Tim, I took out loans under similar circumstances. I know the loans were federal but I have no idea what the program was. I know they weren’t Perkins loans and I’m not sure if they were Stafford loans or not but I think they were. The loans were serviced by SalieMae from inception starting around 1994. I moved out of forbearance, consolidated the loan to a 25 year repayment plan and have made every payment since September of 2004. I’ve also been a public sector (state) employee since 2002. I’m having trouble determining if my loans qualify. The Public Service Loan Forgiveness Program stipulates that “only loans you received under the William D. Ford Federal Direct Loan (Direct Loan) Program are eligible for PSLF.” I’ve never heard of the program and assume it was created concurrent or subsequent to the inception of this program in 2007. Does that mean I am only eligible if I took out the original loans, or consolidated my loans after a certain date?
I am an EMT/Firefighter working for a tribal fire and rescue agency. I am also a local volunteer fire fighter. I started my AS in respiratory therapy almost 2 years ago and received Stafford loans. I do not know why they didn’t give me Perkins loans or if it matters. I have a 3.97 GPA and am due to graduate in December with a huge bill. Despite my years of service, good grades and financial need, I have been unable to find scholarships or grants beyond the federal programs. I am trying to be smart about my upcoming student loans and not make mistakes. From all my reading, it seems I would have been better off with Perkins loans, but despite my inquiries to the school… I haven’t received any reason why or information regarding the matter. Any advice?
I am an EMT/Firefighter working for a tribal fire and rescue agency. I am also a local volunteer fire fighter. I started my AS in respiratory therapy almost 2 years ago and received Stafford loans. I do not know why they didn’t give me Perkins loans or if it matters. I have a 3.97 GPA and am due to graduate in December with a huge bill. Despite my years of service, good grades and financial need, I have been unable to find scholarships or grants beyond the federal programs. I am trying to be smart about my upcoming student loans and not make mistakes. From all my reading, it seems I would have been better off with Perkins loans, but despite my inquiries to the school… I haven’t received any reason why or information regarding the matter. Any advice?
To jump off her question a little – I’m a former teacher turned SAHM homeschooling our three children. When applying annually for the REPAYE program, do I have to show that I’ve been searching for employment? Or is it enough to apply jointly with my husband and send in documentation for his income? I do not plan to job search or go back to work anytime soon as I intend to continue homeschooling. I’m just wondering how that choice will affect our eligibility for programs such as REPAYe. (My husband and I both have eligible federal student loans).
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.
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
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less.  A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
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.
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.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
What kind of consolidation did you do, and what were your loans (all Federal? all Private? a mix of both?). The Loan Forgiveness Program that everyone is looking at is only for Federally-funded student loans, and currently, does not offer benefits for any loans that were taken out before October 2007, so until that eligibility rule is officially changed, you won’t be able to take advantage of the program.
Military personnel continue to have access to some of the best Federal student loan forgiveness benefits, with options for using programs like the incredible Public Service Loan Forgiveness Program (which they qualify for as Military Personnel, or Government Employees), or the amazing College Loan Repayment Programs, which offer up to $65,000 in forgiveness to eligible service members.
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.

Variable rate options 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, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% 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. 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 0.54% to 4.16% for the 5-year term loan, 1.86% to 4.21% for the 7-year term loan, 2.11% to 4.26% for the 10-year term loan, 2.36% to 4.51% for the 15-year term loan, and 2.61% to 4.76% 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 2.68% per year to 6.30% per year for a 5-year term would be from $178.27 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.
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.
This student loan forgiveness program cancels a percentage of a borrower’s Federal Perkins Loan if they work full-time in an eligible field. You will have a portion of your loans forgiven for each year of service. The specific cancellation terms depend on your line of work, but this program awards up to 100% forgiveness. For the majority of Perkins Loan cancellations, the cancellation terms are as follows:
I am an officer in the army reserves I was active duty for two years with a deployment I have a contract for 8 years in the reserves but I still have about 60k in loans from school while in rotc but I am currently not full time is their anyway to get my loans forgiven or is my only option is to keep doing the income based repayment plan and in 20 years have them forgiven and would I have to stay in for 20
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.
You’ll have to evaluate your situation to decide whether refinancing federal student loans is a wise decision. For example, if you work in the public sector and could qualify for loan forgiveness in the future, you’d typically be better off keeping your federal loans. On the other hand, if you don’t work in the public sector and you’ve had no problems making your loan payments to date, then you may want to go ahead and refinance to save money on interest.
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.
I have $129,000 in debt from school loans. However, I had surgery and almost died during the time I was in school. I got behind on my dissertation and was kicked out of school. My forbearance time is coming up. I am scheduled under federal loans for the income driven repayment. Is there any recourse? My loans are consolidated and up to date right now.

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.
Once you apply, it can take from 30 to 45 days to process. During that time, we complete the credit review process, you (and your cosigner, if applicable) will sign the loan documents and we will ask you to obtain payoff statements from your current loan servicers. If you prefer, we can schedule a call with you and your current loan servicer(s) to verify the loans you want to consolidate.

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.
Second, typically any changes made to repayment plans will keep you grandfathered in. Congress can’t phase out PSLF simply by de-funding it. They actually have to pass legislation to change it, and any retroactive changes will likely fail (both to pass, and if it does pass, will likely die in court). We can’t guarantee that, but it’s what will likely happen in our opinion.

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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