The NURSE Corps Loan Repayment Program (NHSC) – This program was previously called the Nursing Education Loan Repayment Program (NELRP), and was created to help encourage RN’s to work in underserved hospitals and clinics, by offering them the chance to write off some of their student loans for qualifying service. The way it works is that RN’s will are able to have 60% of their Nursing loans written off for serving 2 years at a qualifying facility, along with 25% more for 1 additional year. That’s a pretty dang good deal, but it means you’d have to be willing to work at an underserved hospital or clinic, which could be a stressful, frustrating experience.

The information provided on this page is updated as of 10/11/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.
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.

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.

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.
My 120 qualifying payments could take me 20+ years to eventually make if I let it. With the NHSC program, the requirements are much more specific, rural area, two year commitment, etc. I am interested in potentially applying for the NHSC program as well. I know that the two programs work differently and I am wondering if you know whether or not they could be used simultaneously? Are you aware of whether or not this has this been done before?

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's important to note that while these "secret" student loan forgiveness options could be helpful to some borrowers, for others they may result in tax consequences (see taxes and student loan forgiveness). Under current IRS rules, you may be required to pay income tax on any amount that is forgiven if you still have a remaining balance at the end of your repayment period for any of these plans. The only exception to this is currently PSLF, which is tax free loan forgiveness.
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.
SoFi: Fixed rates from 3.46% APR to 5.98% APR (with AutoPay). Variable rates from 2.05% APR to 5.98% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.05% APR assumes current 1 month LIBOR rate of 2.05% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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?

SoFi: Fixed rates from 3.46% APR to 5.98% APR (with AutoPay). Variable rates from 2.05% APR to 5.98% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.05% APR assumes current 1 month LIBOR rate of 2.05% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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.
×