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.

Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
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.
Im so happy I found your site. I need help. I owe $270,000 in student loans from medical school. $60,000 of it is from private loans. Both my subsidized and unsubsidized federal loans have been in repayment for 10 years. My balance has actually gone up approx. $25,000. Due to interest and two short term forebearances. I discovered IBR plan last year and qualified, but this year i will not qualify. Im stuck and feel like I will be paying this well beyond retirement years. Im 40 yrs old.
Im so happy I found your site. I need help. I owe $270,000 in student loans from medical school. $60,000 of it is from private loans. Both my subsidized and unsubsidized federal loans have been in repayment for 10 years. My balance has actually gone up approx. $25,000. Due to interest and two short term forebearances. I discovered IBR plan last year and qualified, but this year i will not qualify. Im stuck and feel like I will be paying this well beyond retirement years. Im 40 yrs old.

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.
Your credit score is a barometer of your financial responsibility. Most lenders evaluate your credit score (or its underlying components), and want to ensure that you meet your financial obligations and have a history of on-time payments. Generally, top lenders expect a minimum credit score in the mid to high 600's, while others do not have a minimum.
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:

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
To answer your specific question about loan forgiveness and retroactive qualification though, no, you would begin making qualifying payments as soon as you enrolled in the right repayment plan. The payments you’ve made up to that point do not count toward your 20 years’ worth of full, scheduled, on-time payments, at least how the law is currently written.
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.
Hello Robert, I recently read your post about FedLoan servicing which is my student loan servicer. I am a recent grad and my loans have just exited their grace period. I have been in the process for about 2 months now to try and switch to a pay as you earn or an income based plan. My application is in, but have not heard about processing. Any advice on how to achieve and get news about this with FedLoan servicing?
Did you stop paying your loans? If they went into Delinquency or Default, then you won’t be able to get approved for another Federal loan until you fix that. I would recommend that you read through my Guide to Student Loan Delinquency and Default, then look at my page on Student Loan Rehabilitation. I think these will be your best options for getting back into repayment status so you can get approved for a new loan.
I have a hard time finding any jobs I qualify for in some of the very rural areas the Army sends my husband. I have been told I’m over qualified since I have my master’s degree to work at a college. I was also in a car wreck in 2003 and now have a lot of issues with my knee (have had surgery) and neck (need surgery). My brother who is an RN said I definitely need to qualify for disability… But I’ve been fighting it, not sure I’m ready to do that. But there are times when I can’t use my left arm and have been in physical therapy so many times now for my neck and knee. My husband (been married 11 years) has no plans of helping me pay on my student loans at all. And some employers don’t want to hire a military spouse knowing we’ll have to move within 2 years. This student loan debt is ALWAYS on my mind and I get very depressed over it (I graduated in 1995 and did pay on them before I started moving around with my husband.) I just don’t even know what to do…
Hi. Ten years ago my husband attended a for profit college that will officially be closing its doors in September of this year due to false recruitment practices. He worked in the field for 10 yrs but two years ago he could no longer take the pay or the hours and changed fields. His loans were all federal loans. Does he qualify for loan forgiveness?
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!

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.
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

It's almost mind-boggling how much money I'll save through refinancing my student loans with SoFi - I'd literally be paying tens of thousands more with my original loans. Now that I’ve refinanced my student loans with SoFi, I see a light at the end of the tunnel. I’m able to put away a little bit more, think about long term goals, save for a house - and I know this burden isn’t going to be over my head for the rest of my life.

I have federal loans that are over 28 years old. I now owe around 45,000. After I graduated I got pregnant and my daughter had health issues that required me being her primary caregiver, at home. I had a note from her doctor stating that fact. (Should have said that these loans were before I got married). My husband has no part in any of them. I worked as an LPN for about 5 years after she was older and in those 5 years my husband lost his job and we filed bankruptcy and lost our house. In 2008, we moved to another state and I had to homeschool my daughter. After 8 years, my husband was laid off and was lucky enough to be transferred to another state. He bought a house in his name only and the bank account has always been in his name only, as well. He knows I have a large amount of student debt. Daughter is now in college and due to anxiety issues cannot drive. I have to drive her to college and to her therapy appointments. She is and has been unable to be home alone-although therapy is working on that, with her. As my husband works 2nd shift, I cannot work (she would have to be home alone). Loans have been in deferment/forbearance and I just received notice that my deferment is ending. I can’t do IBR because they would count my husbands income…and I have had zero income for about 8 years. I don’t know where to turn. We have been through so much with our daughter and we never intended to be a one income family. What do I do?? My husband can’t make a payment for me and I have no idea at this point (due to daughter’s therapy) when I can return to work. Someone suggested just not paying and filing an injured spouse every year. It’s just so stressful. Any help would be appreciated.
I would just like to acknowledge your continued support and communication to the people who come to this site in search of answers – sometimes desperate, usually in despair, or incredibly stressed how to unearth the mountain of debt they’re under (including myself). I see this long thread of messages and I am astounded by your commitment to help nearly everyone that shares their story. So, short story long, THANK YOU for your work in bringing people direction, comfort, and help when they have no where else to turn. Even if you don’t receive much thanks, you are very much appreciated.
I had a 47,000 student loan from 1997. In 2008 I was a substitute teacher and was not able to get any kind of loan adjustments to save my home. I have since stayed with various relatives and today I received a letter from a debt collector stating that the loan has been turned over to them. The last time I moved I was able to get work as a substitute teacher again. School has just begun so I am not working yet. The letter says that I now owe almost 90,000. $40,000 has been added to my loan. What should I do and do I qualify for any kind of loan forgiveness. How is it different since, it has been turned over to a debt collector.
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?
Military student loan forgiveness and assistance. Military personnel in the Army, Navy, Air Force, National Guard and Coast Guard may qualify for their own loan forgiveness programs. In the National Guard, for example, qualifying soldiers and officers could receive up to $50,000 to pay off federal student loans through the Student Loan Repayment Program.
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