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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.

Next, you can choose what type of interest rate you want when you refinance. Variable-rate student loans can cost you less to start, but there’s the possibility that the interest rate goes up later. As a general rule, a variable-rate loan works well when you only need a couple years to pay off the balance, but you may also want to read more about choosing between fixed and variable student loan refinancing.

Thank you for such a quick reply. We are in this together:) The payment they said that we would owe, using his income alone, would be $368.00 each month. That is not possible in any way, at this time. After the house payment, vehicle payment and insurance, along with utilities, food, gas, therapy for my daughter, it’s just not. I also was diagnosed with a cerebral aneurysm earlier in the year and our deductible for that was $4,000……another payment. I should have said that I drive my daughter to college and we live 25 miles from college and from her therapy appointments…so lots of gas. I am thinking the best thing would be to file separately. If I get any sort of work at home job…which I am trying to do, it would just make that payment go up! So, now we are going to have to tighten our belts because we may/may not get a refund next year.
Along with your credit score and annual income, some lenders also look at your savings and debt-to-income ratio. Finally, some lenders require proof of graduation, as they’ll only approve borrowers who have obtained their degree. If you left school before graduating, there are relatively few student loan refinance providers that will work with you.
I am unemployed and my loans are in default, if I set up a payment plan will my loans come out of default? if so how soon. I know this sounds strange but I can not get a job in my field without an Bachelors or Masters I currently have an Associates) and want to go back to school to finish, I need loans to accomplish this. Also will I be able to get federal loans… or will that require private banks and I do not have a co-signer, there are eight of us kids, Mom is co-signed out!
I have two loans outstanding : 1) original in Jan 1997 from Sallie Mae and 2) original 2012 from Navy Federal. I am a nurse practitioner and cannot figure out how middle class people are supposed to qualify for these federal loan dismissal programs. I have been in graduate school for past 3 years paying as I go along. What is left for me to do to get these paid off or forgiven? Very frustrating to say the least.
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.
Student loan forgiveness for nurses. Nurses shouldering student debt have several options for student loan forgiveness: Public Service Loan Forgiveness, Perkins loan cancellation, and the NURSE Corps Loan Repayment Program, which pays up to 85% of qualified nurses’ unpaid college debt. Public Service Loan Forgiveness may be the most likely option for most nurses — few borrowers have Perkins loans, and the NURSE Corps program is highly competitive.
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