You’ll need to figure out if the loan is Private or Federal, and then determine if you have any sort of qualifying conditions, like working for the right kind of employer, in the Non-Profit space, Federal Government, as a Nurse, etc., to see if your wife matches any of the available Forgiveness programs currently on offer. It’s not a simple question!
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.
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.
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.
Loyalty Discount Disclosure:The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

These programs should be looked down upon. We’re allowing adults to borrow, and then fail to deliver on their promise to repay. The burden of their failure to pay is carried by the taxpayer, generally those who repay their debts to society. Honest people are being punished by others poor education investments. If we keep incentivizing behavior like this, the entire society will suffer. I can’t blame those taking advantage of this system, it seems to be in their best interest in the short term. The problem lies with those who create the system, generally politicians who create social programs to buy voters.


I have about 325,000 consolidated student loan debt with the fed gov’t once graduated in 2009. I was under the IBR plan but loss of employment and medical bills caused me to go further into debt. I filed Bankruptcy but this did not cover the loans…I have a doctoral degree but have not been able to find anything in my field as a result to make the salary I was previously making. I am working 2 jobs to cover the BK payments plus my normal living expenses. I am wanting to ensure that I am doing everything possible to utilized the forgiveness option at the end of 20-25 years. Any thoughts or recommendations? Am I eligible for PAYE on the 2007??… I never thought I would be in this position and don’t want to be stressed. I have cut my lifestyle down to the bare minimum but it doesn’t seem like I can get ahead…

Loyalty Discount Disclosure:The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.


Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school. People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.
My wife has two Navient loans. She was making regular payments but her principal kept growing. They would be months when none of her money was applied to principal even though she paid every thirty days. Then she would get a whopping accrued interest bill. We went to several agencies including CFPF protesting. They would ask Navient for a reply and accept anything Navient said and close the case.
Good Morning Robert, I did an (Obama) forgivness loan agreement with NationalStudentCenter.com 1(866)359-3821. Currently unemployed and said I qualified for my loans to be consolidated and reduced all the way to $0 for the next 20-30 month with the first 3months being $197.33. Paid thru my checking and already one month in. The wierd thing is I had to Esign the App so they can move forward with the process. I received an email from NelNet saying that they received my App. But I never Esigned the App because I started to become skeptical about the loan. With the info that I just provided you, can your expertise tell me if this is a scam? If so how do I get out of it.
I had to file to drop my classes because I was in bed rest for four months. I was told that since it was a medical emergency that I wouldn’t be expected to pay back any student aid that I received and I could continue once I was off bed rest. When I tried to go back I was told that I had to pay off my loan first. So I did. Then I was told that another loan had been taken out in my name. The address that they claimed the check was delivered to has never been my address, nor have I ever lived there. It was the address of an estranged sibling that I have had no contact with. I explained this, but I was told that I still have to pay the loan or my transcripts would be held hostage so that I could never go back to college anywhere. The advisor that they appointed me when I first enrolled had been fired, so I found a new one who worked for the state. He tried to help me sort things out. On one conference call they told him that a loan had been sent to the fore mentioned address, on another they claimed that I had outstanding fines from aid money that I needed to repay. We called the office that handles all student aid info and they said that I do not owe them money and if I did then it would be between me and the state, not the school. So we called them again and again they claimed that I had taken out a second loan. The new advisor said he’d never seen anything like it and he said that I still qualify for a full scholarship if I can get my transcripts released. I don’t have the money to pay the loan back twice. It took me years to pay it back the first time. Any ideas? I’ve tried just about everything, including reporting it on the FBI’s identity theft site.
I have a question. My fiancé owes about 42000 with dept of education fed loan servicing, just got a notice that the new revised income driven is now $260 a month that we can not afford (for 28 years!?) that’s 87000 we will be paying off by the end of it! Is there any way to get out of that!? How can someone buy a 50000 truck and pay $700 a month for five years and that’s done but 42000 in loans is over 28 years and turns into 87000! We need help. We can’t lay $260 a month but also don’t want to end up paying almost 90k
It's that simple.  What's even better is that your income could be low enough to qualify for zero or minimal repayment, at which your loan will be forgiven at the end. Yes, there may be tax consequences, but that shouldn't deter you from these programs. It is the best alternative if you can't afford your loans and you are looking for forgiveness options (and we discuss the taxes a bit at the end of the article).
Yes. You can choose to consolidate while you are still in school, during your grace period or after your grace period expires. If you choose to consolidate while you are still in school or during your grace period, you will lose any remaining grace period on the loans that you are consolidating, and you will begin making payments approximately 30-45 days after your loan is disbursed.
I’ve been working for a non-profit for 4.5 years, and am on IBR, and have made 47 payments (full, on-time, etc….in other words, “qualifying payments.”) I have certified my employment. About half my loans ($25k) are through FedLoans, and the other half are through Navient. I’m on IBR for both. Navient told me they “don’t handle PSLF.” FedLoans told me I need to move my loans to them, by contacting Navient and asking them to transfer them to FedLoans. I did, and Navient told me they couldn’t transfer them, and that I should consider consolidation. It looks like if I consolidate, I’ll lose credit for the payments I’ve made!
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??

