to make extra payments (i.e. don’t get behind on car payments, go into credit card debt, etc.).
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 went to Everest College for Court Reporting in 2007-2008. I did not graduate, but chose to leave after I slowly realizing I was in real danger of being scammed by the school. How the entire program operated just didn’t seem right, and I didn’t feel that I had been told the truth about the success rate upon graduation, or that my education with them was up to par. However, I had already racked up several federal loans because we were called into student aid every 3-4 weeks in-between classes to renew our loans in order to continue to even the next class that day! After about 10 months I knew I had to leave, but these loan amounts due from that time have persisted. The school was closed in 2015 or 2016 I believe, after I was long gone. Do I qualify for loan dismissal/forgiveness?
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