I went to Everest College for Court Reporting in 2007-2008. I did not graduate, but chose to leave after I slowly realizing I was in real danger of being scammed by the school. How the entire program operated just didn’t seem right, and I didn’t feel that I had been told the truth about the success rate upon graduation, or that my education with them was up to par. However, I had already racked up several federal loans because we were called into student aid every 3-4 weeks in-between classes to renew our loans in order to continue to even the next class that day! After about 10 months I knew I had to leave, but these loan amounts due from that time have persisted. The school was closed in 2015 or 2016 I believe, after I was long gone. Do I qualify for loan dismissal/forgiveness?
All plans just look at your income from your tax return – so it also depends on how you file (married filing jointly versus married filing separately). That discretionary income is calculated on your AGI from your return, and it’s the same metric used for IBR, ICR, and PAYE. The difference is that IBR is 15% of discretionary income, while ICR is 20%. ICR also does not include forgiveness at the end, so IBR is always better.

 I was seventeen no high school diploma failed enrollment testing did not have correct birth date and was told I could enroll for school. They had me sight on two loans when I was Grant accepted. Due to my lack of knowledge I was not aware of what I was signing. I failed my studies and was told I couldn’t graduate with my class because I was pregnant but rather than say I completely failed my course they pushed me into the next graduation class. School closed in 1992 so I was not able to return or retain original school documents.


Variable rate options consist of a range from 2.50% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% per year for a 15-year term, or 4.75% per year to 6.90% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.45% to 4.25% for the 5-year term loan, 1.95% to 4.30% for the 7-year term loan, 2.20% to 4.35% for the 10-year term loan, 2.45% to 4.60% for the 15-year term loan, and 2.70% to 4.85% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.50% per year to 6.30% per year for a 5-year term would be from $177.47 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93.
Your best option would be to find a way to qualify for the Public Service Loan Forgiveness Program, which offers total forgiveness after just TEN years of payments (instead of the typical 20). To qualify for PSLF, you’ll need to work for the Government, a Non-Profit, or some other position that is included on the eligibility guidelines. See my page on the Public Service Loan Forgiveness Program (linked above) for a breakdown of the details.
What about consolidating? I was paying for years on my loan, decided to consolidate for a lower monthly payment and then was told about the public loan forgiveness plan. Long story short, I had to start the payment process all over! They say there is nothing I can do about that now… do you know if there is a way to get those previous payments counted? I mean it all goes to the same place in The end… department of Ed! So annoyed!
My advice for you is to first sign up for one of the Income-Based Student Loan Repayment Plans so that your monthly payments are dropped to an affordable amount, then get on the Public Service Loan Forgiveness Program (I think your status as a Reservist on permanent active duty will qualify, but you’ll have to double check on that), which will allow you to get your loans discharged after making payments for a set number of years, no matter how much debt remains.
Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school. People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.
Robert I really appreciate what you are doing here. This student loan thing is so complicated. I am the parent of a grad-student who graduated in May with a degree in film (screenwriting) we co-signed on his private loans ($130k) and he still doesn’t have permanent/full time work. We have spoken to the loan provider and they want us to repay the loans since our son can’t yet. I don’t know how many of these options are available for private loans. Right now they want $1100 per month, which we can’t pay and neither can our son. We should never have co-signed because now its going to affect our credit and his. What are out options? Thanks
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.
On the one hand, I can see that I have agreed to work in public service for at least 10 years, making no less than 120 qualifying payments, and my loan payments are adjusted according to my income. So, I can see that this might be seen as a service obligation. On the other hand, I am not limited by FedLoan to work in a specific geographic location (major metropolitan area or rural area), for a specific company (state government, non-profit mental health agency, etc.), or for a specific time frame.
For example: if you elect to have the National Service Trust send $1,000 of your education award towards payment on a Direct Loan, and under your repayment plan you are expected to pay $100 each month, your education award payment would count as 10 payments towards PSLF, and you would not owe another payment for 10 months from the date the lump sum payment was applied.
It depends on where you work today and what type of loans you have. It’s not about your school or what you did or didn’t do. Do you work in public service? Do you have Federal loans? If so, you’ll likely qualify for Public Service Loan Forgiveness. If you have Federal loans, you’ll likely qualify for one of the repayment plans above that includes forgiveness.
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)
Through my current employer, many of the other therapists have applied for and have been awarded loan forgiveness monies through the National Health Services Corps (NHSC) Loan Repayment Program. As I understand it, these two programs work differently and I am trying to figure out whether or not they can be used simultaneously. The NHSC information says that I can’t have another “service obligation” or that service obligation needs to be finished, terminated, completed by the application deadline.
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
You’ll need to figure out if the loan is Private or Federal, and then determine if you have any sort of qualifying conditions, like working for the right kind of employer, in the Non-Profit space, Federal Government, as a Nurse, etc., to see if your wife matches any of the available Forgiveness programs currently on offer. It’s not a simple question!
I’ve read as many of the above comments as I could in order to avoid a repeat question, but couldn’t find any that directly addressed my situation. I’m scared to contact Direct Loans (all of my considerable undergrad and grad student loans are Federal loans), because I’ve been in default for so long. Just before I completed my Ph.D., two things happened. One: I became a mother with very bad post-partum depression, and Two: I had a nervous breakdown because my graduate advisor stole my work and sabotaged my ethnographic field study due to sheer incompetence. I didn’t fight any of it (see above references to total physical and emotional breakdowns), but instead focused on keeping myself and my children alive and in gradually improving health. It really was a survival situation. My husband has been our sole provider since I left graduate school (ABD), and I have not been employed outside the home since then. I have, however, homeschooled both of our children diligently and well, as well as run a small organic farm on one income. His income is barely enough for us to do this. It is certainly not enough for us to pay 15% of our income to loans, and so I am also exploring ways to use my education for income so that I can pay off loans. Like…write a bestseller. Yeah. (It’s actually not a total pipe dream. I do have one 600 page novel nearly finished, and it’s pretty damned good.) So my question is this: since none of my debt was incurred while married, and since I have not been employed since 2003, and since I DO very much want to repay my debt, but it pretty much seems completely hopeless, what can I do? What’s the best way to go forward here?
LendKey: 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.

