Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.
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!
You’re mixing up two different things. Graduated Repayment is a repayment plan that DOESN’T have forgiveness, but you can qualify for Public Service Loan Forgiveness (PSLF) anyway. As long as you can certify your last 4 years of employment (might take you tracking down some HR people), you can qualify. Simply fill out the certification form here: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
Remember that when you’re refinancing, you can pick exactly which loans you want to refinance. You’re free to refinance only your private student loans and continue paying off the federal loans like normal. You may find that option gives you the best of both worlds, allowing you to save money on your private loans while retaining the perks of your federal loans.
I’ve been working for a non-profit for 4.5 years, and am on IBR, and have made 47 payments (full, on-time, etc….in other words, “qualifying payments.”) I have certified my employment. About half my loans ($25k) are through FedLoans, and the other half are through Navient. I’m on IBR for both. Navient told me they “don’t handle PSLF.” FedLoans told me I need to move my loans to them, by contacting Navient and asking them to transfer them to FedLoans. I did, and Navient told me they couldn’t transfer them, and that I should consider consolidation. It looks like if I consolidate, I’ll lose credit for the payments I’ve made!
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!
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.
You job qualifies you, but the graduated repayment program does not until your graduated payment exceeds your 10-year standard payment (which typically doesn’t happen until the last few years of repayment). You need to switch repayment plans to standard 10-year, IBR, PAYE, RePAYE, or ICR – then you need to see if you’ll even have a balance left after 10 years.

I have about 200,000 in student loans. I am just starting to pay them off. I work for an Intermediate unit, so I was told I would qualify for PSLF after ten years of making payments on time. I was also told I can consolidate to decrease payment amounts. I am not sure which plan to choose to remain in the PSLF program. Do I have to do IBR? Or can I select Graduated which gives me a lower payment? I would love to have the smaller monthly payment and extended loan amount. Any suggestions?
I have been on the IBR Plan for a few years and due to such low income previously I have barely paid much off of my debt while my interest accrues. After reading your articles I checked studentloans.gov repayment calculator and double-checked with Navient- I am thinking of switching to the RePAYE plan as this would lower my monthly payments and take 10% of my discretionary income as opposed to the 15% that IBR takes.
Variable rate options consist of a range from 2.68% 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 0.54% to 4.16% for the 5-year term loan, 1.86% to 4.21% for the 7-year term loan, 2.11% to 4.26% for the 10-year term loan, 2.36% to 4.51% for the 15-year term loan, and 2.61% to 4.76% 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 2.68% per year to 6.30% per year for a 5-year term would be from $178.27 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.
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??
I currently owe 385,000 in student loans. My loans are a combination of undergraduate, law school and and LL.M degree. All of these loans are also at varying interest rates, from 5.8-8.5 and dating back to 2003. They are all federal and are direct, ffel, etc. One of the things I don’t understand is interest. I am currently on IBR which makes my payments affordable. But unfortunately I don’t make enough money to put a dent in the principal. Although my goal is to make more money, I just had the interest on my loan capitalized to the current amount because I did not recertify my IBR on time (this is my first year on IBR). I applied for reinstatement of IBR so I am waiting on approval. My question is, hypothetically if I am not able to increase my salary significantly enough to put a dent in the principal, will I owe BOTH the principal and the unpaid interest at the end of the 25 year term? And what happens to the unpaid interest while I am in repayment?
My 25 year old daughter’s student loan from 2011 is in collections. The original loan amount was approximately $7,800.00 and the balance due now is ~ $12,000.00. She is a single mom of one child and earned $13,000.00 last year. They took her 2016 tax refund of $5,000.00 to put towards her loan balance. When she called, they indicated they would accept $5,260.00 to settle and close the loan or she could try to have the loan returned to the Dept. of Education and then determine the best repayment options.

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.


I graduated back in 1991. In 92 or 93 I consolidated about $23,000 dollars in student debt with Sallie Mae. Over the next several years I had to do Forbearance a few times but by 2008 I had made about $51,000 in payments and had a balance of around $27,000. The economy crashed and the non-profit I worked for had to drop my income – a lot. We had to short-sell our house. I picked up some side work and eventually left the non-profit (501c3) in 2010. I took another job and essentially started over from a career standpoint.
I am happy that I found your site and thank you for all of the information that you have provided. So, I went to Heald College in Stockton, CA, and graduated with my Associates Degree in Accounting, well at least I thought I did. I walked the stage and never received my diploma in the mail when they said they were. I requested it many time and never got anywhere. I started working at restaurants because I could not find work in Stockton, CA, and Heald College was not a big help when they said they would have job placements. I then moved to Maryland on the East Coast and went back to school. While I was going to school I landed a job at a Law Office as a paralegal. My boss closed down her law practice and I went to apply for schools in the area. The school that I applied to asked me for a copy of my transcript from Heald College. I requested it from a third party because as you already know it closed down. When I received my transcript in the mail, I discovered that I only had 8 credits. I called the third party and said that this is a mistake and that I graduated in 2008. She checked and said no, that is the correct transcript. I then applied for one of the programs to get it discharged and it was denied. I’ve tried calling the lawyers in California that worked on the case and never received a response back. If I go back to school I have to start all over again and still have this debt as well as the new student loans that I would have to take out. I hope you will have some pointers for me!
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.

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.
Military student loan forgiveness and assistance. Military personnel in the Army, Navy, Air Force, National Guard and Coast Guard may qualify for their own loan forgiveness programs. In the National Guard, for example, qualifying soldiers and officers could receive up to $50,000 to pay off federal student loans through the Student Loan Repayment Program.
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