Refinancing federal student loans means you turn them private. As a result, you lose access to federal programs, such as income-driven repayment and Public Service Loan Forgiveness. Some private lenders offer help if you run into financial hardship, but this varies by lender. If you’re relying on federal protections, then you should not refinance your federal student loans. But if you’re comfortable sacrificing these programs, refinancing could be a smart strategy for paying off your loans.
Right now, you aren’t eligible for the reduced loan forgiveness benefit (forgiveness after 20 years), since your loans are older than October 1st, 2007. You should be eligible for forgiveness after 25 years of payments in 2022 though, and if they remove the qualification regarding age of the loan, then you may end up qualifying for complete forgiveness earlier.
I have a hard time finding any jobs I qualify for in some of the very rural areas the Army sends my husband. I have been told I’m over qualified since I have my master’s degree to work at a college. I was also in a car wreck in 2003 and now have a lot of issues with my knee (have had surgery) and neck (need surgery). My brother who is an RN said I definitely need to qualify for disability… But I’ve been fighting it, not sure I’m ready to do that. But there are times when I can’t use my left arm and have been in physical therapy so many times now for my neck and knee. My husband (been married 11 years) has no plans of helping me pay on my student loans at all. And some employers don’t want to hire a military spouse knowing we’ll have to move within 2 years. This student loan debt is ALWAYS on my mind and I get very depressed over it (I graduated in 1995 and did pay on them before I started moving around with my husband.) I just don’t even know what to do…
Im on SSDI and had my dr fill out paperwork for them to do the forgiveness. My dr. filled out that paperwork 5 times. starting in 2008. They wrote this off about 2 years ago my mom told me I remember you calling and telling me they finally did it. Now they are telling me that only 2 are discharged and 2 are still in 3 year period. Ive been in that 3 year period for ever then. Im not exactly sure what more to do but if they continue this and I start having problems with my heart thats going to be an issue for me. any advise Ive been on disability now for almost 8 years. when this started I had only been on it for 1 year
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.
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.
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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