You — or your co-signer— typically need credit scores that are at least in the high 600s. Many refinance lenders seek borrowers with scores in the mid-700s. The better your (or your co-signer’s) credit, the better the rate you’ll likely qualify for. Additionally, you need enough income to comfortably cover your expenses, student loan payments and and other debts.
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.
I had a 47,000 student loan from 1997. In 2008 I was a substitute teacher and was not able to get any kind of loan adjustments to save my home. I have since stayed with various relatives and today I received a letter from a debt collector stating that the loan has been turned over to them. The last time I moved I was able to get work as a substitute teacher again. School has just begun so I am not working yet. The letter says that I now owe almost 90,000. $40,000 has been added to my loan. What should I do and do I qualify for any kind of loan forgiveness. How is it different since, it has been turned over to a debt collector.
RePAYE is a modified version of PAYE that has become available to borrowers after December 17, 2015. Unlike PAYE, which was available for loans taken out after 2007, RePAYE is open to all Direct Loan Borrowers, regardless of when the loan was taken out. The repayment plan still caps your payment at 10% of your discretionary income, and the loan will be forgiven after 20 years.

I Would LOVE for somebody to help me figure out my student loans….. I have a company garnishing my wages from one company to another company I’m paying money too…. and then then I got another letter from a lawyer saying I owe more money..WHAT is going on? ???? I started out with maybe 35 To 40 thousand debt which is up to 70or 80thousand now…. and I don’t know what’s going on and I need somebody to help me…
You — or your co-signer— typically need credit scores that are at least in the high 600s. Many refinance lenders seek borrowers with scores in the mid-700s. The better your (or your co-signer’s) credit, the better the rate you’ll likely qualify for. Additionally, you need enough income to comfortably cover your expenses, student loan payments and and other debts.

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?


In the early 1990’s I was an “adult learner” (25 yrs old), a single parent, living on my own, having zero child support and receiving some forms of welfare assistance while I was employed and attended school full-time. I did not qualify for scholarships and had to take out school loans to supplement my schooling cost and used the loan “refund” to pay my living bills (utilities) for 6-8 months ahead in the event I couldn’t or didn’t have the money to make my bills at that given time. I attended an accredited school 4 years, graduated with 2 associate degrees and began working almost immediately. However, due to HMO’s and my chosen field’s national organization, Occupational Therapy, not really pushing the benefits of OT/COTA nor explaining to the public what it was exactly, the facility where I was employed fazed all COTA’s out. After a short period of time I went back to school, a trade school (Cosmetology), had to apply for loans again and again, did not qualify for scholarships.
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.
Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.

I came across your blog in my pursuit of refinancing my student loans which I consolidated back in 1999. I currently have a consolidated subsidized loan with approximately $25k outstanding, and a consolidated unsubsidized loan with approximately $35k outstanding. Both loans have a fixed rate of 7.25%. If it’s relevant, the owner of both loans is Keybank, and both loans are guaranteed by PHEAA. To my understanding, I have not been paying the loans back pursuant to any specific payment plan (e.g., IBR, PAYE, graduated repayment plan, etc.), but on a regular monthly payment plan amortized over a 30 year period. I took advantage of the deferment option for two (2) years in the past, and at my current interest rate and payment amount, I’m estimated to pay the loans off in 2032. My question to you is “Can my loans be forgiven in the 25 year period that I have read about in your blog?” If so, when would the 25 year period have begun for determining when my loans will be forgiven? If my loans are not able to be forgiven, what are my options if any (other than refinancing the loans to lower the interest rate)?
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.

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??

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 have a question I have a parent plus student loan that I never applied for, the loan paper they mailed to me has what looks like my signature. But I never signed that paper there are three different types of hand writing on it, any way my son was paying it until there was a class action law suit for his loan that was ac heaved the same way mine loan was I have been telling them for years not my email that you are sending the bills to I everyone once in a while would get a letter via snail mail. it has been about 10 years and I have never made a single payment and I have been sent to Pioneer collection. what can I do.
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.
I have two graduate school loans from 2010 to 2013 – Stafford Loan and Grad Plus loan. I am currently enrolled in the pay as you earn program but am confused on the “loan forgiveness” opportunities. If I am not working in a public sector; can I still qualify for the 10 year forgiveness or does that automatically place me in the 25 year category? Also, am I responsible for taxes on the amount that is forgiven after 10 or 25 (whichever is applicable to my situation)?

