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.
Forgiveness isn’t an option for defaulted loans. You’ll need to use consolidation or rehabilitation to get defaulted federal student loans in good standing before they’re eligible for forgiveness programs. If your loans won’t qualify for forgiveness, student loan settlement or bankruptcy may reduce your debt in severe cases. Defaulted federal loans are eligible for discharge programs.
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
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.
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I have loans with Navient. I had thought these were federal student loans….but I saw that someone mentioned that they had loans with Sallie Mae (No Navient), and you told them they were private loans and that there is no forgiveness for private loans. ?? Why do my loans at Navient say “Federal Student Loans”?? These are consolidated loans. Are they indeed private? Sorry, this is all so confusing.
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I have been forbearing my loans and on my credit report for the last couple of years shows that my payments have been made on time. As of the last couple of years I haven’t worked due to pregnancy and staying at home caring for our child. I’m not married, but my significant other does claim our children and myself. If I qualify for the $0 repayment plan, will he be responsible for the remaining balance at the end of the loan terms? Since he claims me on his taxes, is it possible for them to go after him?
Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2019, the one-month LIBOR rate is 2.05%. Variable interest rates range from 2.25% – 9.24% (3.25% – 9.24% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.45% – 9.49% (3.45% – 9.49% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. 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. 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.
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.
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.
Hello! I have over $120,000 in subsidized/unsubsidized student loans (not including interest). I was in dental school but I was dismissed due to failing. Now I’m stuck with loans for something I didn’t even earn. I didn’t have any loans while I was an undergraduate student, I had scholarships and grants. I’m currently pursuing a Master’s degree in public health, and I am preparing to begin a career as a teacher next year. I haven’t started paying loans yet because they’re still in deferment due to me being in school, but when I do I plan to do the IBR plan. I am hoping that I will also be able to qualify for public service loan forgiveness and teacher loan forgiveness. I believe that they’ll forgive up to $17,500 if I teach secondary science? Do you know if I could qualify for both forgiveness plans? Does teaching at a community college qualify me for public service or teacher loan forgiveness? Also, I understand that with the IBR, the loan can be canceled after 20-25 years. So, if I have the PSLF, it will be canceled in 10 years instead, correct? I also had a scholarship at the dental school that was turned into a loan because I didn’t complete the program and graduate to work in a rural area. However, I was dismissed, I didn’t voluntarily withdraw from the school. Now they’re expecting me to pay over $50,000 back, with about $20,000 of it behind and being sent to collections because they would not work with me to set up a payment arrangement (I didn’t have a job at the time). What can I do about that? Could I file bankruptcy to get rid of it? Any advice you can give will be wonderful.
I was enrolled in Army ROTC from 2007-2011. I had a false statement filed against me and was given one of two options. Serve 4 years active duty starting out as an E-1, or fight it with a formal board. I fought it and just recently have exhausted all my appeals. Several cadre members had even made statements pertaining to how the process was stacked against me from the beginning. I involved a state Senator and Congresswoman who both opened congressional inquiries. Still to no avail.
I have two loans outstanding : 1) original in Jan 1997 from Sallie Mae and 2) original 2012 from Navy Federal. I am a nurse practitioner and cannot figure out how middle class people are supposed to qualify for these federal loan dismissal programs. I have been in graduate school for past 3 years paying as I go along. What is left for me to do to get these paid off or forgiven? Very frustrating to say the least.
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.
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