Peace Corps volunteers are eligible to apply for Stafford, Perkins and Consolidation loans deferment, as well as partial cancellations of Perkins Loans (at 15% for each year of service, up to a maximum of 70% in total loan Perkins Loans forgiveness for service). For more information, contact the Peace Corps at 1-800-424-8580, or visit the Peace Corps website here.
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.
Whether the terms of your student loans aren’t working for you or you want to look into securing a lower interest rate, refinancing could be just what you need. It doesn’t take much time to check out top student loan lenders for your refinancing options. If you decide you want to apply, you could start saving money on your loans in less than a month.
Hi, Thank you for compiling all of this valuable info into one place. Your website has answered a lot of my questions. I am 90 days past due & was advised to apply for an IBR by my borrower. My question is I should be approved for an $0 payment due to being unemployed. Should I file taxes at all, with my husband as a dependent or how can we handle the tax aspect so we can keep our heads above water?
I just have come across your website and this blog. A job well done, and thank you! I had to step down from my career in September of 2009 and file for disability. I was awarded full disability in August of 2011, and it was retroactive back to the time of initial filing – in September of 2009. I have been utilizing forbearance all this time, not knowing about “TPD Discharge” until this past week. My forbearance is up in six days, from today (according to Navient (formally Sallie Mae as I am sure you know), and I only have a little time left on forbearance – “student loan debt burden.” I have always paid any debt I owed and had full intentions of doing this as well. However, I had no clue my health and a surgery in 2011 to correct the “issue” would go awry overnight. I have read some on the “total and permanent disability discharge” and see that if they approve they would monitor you for five years to make sure you did not return to work. My goal is to return to work. I refuse to take “no” for an answer from a lot “people.” I just lost almost four years of returning to work after surgery due to the “mess up” with the surgery, and the fact that a neurosurgeon will not see a prior surgical patient until after a three-year-mark from the original surgery. I finally have consult appointments with to NS’s the first of December. Do you know if the TPD Discharge is retroactive (or if I can even apply if I am looking for it to be retroactive?” As well, I need to do something, quickly as my forbearance ends in six days, as I stated above. Would you suggest applying for a new forbearance right now and then embarking on the TPD Discharge? I feel horrible about this as I always pay my debt, but the interest and such is accruing, I do not make the money I used to make, no matter how much I made all these years working, your disability income is not substantial to survive on a “bare note” these days. I just need some help in understanding or if you have any thoughts about what to do. Thank you again for your help. I hope you enjoy your weekend!
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.
Perkins loan cancellation. Borrowers with federal Perkins loans can have up to 100% of their loans canceled if they work in a public service job for five years. In many cases, approved borrowers will see a percentage of their loans discharged incrementally for each year worked. The Perkins loan teacher benefit is for teachers who work full time in a low-income public school or who teach qualifying subjects, such as special education, math, science or a foreign language.
Second, typically any changes made to repayment plans will keep you grandfathered in. Congress can’t phase out PSLF simply by de-funding it. They actually have to pass legislation to change it, and any retroactive changes will likely fail (both to pass, and if it does pass, will likely die in court). We can’t guarantee that, but it’s what will likely happen in our opinion.
Loyalty Discount Disclosure:The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Moving your loans to a private lender or grouping your government debt with a new federal loan servicer could be the turning point of your repayment. If you’re unsure which route to take, consider scenarios when refinancing makes sense or whether consolidation would be wise in your case. In the end, the best decision is the one that’s best for you.
RePAYE is a modified version of PAYE that has become available to borrowers after December 17, 2015. Unlike PAYE, which was available for loans taken out after 2007, RePAYE is open to all Direct Loan Borrowers, regardless of when the loan was taken out. The repayment plan still caps your payment at 10% of your discretionary income, and the loan will be forgiven after 20 years.