I went back to college at 35, just to get the piece of paper because I couldn’t get an accounting job without a degree after moving to a college town, even with nearly 20 years experience. Because of my hour commute to the next state for work, my most flexible choice was Univ of Phoenix online. I graduated in 2011, and went into repayment in March 2012. I paid 1 loan off before graduation and I’ve paid ahead since then, killing off 1 loan at a time so I’m down to only 5 loans left, with 1 of them paid down so it’ll pay off over a year early. Because I had my payment frozen a couple years ago, I’m also paying about $50 extra a month. I haven’t worked in almost a year and a half for medical reasons, and am waiting for a disability appeal hearing because I was denied on a technicality, so my boyfriend has been covering my student loan payment to protect my credit, and because I was raised that you pay what you owe. Am I better off continuing as is or will an IBR program not hurt my credit standing? It’s not that he minds, but I feel bad about him paying it when I can’t work.
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.
Sadly, you’re not missing anything except you could have been more aggressive with certifying your income on an IBR program earlier. IBR will end after 25 years from when you started making payments under IBR as long as you never defaulted on the loan during that time (even with the forbearance). Have you called your lender to see when your 25 years is up? It could be 2018 based on a 1993 loan consolidation and being on IBR the entire time. However, if you didn’t start IBR until 2010 (it was hard to follow your timeline), then it will be over in 2035.
I have been very impressed with my application process with LendKey! Their customer service team is prompt in responding to any inquiries via email and very helpful on the phone! The application process was easy to follow and very user friendly! With LendKey's help, I'll be saving nearly $400 per month on my student loans! I'm absolutely thrilled and feel like I can breathe again knowing how much this is going to help me financially and the ability to pay my loans off faster. Thank you LendKey!
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.
Yes, you should rehabilitate your loans and get on an income-based repayment plan again. When on the plan, you might consider filing your taxes married filing separately. You need to talk to a tax professional and see if it makes sense, but if you do, they will only count your income for your loans (which is $0). That will make your payments $0. However, your husband will pay much more in taxes as a result, so it might not be worth it – you have to do the math. Here’s an article about that: IBR and Married Filing Separately.
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.
All loans must be in grace or repayment status and cannot be in default.  Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment.  Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico.  All loans are provided by KeyBank National Association, a nationally chartered bank.  Member FDIC.  For more information, visit www.laurelroad.com.
Do student loans ever “expire”? I have about $ 11,000 in student loans from 1984-1988 from before we were married. They were consolidated around 1998. I have been a stay at home mom since 1993. We now have 8 kids, Our budget has always been tight, & although we will have my husbands student loans paid off in 2 years, there never has been enough extra to make consistent payments on mine. My loans have have been in & out of forbearance, deferment, rehabilitation, etc. They have been in default (again) for some time. Last year they took our income tax return. Now the collection compay is suggesting another rehabilitation – but I am a stay at home mom and don’t expect to ever have my “own” income. Is my husband obligated to pay my loans from his salary? Can they put a lien on our home? Should I be even considering signing these rehab forms? They want to set us up on a year of monthly payments I am not even sure we can meet. And after the loan is rehabilitated & some other company buys it I am sure our payments will increase. I feel like I am lying by agreeing to make these payments, as I am not sure we can. What should I do? – Thank you!
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!
Obama student loan forgiveness. There’s no such thing as “Obama student loan forgiveness.” However, some student “debt relief” companies use it as a catch-all term for free federal programs — which they charge to enroll borrowers in. If you encounter a company offering “Obama student loan forgiveness,” consider it a red flag. Enrolling in federal programs like income-based repayment and federal student loan consolidation is free to do on your own through the Department of Education.
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