For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
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.
Tim, thanks for doing what you do here. Any word on changes to the PSLF program, in lieu of the proposed $57K cap? I’m in the IBR program, working for a 501(c)3 nonprofit, and have been making qualifying payments for approximately six years – and I’m terrified that changes to the PSLF program will affect me. All my loans are federal. Also, I’ve been told by my loan servicer in the past that I don’t do anything “now” for PSLF, that I wait until closer to the end of the 10 years. Any insight into that?
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.