Hello I saw this article and found it confusing. I am in $35-40k in debt and my loans are in good standing because I’ve deferred them but of course the interest is what had escalated. I just started working and muy income is not very high at al and am a single mother of 3. What do you suggest I do? I’m not quite sure which plan would work. Also if you get on one of these plans do they pull/take your income tax every year?

Student loans can be expensive. Whether you refinance federal student loans, refinance private student loans or both, you will work with a private lender to refinance student loans. This is because the federal government does not refinance student loans. Lenders want to refinance student loans for borrowers who they believe will repay their student loans.
“Obama Student Loan Forgiveness” is a nickname for the William D. Ford Direct Loan program. The name came about when President Obama reformed part of the Direct Loan program in 2010 by signing the Health Care and Education Reconciliation Act of 2010.  As a result of expanded funding for federal student loans, more borrowers gained access to more options with loan repayment.
Yes I’m in the process of filing an application for loan forgiveness for a parent plus loan I’ve got all the info and the original denial letter from sallie Mae that said I wasn’t able to get this loan then was given one how in the hell does this happen. My son attended that ITT Tech school back in 2010. Do you think I will get some forgiveness for the institute falsely misrepresented my credit history?
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.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
I have a question about Public Service Loan Forgiveness. I started with 160k in student loans in 2012. After graduation, I enrolled in a standard 25 year repayment plan but paid extra each month to get to an amount that I thought would repay the loan 10 years. From 2013 until January of 2016 I paid $1,750 per month. The entire time I was working in the Public Service field. Finally, in 2016, I gave up on leaving the public sector and decided to enroll in the PSLF plan and stick it out in the public sector for the remaining 7 years to get the loan paid off. However, for the previous payments to qualify they would have had to have been $1,766. Because my calculations were off, my payments were $16 short each month; and I didn’t get credit for the 3 years of payments. Is there any way to appeal this decision?
I was a teacher for almost 15 years at three different Title I schools which qualified me for the “service related” but I never took advantage of it because I was making good money. I decided to change jobs and to work for New York State in a juvenile detention center as a teacher, and I lost that job. I have been two years with out a job and no unemployment for the past year, so this doesn’t qualify me for the “service related” forgiveness plan. What should I do?

I am an officer in the army reserves I was active duty for two years with a deployment I have a contract for 8 years in the reserves but I still have about 60k in loans from school while in rotc but I am currently not full time is their anyway to get my loans forgiven or is my only option is to keep doing the income based repayment plan and in 20 years have them forgiven and would I have to stay in for 20
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans.
I always recommend an income-based repayment plan if you need it. It just makes the most sense. And borrowers shouldn’t worry about the election – if anything changes, history tells us that it will just impact future borrowers, not existing ones. Each new payment plan, forgiveness program, etc. typically isn’t retro-active, but rather only impacts loans that originate in this year.

I went through a state-funded program for vocational rehabilitation. The state’s classified me with a disability but I chose to get rehabilitated rather than go on SSI. Here’s the two part question. Based on this info would I still qualify as disabled even though I don’t collect Ssi ? And second I noticed that the school that the state put me through charged me $27,000 for that six months of training I can’t seem to get proof that I wasn’t supposed to be Billed. I think there’s fraud here but I can’t seem to prove it is there anything I can do in either case?
I owed 160,000 on student’s loans; I qualified for the 10 years forgiveness plan. I have been paying since 2007. My income is not that high, so I have to get a second job in order to be able to make the payments for the student loans. Last year, I found out that none of the payments I made since 2009 qualified for the 10 years forgiveness program, because I was paying under the wrong plan and not the IBR plan, nobody told me that in order to qualified for the 10 year forgiveness program the condition was to be under the IBR payment. Although, the payments before were higher than what I’m paying now under the IBR plan.

