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 had utilized student loans to obtain a BS and then went into the Army in September 2007. I was commissioned in September 2008. I have since obtained a MS and now my BS loans are starting to become due. I am Active Guard Reserves which means I’m a Reservist on permanent active duty. My student loans are over 800.00 a month and way too high to afford. Which if any of these forgiveness programs do I qualify for and who would I contact to initiate the process?
The Know Before You Owe Initiative – To ensure that graduates aren’t saddled with excessive monthly payments that would surely put them in the bread line, President Obama committed to offering them the ability to cap monthly student loan payments at just 10% of discretionary income, a move that would save some borrowers hundreds to thousands of dollars per month
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.
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.
Private student loan lenders want to ensure that you have sufficient income to repay your student loans. Lenders want proof that you have stable and recurring monthly income and cash flow. Examine your pay stubs and identify your after-tax monthly income. When you subtract your proposed monthly student loan payments, does a sufficient amount remain for other essential living expenses?
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?
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.

Tim, thanks for doing what you do here. Any word on changes to the PSLF program, in lieu of the proposed $57K cap? I’m in the IBR program, working for a 501(c)3 nonprofit, and have been making qualifying payments for approximately six years – and I’m terrified that changes to the PSLF program will affect me. All my loans are federal. Also, I’ve been told by my loan servicer in the past that I don’t do anything “now” for PSLF, that I wait until closer to the end of the 10 years. Any insight into that?
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…
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.
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.

Im on SSDI and had my dr fill out paperwork for them to do the forgiveness. My dr. filled out that paperwork 5 times. starting in 2008. They wrote this off about 2 years ago my mom told me I remember you calling and telling me they finally did it. Now they are telling me that only 2 are discharged and 2 are still in 3 year period. Ive been in that 3 year period for ever then. Im not exactly sure what more to do but if they continue this and I start having problems with my heart thats going to be an issue for me. any advise Ive been on disability now for almost 8 years. when this started I had only been on it for 1 year

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!
Good day! My husband and I are currently in a dental residency program that we’ll finish summer of 2018. At the end, we’ll both be in debt of around $400k together. DO you suggest for us to start paying it off a little as we can? Does it make sense to consolidate/refinance now? Our loans are all direct unsubsidized federal loans which have interest rates from 6- 7.5%.
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?
To ask questions after you have submitted your Federal Direct Consolidation Loan Application and Promissory Note, contact the servicer for your new Direct Consolidation Loan. If you submitted your application online, your consolidation servicer’s contact information was provided at the end of the online process. If you submitted a paper application by U.S. mail, your consolidation servicer’s contact information was available when you downloaded or printed the paper application.
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?
Variable rate options consist of a range from 2.50% 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 0.45% to 4.25% for the 5-year term loan, 1.95% to 4.30% for the 7-year term loan, 2.20% to 4.35% for the 10-year term loan, 2.45% to 4.60% for the 15-year term loan, and 2.70% to 4.85% 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 2.50% per year to 6.30% per year for a 5-year term would be from $177.47 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.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
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.
I strongly encourage you to do the same. At $100k, you likely take home about $6k-7k per month (this is after taxes, insurance, 401k, etc). If you switched to the standard repayment plan for your loans, your monthly payment would be around $3k per month. You’d be debt free in 10 years. At the same time, that gives you $3k to $4k in discretionary income to live off of – still very reasonable. Maybe you need a roommate, maybe you need a used car? I don’t know the answers on your personal “sacrifices”, but I am telling you your student loan debt will catch up with you one way or another.
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans.  Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans.
Perkins loans would have been a better idea because the benefits are better, but it sounds like you should still absolutely qualify for the BEST Federal Student Loan Forgiveness Program available – the Public Service Loan Forgiveness Program, which offers complete loan forgiveness after 120 monthly payments have been made (that’s 10 years worth of payments).
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).
I’m grateful I found this page via Pinterest but I’m also angry I didn’t know it before. I’ve been deferring my $40000 consolidation loans for 8 years because I could never afford even the minimum payment. My current balance is now $63000. If I understand correctly, I could’ve been on IBR for 8 years now, probably with a payment of $0 since my income is usually right at poverty level?? I had checked into this before on Sallie Mae/Navient’s website, but it always said that the minimum payment is $208 for IBR (even with an income of $17k 2 person family)…I had no clue I had to go to a separate website (Studentloans.gov) to get a different answer. So frustrating that SM/Navient seems to NOT want people to know this information. I feel like I could’ve been 8 years closer to forgiveness.
I graduated back in 1991. In 92 or 93 I consolidated about $23,000 dollars in student debt with Sallie Mae. Over the next several years I had to do Forbearance a few times but by 2008 I had made about $51,000 in payments and had a balance of around $27,000. The economy crashed and the non-profit I worked for had to drop my income – a lot. We had to short-sell our house. I picked up some side work and eventually left the non-profit (501c3) in 2010. I took another job and essentially started over from a career standpoint.
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.
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.
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…
Student loan forgiveness for nurses. Nurses shouldering student debt have several options for student loan forgiveness: Public Service Loan Forgiveness, Perkins loan cancellation, and the NURSE Corps Loan Repayment Program, which pays up to 85% of qualified nurses’ unpaid college debt. Public Service Loan Forgiveness may be the most likely option for most nurses — few borrowers have Perkins loans, and the NURSE Corps program is highly competitive.
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