I will start repaying my 75,000 loan (undergrad/grad). I’m a military spouse and currently don’t have a job. How I can tackle my student loan with only 1 income. I’m planning to join the Navy reserve, will that help forgive some of my loan? What is the best way to pay off my loan considering our current income situation? I can pay at least 200 a month but can I do that or the FedLoan servicing will set the amount that I need to pay? You’re feedback will be very helpful. Thank you.

I’m looking for options. I’m currently defaulted on $27,000 and in the process of applying for a discharge due to the school not ensuring my ability to benefit (I did not graduate high school and did not have a GED, yet they never gave me any sort of test to determine if I’d be able to benefit from my chosen program), which I assume will be approved, however currently they’re taking my tax refund (which I really cannot afford to lose) so if for whatever reason I’m denied I am hoping to have options so I don’t continue to have my tax refunds taken.
I owe $62,000 in student loans that I consolidated with Fed Loan Servicing. I am currently paying them back and figure I will be paying on them forever. Some of this amount is due to a couple small forbearances. Over half of the amount that I owe is interest. That is the part that hurts. The amount of interest owed. I gladly will pay back the principal amount owed, but the interest is ridiculous and right now my entire payment goes to interest only. Is there any plan that forgives some of the interest owed? Or that would offer a better interest rate? My current rate is 7.25%. Thank you
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 went to Everest College for Court Reporting in 2007-2008. I did not graduate, but chose to leave after I slowly realizing I was in real danger of being scammed by the school. How the entire program operated just didn’t seem right, and I didn’t feel that I had been told the truth about the success rate upon graduation, or that my education with them was up to par. However, I had already racked up several federal loans because we were called into student aid every 3-4 weeks in-between classes to renew our loans in order to continue to even the next class that day! After about 10 months I knew I had to leave, but these loan amounts due from that time have persisted. The school was closed in 2015 or 2016 I believe, after I was long gone. Do I qualify for loan dismissal/forgiveness?
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?
The money I was making wasn’t very much and I put the student loans under an IBR with a payment of $0 per month. My original loans were all subsidized but because I consolidated them around 1993 (there was some law that came into effect right afterward to protect borrowers who had subsidized loans) they still accrue interest. My current balance is over $53,000.

Whether the terms of your student loans aren’t working for you or you want to look into securing a lower interest rate, refinancing could be just what you need. It doesn’t take much time to check out top student loan lenders for your refinancing options. If you decide you want to apply, you could start saving money on your loans in less than a month.
Moving your loans to a private lender or grouping your government debt with a new federal loan servicer could be the turning point of your repayment. If you’re unsure which route to take, consider scenarios when refinancing makes sense or whether consolidation would be wise in your case. In the end, the best decision is the one that’s best for you.
The quoted Annual Percentage Rate (APR) with discount includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account and requires a 5-year term. APRs may vary based on terms selected. Repayment term options may include 5, 7, 10, 15 and 20 years based on credit qualifications. (A 20-year repayment term is available when the consolidation loan amount is $50,000 or more). Variable interest rates are based on an Index, plus a margin. The Index is equal to the Prime rate published in the Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 10/01/2019 and subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction, credit history, and loan term selected and will be determined when a credit decision is made. For questions, please contact us at 1-877-315-7723.
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.
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.
You’ll need to figure out if the loan is Private or Federal, and then determine if you have any sort of qualifying conditions, like working for the right kind of employer, in the Non-Profit space, Federal Government, as a Nurse, etc., to see if your wife matches any of the available Forgiveness programs currently on offer. It’s not a simple question!
CommonBond: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.19% effective August 10, 2019.
Good day! My husband and I are currently in a dental residency program that we’ll finish summer of 2018. At the end, we’ll both be in debt of around $400k together. DO you suggest for us to start paying it off a little as we can? Does it make sense to consolidate/refinance now? Our loans are all direct unsubsidized federal loans which have interest rates from 6- 7.5%.

You’ll need to figure out if the loan is Private or Federal, and then determine if you have any sort of qualifying conditions, like working for the right kind of employer, in the Non-Profit space, Federal Government, as a Nurse, etc., to see if your wife matches any of the available Forgiveness programs currently on offer. It’s not a simple question!

Total and permanent disability discharge. If you cannot work due to being totally and permanently disabled, physically or mentally, you may qualify to have your remaining student loan debt canceled. To be eligible, you’ll need to provide documentation proving your disability. Once your loans are discharged, the government may monitor your finances and disability for three years. If you don’t meet requirements during the monitoring period, your loans may be reinstated. Details on the application process are available at disabilitydischarge.com.
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