“Obama Student Loan Forgiveness” is a nickname for the William D. Ford Direct Loan program. The name came about when President Obama reformed part of the Direct Loan program in 2010 by signing the Health Care and Education Reconciliation Act of 2010.  As a result of expanded funding for federal student loans, more borrowers gained access to more options with loan repayment.
I am in the same situation as Stephanie, I have made 5 years of consistent payments on a graduated repayment plan. I was counting on PSLF after 10 years, but was told by my FedLoan that none of my graduated payments would count because it is not a “qualifying repayment plan”. I did a lot of research when I first started paying my loans to ensure that I would qualify, and I could have sworn that graduated was listed as a qualifying repayment plan. Everywhere I read now, it says that it is not a qualifying plan. I did fill out a certification form recently, but they said it would take 90 days to process. Please help!
Advice please! I have $260,000 in undergraduate and graduate school loans which continues to grow due to interest. I am currently under IBR since 2011 and pay 15% of my AGI which is $100,000. I understand after 25 years any amount will be forgiven but will be taxed as income. So in 21 years after my loans continue to increase due to interest I will have approximately $450,000-$500,000 in loans forgiven. If they tax that as income that means I’ll be taxed roughly 40% of $550,000-$600,000 which is $220,00. Then I’ll have to get on a repayment to pay those taxes. It will be a never ending task to pay off my school loans unless I hit the lottery. Any advice please?
Second, typically any changes made to repayment plans will keep you grandfathered in. Congress can’t phase out PSLF simply by de-funding it. They actually have to pass legislation to change it, and any retroactive changes will likely fail (both to pass, and if it does pass, will likely die in court). We can’t guarantee that, but it’s what will likely happen in our opinion.
I have 2 student loans from Great Lakes higher education one for aprox $9,000 and one for Aprox $19,000 it looks as if they defaulted not my credit report in 2013 however the loans were taking out between 2002-2006 I believe. I am now unemployed I have been for 6 years. I have filed for social security disability. Does this change anything about repayment or if I’m approved for disability will that change anything for repayment? I really hope you have some info on this no one seems to know. Thank you.
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.
The Income Based Repayment Plan (IBR) is one of the most common repayment plans borrowers switch to if they are having financial hardship.  If you have loans from before July 1, 2014, you payment will not be higher than 15% of your discretionary income.  On this plan, you will make payments for 25 years, and at that point, your loans will be forgiven.

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I was called this morning from a loan company that calls me everyday but today I decided to answer. They told me they were from Allied Navient and wanted to take my loans from 35,428.06 to 2394.08. Is this a scam? The first person that I talked to when I answered seemed like he was paid to just break through the wall that I put up! The second person had my info and when I seemed interested in her offer she got me to a manager! He got on the phone and immediately took the offer to 1597.00 to put me in good standing? I have resources (friend) available to help but I don’t want to put him in that situation! He also wouldn’t give me the money until I researched to find out if I was getting scammed as he had never heard of that kind of offer!
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.
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 am conflicted bc after reading your articles I feel like it will still make more sense for me to switch plans (in order to pay 10% of income as opposed to 15% monthly and bc I have not paid much off my debt thus far in a few years). However, my family has advised me that I need to see real numbers to know how much I will owe when my loans are forgiven in 25 years when my taxes are due. In my head adding an extra $35k to my $206k balance will be just the same when those taxes are due-seemingly impossible. But it is true that I do not know how to calculate the actual numbers to have a better idea of what kind of added interest the added $35k will make to my total that will be forgiven in 25yrs which I will then owe in taxes.
Given your debt load and income, my guess is you’re a lawyer or doctor. Remember, the goal of such a high degree of education is to boost your income. Do you think you’ll be at $100k forever, or do you expect that to climb? I would expect it to climb, which also means your payments will rise under IBR, and you could also make extra payments to lower your debt.
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.
Federal student loans offer benefits that many other loans don't. One benefit is the ability to qualify for loan forgiveness—under special circumstances, the federal government may forgive part, or all, of your federal student loans. This means you're no longer obligated to make your loan payments. Another benefit is there may be some situations where you may qualify to have your loans cancelled or discharged.
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