I filed for divorce in October 2016, our divorce won’t be final for two months yet. Because I married a high wage earner I have been paying $632/mo. On IBR, before marriage my payment was $107/mo. Can I file married but separate? Would you know if I need my husbands permission? He of course wants the higher tax break to benefit his bottom line- this is a contentious divorce- he is difficult to negotiate with. However, I need to secure a lower payment, one that reflects my new income.
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.
Citizens Bank Education Refinance Loan and Education Refinance Loan for Parents Eligibility: For the Citizens Bank Education Refinance Loan and Education Refinance Loan for Parents, primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not reached the age of majority in their state of residence, a co-signer will be required and may not be eligible for co-signer release. For the Citizens Bank Education Refinance Loan, applicants may not be currently enrolled in school and applicants with an Associate’s degree, or with no degree, must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced.  Citizens Bank observes the right to modify or discontinue these benefits at any time. Both Education Refinance Loans and Education Refinance Loan for Parents are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned or affordability, as applicable. The minimum student loan refinance amount is $10,000. Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. Resources are available to help the borrower make a decision, including a comparison of federal and private student loan benefits, at https://studentaid.ed.gov/sa/types/loans/federal-vs-private.
Hello I was hoping that you can offer some advise. I have over 6 student loans from Great Lakes higher education which are both secured and unsecured totaling around 60K. I’m currently in school finishing a masters degree and really want to try to take care of this but I’m currently working off of one income with my child and things are really tight to pay the $600 being stated for repayment. I’m in the banking industry and my job is not offering any assistance in paying this back and I only make around $40K. Any advise is greatly appreciated, thank you for your time.
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.
Note: Servicing for this program is managed by another federal student loan servicer. If you enroll in Public Service Loan Forgiveness, your eligible loans will be transferred from Great Lakes to that servicer. Also note, you may not receive a benefit for the same qualifying payments or period of service for Teacher Loan Forgiveness and Public Service Loan Forgiveness.
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.
It depends on where you work today and what type of loans you have. It’s not about your school or what you did or didn’t do. Do you work in public service? Do you have Federal loans? If so, you’ll likely qualify for Public Service Loan Forgiveness. If you have Federal loans, you’ll likely qualify for one of the repayment plans above that includes forgiveness.
Income-driven repayment forgiveness. The federal government offers four main income-driven repayment plans, which allow you to cap your loan payments at a percentage of your monthly income. When enrolled in one of these plans, your remaining loan balance will be eligible for forgiveness after 20 or 25 years, depending on the plan. These plans are most beneficial for those with large loan balances relative to their income.
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