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.
I finished grad school with about 50k in federal direct loans. I immediately went to work in a non profit and enrolled in IBR repayment plan. I paid on this for about 5 years which left me owing about 80k. At the time I was not concerned because I figured I would remain in the same field for at least 10 years and would be eligible for forgiveness. However, I got a new job in the private sector last year, nearly tripling y salary. I switched to standard repayment plan and have paid down my loan aggressively and am now back down to about 45k. My fixed interest rate is 6.5%. I plan to pay off the remainder in the next year (barring any catastrophic events). My question is — is my best bet to just continue (over) paying my loans on this current plan or do I have any other options? Am I able to pay them off with a private loan that has a lower interest rate? Thanks so much for your help!
Unfortunately, student loan forgiveness programs tend to leave the parents out in the cold. In fact, there are very few options for any sort of recompense for parents and grandparents (or other cosigners) who helped kids pay for college. I think the Government has taken the viewpoint that the kids are being scammed by shady lenders, but that the adults should have known better.
Refinancing has some big potential benefits, including the possibility of lowering your interest rate to save you money on accruing interest. Alternatively, it might reduce your payments to a more affordable level, if you’re willing to shell out more interest over time. A student loan refinancing calculator can calculate your potential savings (or cost).

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
Good day! My husband and I are currently in a dental residency program that we’ll finish summer of 2018. At the end, we’ll both be in debt of around $400k together. DO you suggest for us to start paying it off a little as we can? Does it make sense to consolidate/refinance now? Our loans are all direct unsubsidized federal loans which have interest rates from 6- 7.5%.
I am planning on consolidating my parent plus loans into a direct loan and using PSLF to pay since my income is $45,000 and i work for the state government. Under a possible change to student loan repayment, if i start the ICR plan, and the budget takes it away, am i grandfathered into that plan? Since that is the only one that accepts PLUS consolidation loans i am worried about making 2 or 3 years payments towards PSLF and then having it all thrown away when they change the repayment plans and i dont qualify for the new ones because its a PLUS consolidation loan.
The Know Before You Owe Initiative – To ensure that graduates aren’t saddled with excessive monthly payments that would surely put them in the bread line, President Obama committed to offering them the ability to cap monthly student loan payments at just 10% of discretionary income, a move that would save some borrowers hundreds to thousands of dollars per month
Forgiveness isn’t an option for defaulted loans. You’ll need to use consolidation or rehabilitation to get defaulted federal student loans in good standing before they’re eligible for forgiveness programs. If your loans won’t qualify for forgiveness, student loan settlement or bankruptcy may reduce your debt in severe cases. Defaulted federal loans are eligible for discharge programs.
Refinancing student loans makes sense for many people if they are eligible. For starters, student loan consolidation (which is included in the student loan refinancing process) simplifies the management of your monthly payments. Refinancing allows you to consolidate both your federal and private loans, select a repayment term that makes sense for you, and often lower your interest rate. Here at Earnest, the entire application process is online, and you could have your new low interest rate loan in less than a week. Borrowers who refinance federal student loans should be aware of the repayment options that they are giving up. For example, Earnest does not offer income-based repayment plans or Public Service Loan Forgiveness. It’s possible to consolidate federal student loans (Federal Perkins, Direct subsidized, Direct unsubsidized, and Direct PLUS loans) with a Direct Consolidation Loan from the Department of Education, but this will not allow you to lower your interest rate and private student loans are not eligible.

Total and permanent disability discharge. If you cannot work due to being totally and permanently disabled, physically or mentally, you may qualify to have your remaining student loan debt canceled. To be eligible, you’ll need to provide documentation proving your disability. Once your loans are discharged, the government may monitor your finances and disability for three years. If you don’t meet requirements during the monitoring period, your loans may be reinstated. Details on the application process are available at disabilitydischarge.com.
I took out Federal Student Loans in 1986 totaling about $25,000. Repayment began in 1992. I consolidated Perkins and Stafford loans in 1995. I have made 188 payments totaling $55,800 of which only $12,800 has gone to principal the remaining has gone to interest. I feel this is ridiculously upside down for a federal student loan. My current balance is $38000. Is there anything I can do to have all or part of this forgiven? I also very small loan from 2011 at a lower interest rate. Would consolidating make any difference?

Hi, Robert. I have two loans, one through Navient that the interest has been paid off on and the principal is down to 16,000. I have another loan for 19,000 through Great Lakes that just went into repayment. Between the two loans my payments are around 350 a month. I’m looking into the IBR but don’t want to start over on a 198-month term since my first loan is from 2003 and I’ve already paid the interest. I also work for a non-profit as an RN so I want to apply for the Public Service Loan Forgiveness. Is it worth it to start over with a new term?

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.
Ran across your site and then this posting while searching. My loans are currently in an IBR plan but I would love to not have the $14,000+ looming over my head. Unfortunately there does not seem to be any option other than to remain in the IBR and update/reapply every Fall until I die! I do see that you state that it is forgiven after 25 years of payments for a loan taken before July 2014, however, I pay nothing since my income is zero. Prior to having no income I was working in the public service field working with low income children in early childhood education but not long enough to qualify for that type of forgiveness. I am currently a full time and unpaid caregiver for my disabled 5-year-old. We get no public assistance in regards to his care. Qualify based on income but we refuse to liquidate the savings account meant to be used to get us in to a home that will suit our son’s needs and safety better. So I guess my best bet is to keep things as they are with the IBR. Just wish I could be rid of it all-together!
I was enrolled in Army ROTC from 2007-2011. I had a false statement filed against me and was given one of two options. Serve 4 years active duty starting out as an E-1, or fight it with a formal board. I fought it and just recently have exhausted all my appeals. Several cadre members had even made statements pertaining to how the process was stacked against me from the beginning. I involved a state Senator and Congresswoman who both opened congressional inquiries. Still to no avail.

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.

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!
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
Total and permanent disability discharge. If you cannot work due to being totally and permanently disabled, physically or mentally, you may qualify to have your remaining student loan debt canceled. To be eligible, you’ll need to provide documentation proving your disability. Once your loans are discharged, the government may monitor your finances and disability for three years. If you don’t meet requirements during the monitoring period, your loans may be reinstated. Details on the application process are available at disabilitydischarge.com.