Good Morning Robert, I did an (Obama) forgivness loan agreement with NationalStudentCenter.com 1(866)359-3821. Currently unemployed and said I qualified for my loans to be consolidated and reduced all the way to $0 for the next 20-30 month with the first 3months being $197.33. Paid thru my checking and already one month in. The wierd thing is I had to Esign the App so they can move forward with the process. I received an email from NelNet saying that they received my App. But I never Esigned the App because I started to become skeptical about the loan. With the info that I just provided you, can your expertise tell me if this is a scam? If so how do I get out of it.
I have student loans about 28000 and did finish my degree due to the depression and OCD which I had since I was born plus 3 years ago my dad become disable due to the stroke which currently disable and no job. I had to quite my collage and staying with him to help him daily. No degree and no job only had 4100 Last year. What should I do and how can I pay the loan. Is there any forgiven loan program. Any recommendation which can help me please
Many lenders offer student loan refinancing, from traditional banks, to credit unions to online lenders. Before choosing one, shop around and compare your offers. Several lenders make it easy to get an instant rate quote online with no impact on your credit score. By checking your rates with a variety of providers, you can find a refinanced student loan with the best possible terms.
FIXED APR Fixed rate options consist of a range from 3.50% per year to 5.55% per year for a 5-year term, 4.00% per year to 6.00% per year for a 7-year term, 4.30% per year to 6.40% per year for a 10-year term, 4.60% per year to 6.80% per year for a 15-year term, or 5.05% per year to 7.02% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 5.14% per year to 6.25% per year for a 7-year term would be from $142.00 to $147.29. The monthly payment for a sample $10,000 loan at a range of 5.24% per year to 6.65% per year for a 10-year term would be from $107.24 to $114.31. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.05% per year for a 15-year term would be from $80.65 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.61% per year to 7.27% per year for a 20-year term would be from $69.41 to $79.16. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed 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. VARIABLE APR Variable rate options consist of a range from 2.50% per year to 6.05% per year for a 5-year term, 3.75% per year to 6.10% per year for a 7-year term, 4.00% per year to 6.15% per year for a 10-year term, 4.25% per year to 6.40% per year for a 15-year term, or 4.50% per year to 6.65% 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 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% 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 3.49% per year to 6.31% per year for a 5-year term would be from $181.87 to $194.77. The monthly payment for a sample $10,000 loan at a range of 4.86% per year to 6.36% per year for a 7-year term would be from $140.68 to $147.82. The monthly payment for a sample $10,000 loan at a range of 4.91% per year to 6.41% per year for a 10-year term would be from $105.63 to $113.09. The monthly payment for a sample $10,000 loan at a range of 5.16% per year to 6.66% per year for a 15-year term would be from $79.92 to $87.99. The monthly payment for a sample $10,000 loan at a range of 5.41% per year to 6.91% per year for a 20-year term would be from $68.28 to $76.99. 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.
In the early 1990’s I was an “adult learner” (25 yrs old), a single parent, living on my own, having zero child support and receiving some forms of welfare assistance while I was employed and attended school full-time. I did not qualify for scholarships and had to take out school loans to supplement my schooling cost and used the loan “refund” to pay my living bills (utilities) for 6-8 months ahead in the event I couldn’t or didn’t have the money to make my bills at that given time. I attended an accredited school 4 years, graduated with 2 associate degrees and began working almost immediately. However, due to HMO’s and my chosen field’s national organization, Occupational Therapy, not really pushing the benefits of OT/COTA nor explaining to the public what it was exactly, the facility where I was employed fazed all COTA’s out. After a short period of time I went back to school, a trade school (Cosmetology), had to apply for loans again and again, did not qualify for scholarships.
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?
Additional student loan repayment assistance programs (LRAPs): There may be other national or organizational student loan repayment assistance programs offered for public service professions. The National Institutes of Health, for example, offers up to $35,000 in debt assistance annually to health professionals who are appointed by the institutes to conduct research. The American Bar Association has a list of state LRAPs for lawyers.