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?

 I was seventeen no high school diploma failed enrollment testing did not have correct birth date and was told I could enroll for school. They had me sight on two loans when I was Grant accepted. Due to my lack of knowledge I was not aware of what I was signing. I failed my studies and was told I couldn’t graduate with my class because I was pregnant but rather than say I completely failed my course they pushed me into the next graduation class. School closed in 1992 so I was not able to return or retain original school documents.
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?
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.
SoFi: 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.
All loans must be in grace or repayment status and cannot be in default.  Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment.  Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.

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.

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.


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.

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.


After spending weeks communicating with other companies I had about given up on refinancing my loans. I decided to give one more company a try. Laurel Road (formerly DRB Student Loan) was such an easy online process I almost didn’t believe. I would recommend them to anyone. Student loans are stressful so it’s so nice knowing there’s a company out there to make the process as pain free as possible!
I am happy that I found your site and thank you for all of the information that you have provided. So, I went to Heald College in Stockton, CA, and graduated with my Associates Degree in Accounting, well at least I thought I did. I walked the stage and never received my diploma in the mail when they said they were. I requested it many time and never got anywhere. I started working at restaurants because I could not find work in Stockton, CA, and Heald College was not a big help when they said they would have job placements. I then moved to Maryland on the East Coast and went back to school. While I was going to school I landed a job at a Law Office as a paralegal. My boss closed down her law practice and I went to apply for schools in the area. The school that I applied to asked me for a copy of my transcript from Heald College. I requested it from a third party because as you already know it closed down. When I received my transcript in the mail, I discovered that I only had 8 credits. I called the third party and said that this is a mistake and that I graduated in 2008. She checked and said no, that is the correct transcript. I then applied for one of the programs to get it discharged and it was denied. I’ve tried calling the lawyers in California that worked on the case and never received a response back. If I go back to school I have to start all over again and still have this debt as well as the new student loans that I would have to take out. I hope you will have some pointers for me!
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.

I have been very impressed with my application process with LendKey! Their customer service team is prompt in responding to any inquiries via email and very helpful on the phone! The application process was easy to follow and very user friendly! With LendKey's help, I'll be saving nearly $400 per month on my student loans! I'm absolutely thrilled and feel like I can breathe again knowing how much this is going to help me financially and the ability to pay my loans off faster. Thank you LendKey!
Federal student loans offer benefits that many other loans don't. One benefit is the ability to qualify for loan forgiveness—under special circumstances, the federal government may forgive part, or all, of your federal student loans. This means you're no longer obligated to make your loan payments. Another benefit is there may be some situations where you may qualify to have your loans cancelled or discharged.

I am not in default. My loans are subsidized and unsubsidized loans. I have a recent print out of my credit report and other than naming Nelnet as my holder and labeled as a subsidized/unsubsidized loan I don’t know what “kind” they are. From my recollection, and from what I can tell on my report, they are federal loans. My primary loans were for $21,000 and $23,000. My current balance is about $64,000 from my last online statement from Nelnet. I did notice that my interest is now at 3.5%. That was a happy surprise, however, I still owe that extra 50% of what I borrowed. Additionally, Nelnet recently decided on their own to put me on a forbearance. I never asked for that! I called and was told they could not stop the forbearance and I could simply continue to pay. I was stunned to say the least.
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.
The NURSE Corps Loan Repayment Program (NHSC) – This program was previously called the Nursing Education Loan Repayment Program (NELRP), and was created to help encourage RN’s to work in underserved hospitals and clinics, by offering them the chance to write off some of their student loans for qualifying service. The way it works is that RN’s will are able to have 60% of their Nursing loans written off for serving 2 years at a qualifying facility, along with 25% more for 1 additional year. That’s a pretty dang good deal, but it means you’d have to be willing to work at an underserved hospital or clinic, which could be a stressful, frustrating experience.
1Laurel Road: Laurel Road Bank is a Connecticut banking corporation offering products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Laurel Road has helped thousands of professionals with graduate and undergraduate degrees across the country to refinance and consolidate over $3 billion in federal and private school loans, saving these borrowers thousands of dollars each. Lending services provided by Laurel Road Bank, Member FDIC. APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 4/05/2019. Rates subject to change. Fixed rate options consist of a range from 3.50% per year to 5.55% per year for a 5-year term, 4.00% per year to 6.00% per year for a 7-year term, 4.30% per year to 6.40% per year for a 10-year term, 4.60% per year to 6.80% per year for a 15-year term, or 5.05% per year to 7.02% 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. 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. Variable rate options consist of a range from 2.25% per year to 6.05% per year for a 5-year term, 3.75% per year to 6.10% per year for a 7-year term, 4.00% per year to 6.15% per year for a 10-year term, 4.25% per year to 6.40% per year for a 15-year term, or 4.50% per year to 6.65% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.25% to 3.80% for the 5-year term loan, 1.50% to 3.85% for the 7-year term loan, 1.75% to 3.90% for the 10-year term loan, 2.00% to 4.15% for the 15-year term loan, and 2.25% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.75% per year to 6.30% per year for a 5-year term would be from $178.58 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93. 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. 

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!

Yes it does. I think my wife needs to certify the employment and do more with the PSLF as I think the loan officer that told her about it did not say anything about recertifying… I am hoping she can get certified then and possibly still make it work because she has been at her current public teaching job 9+ years and I hope her digging more into it can get it all certified and her loan taken care of.
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.
My father was a policeman, killed in the line of duty, when I was fifteen years old. I am the oldest of six children. We have not had the help of a faher or mother to make things easier through my husband’s layoffs, etc. With three children I got tired of our financial sinking so, unfortunately, decided to go to college to make things better. At age 50 I received my bachelor’s degree, and graduated Magna Cum Laude. After being used and abused as a substitute for over 10 years, I could see I was too old and didn’t have a “rich” name to get in. Finally, I decided they could not stop me from making more income, so I drove 110 miles a day into a snow belt to college and worked two part time jobs, as I suffered through the stress of getting a Master’s Degree in Education. I worked for awhile as an adjunct professor and am now retired at 70. I still owe about $11,000 at the ridiculous rate of 6.25%. I have had deferments, but paid ahead when I could, to stay in good grace with Nelnet. Is there any chance of a loan forgiveness now that my retirement is only $380.00 a month, plus monthly social security of $700.00??? Could I get a forgiveness since I have been paying since 1998 and/or because my father was a policeman killed in the line of duty(and an army veteran)? (The original two loans were serviced through the bank and then given to Nelnet [which I did not authorize??]. I paid off my Master’s degree loan first because the loan was less, but the interest was higher.)
I have around $190k in loans consolidated. I make $86k a year and my husband brings in about $50k. I put the loans in IBR 2 years ago and they want my payments to be over $1800/month. There is no way possible we can pay that!! So at the time I put them in forbearance. Now I need to do something and want to pay on them but honestly can’t do it at that payment amount. What other options do I have?
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.
After spending weeks communicating with other companies I had about given up on refinancing my loans. I decided to give one more company a try. Laurel Road (formerly DRB Student Loan) was such an easy online process I almost didn’t believe. I would recommend them to anyone. Student loans are stressful so it’s so nice knowing there’s a company out there to make the process as pain free as possible!
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.

On the one hand, I can see that I have agreed to work in public service for at least 10 years, making no less than 120 qualifying payments, and my loan payments are adjusted according to my income. So, I can see that this might be seen as a service obligation. On the other hand, I am not limited by FedLoan to work in a specific geographic location (major metropolitan area or rural area), for a specific company (state government, non-profit mental health agency, etc.), or for a specific time frame.
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