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.

Forgiven loans may be taxable. Generally, forgiven, canceled or discharged student debt is taxed as income unless you were required to work for a certain type of employer or in a certain profession to qualify for the forgiveness. For instance, loans discharged through Public Service Loan Forgiveness are not taxable, but debt forgiven through income-driven repayment plans is taxable. Loans discharged upon a borrower’s death or permanent disability were previously taxed as income, but the latest tax code changed that. Loans discharged for this reason after Dec. 31, 2017, are not taxable.

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?
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.

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.


We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
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 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.
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 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.
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.
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.
Through my current employer, many of the other therapists have applied for and have been awarded loan forgiveness monies through the National Health Services Corps (NHSC) Loan Repayment Program. As I understand it, these two programs work differently and I am trying to figure out whether or not they can be used simultaneously. The NHSC information says that I can’t have another “service obligation” or that service obligation needs to be finished, terminated, completed by the application deadline.
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.

I finished grad school with about 50k in federal direct loans. I immediately went to work in a non profit and enrolled in IBR repayment plan. I paid on this for about 5 years which left me owing about 80k. At the time I was not concerned because I figured I would remain in the same field for at least 10 years and would be eligible for forgiveness. However, I got a new job in the private sector last year, nearly tripling y salary. I switched to standard repayment plan and have paid down my loan aggressively and am now back down to about 45k. My fixed interest rate is 6.5%. I plan to pay off the remainder in the next year (barring any catastrophic events). My question is — is my best bet to just continue (over) paying my loans on this current plan or do I have any other options? Am I able to pay them off with a private loan that has a lower interest rate? Thanks so much for your help!
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.
Receiving a TEACH Grant requires completing an applications process that involves signing the TEACH Grant Agreement to Serve and formally accepting the requirements called for by the TEACH Grant Service Obligation, which states that you must teach low-income children in a high-need area for at least 4 total years within 8 years of receiving your TEACH Grant money.
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.
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.
I recently applied for public loan forgivness program and was denied because one of my loans in consolidation was private (from the college). It was $2200 keeping me from being eligible. Is there anything I can do? All of my other loans were public and I met all other requirements. This loan was from 2002 and I consolidated in 2005. My original debt was well over 50K and I still owe 28K after paying on time since 2005. I can’t back out the $2200 loan and I will probably be dead if I refinance for another 25 years. I am a public school teacher (science) in a Title 1 school. Any other programs I can look at??
Robert I really appreciate what you are doing here. This student loan thing is so complicated. I am the parent of a grad-student who graduated in May with a degree in film (screenwriting) we co-signed on his private loans ($130k) and he still doesn’t have permanent/full time work. We have spoken to the loan provider and they want us to repay the loans since our son can’t yet. I don’t know how many of these options are available for private loans. Right now they want $1100 per month, which we can’t pay and neither can our son. We should never have co-signed because now its going to affect our credit and his. What are out options? Thanks
I just wanted to comment on how dedicated you are to helping people Robert. You have provided prompt clear responses, with impressive information to every single person who commented on your article. I will share this with friends. I was fortunate to be in healthcare/non-profit & have a Perkins loan that was forgiven after 5 years. Thank you for your dedication to your field & being such an amazing person to give your time to answer all these questions. Kudos to you!
I have student loans with Navient. These were originally FFEL loans that were direct consolidated with Sallie Mae now Navient many many years ago. I have been working in public service for 18 years. I have two questions. First, if I apply for Public Service Loan Forgiveness, my loans are then transferred to Federal Student Aid – how does that impact the monthly payment I am now making? Second, does that mean I have to make another 120 payments with Federal Student Aid once those loans are transferred to be eligible for forgiveness under this program?
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.
Next, you can choose what type of interest rate you want when you refinance. Variable-rate student loans can cost you less to start, but there’s the possibility that the interest rate goes up later. As a general rule, a variable-rate loan works well when you only need a couple years to pay off the balance, but you may also want to read more about choosing between fixed and variable student loan refinancing.
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.
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