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.
Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.
I received my master’s degree in 1998 and have been paying towards my federal loans since (aside from a short period of forebearance). I entered the IBR plan about two years ago. In terms of the loan forgiveness component, do my seventeen years of payments prior to entering IBR count towards the 25-year forgiveness mark, or did that 25-year period only commence with my entrance in the IBR program itself (in which case I would conceivably be paying off my loan over 42 years)?
What kind of consolidation did you do, and what were your loans (all Federal? all Private? a mix of both?). The Loan Forgiveness Program that everyone is looking at is only for Federally-funded student loans, and currently, does not offer benefits for any loans that were taken out before October 2007, so until that eligibility rule is officially changed, you won’t be able to take advantage of the program.
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??
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 September 1, 2019, the one-month LIBOR rate is 2.14%. Variable interest rates range from 2.34%-9.33%(2.34%-9.33% 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 co-signer. 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 co-signer. 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...
I have about 200,000 in student loans. I am just starting to pay them off. I work for an Intermediate unit, so I was told I would qualify for PSLF after ten years of making payments on time. I was also told I can consolidate to decrease payment amounts. I am not sure which plan to choose to remain in the PSLF program. Do I have to do IBR? Or can I select Graduated which gives me a lower payment? I would love to have the smaller monthly payment and extended loan amount. Any suggestions?
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.
Citizens Bank, one of the nation’s oldest and largest financial institutions, provides an integrated experience that includes mobile, online banking and lending solutions, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches. Citizens Bank is a leader in Student Loan solutions, offering lending solutions for parents, students and former students. The Citizens Bank Education Refinance Loan is a leading solution helping graduates and former students to better manage their student debt. Citizens Bank helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions.
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.

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.
State-sponsored repayment assistance programs. Licensed teachers, nurses, doctors and lawyers in certain states may be able to take advantage of programs to assist with repaying debt. For example, the Mississippi Teacher Loan Repayment Program will pay up to $3,000 per year for a maximum of four years on undergraduate educational loans to teachers with a specific teaching license for each year of teaching full time in a particular geographical or subject area. Contact your state’s higher education department to find out if you qualify for a program.
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