After spending weeks communicating with other companies I had about given up on refinancing my loans. I decided to give one more company a try. Laurel Road (formerly DRB Student Loan) was such an easy online process I almost didn’t believe. I would recommend them to anyone. Student loans are stressful so it’s so nice knowing there’s a company out there to make the process as pain free as possible!
I’m concerned about changes in loan information and the status of civil service enrollment. It appears purported loan was sold to Navient but the balances don’t match and there is no original balance, lender or name of school. When I went to get job training I was denied because the government had no record of my civil service registration from the 80’s. In order to get student loans this was necessary. I paid off loans from my BA but loans from private technical college have the issues. Can I have Navient verify the debt and address civil service and training issues?
Hello Robert, I recently read your post about FedLoan servicing which is my student loan servicer. I am a recent grad and my loans have just exited their grace period. I have been in the process for about 2 months now to try and switch to a pay as you earn or an income based plan. My application is in, but have not heard about processing. Any advice on how to achieve and get news about this with FedLoan servicing?

I have loans before 2007. My lender advised that I go through REPAYE. Because I’m getting married in 2016, I’d rather go under PAYE (in order to file married but seperate). If I consolidate my loans (which I’ve also been advised to do perhaps because some are Stafford and REPAYE doesn’t cover those???), would I then qualify for PAYE? What other benefits/consquences are there to consolidating loans?
I’m concerned about changes in loan information and the status of civil service enrollment. It appears purported loan was sold to Navient but the balances don’t match and there is no original balance, lender or name of school. When I went to get job training I was denied because the government had no record of my civil service registration from the 80’s. In order to get student loans this was necessary. I paid off loans from my BA but loans from private technical college have the issues. Can I have Navient verify the debt and address civil service and training issues?

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.
When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan. You’re generally eligible once you graduate, leave school or drop below half-time enrollment. Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.

I make about 35k (my wife also makes about 38k — my wife and I file married but separate taxes — we have 3 kids.) I feel lost. I don’t know how I got so deep or how this got so out of control. Any help is appreciated. Do you think I qualify for these repayment programs? Which would be best for such an old defaulted loan? Is there a place (other than the collection agency) that can help guide me? Again I sincerely appreciate your article and advice.
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less.  A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
The Teacher Loan Forgiveness program (TLF) is a form of student loan forgiveness that is separate from the Direct Loan or Obama Student Loan Forgiveness program. This program awards educators with a principal reduction of their federal loans. It was designed to encourage students to enter the education field and to incentivize teachers to continue teaching.
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 filed for divorce in October 2016, our divorce won’t be final for two months yet. Because I married a high wage earner I have been paying $632/mo. On IBR, before marriage my payment was $107/mo. Can I file married but separate? Would you know if I need my husbands permission? He of course wants the higher tax break to benefit his bottom line- this is a contentious divorce- he is difficult to negotiate with. However, I need to secure a lower payment, one that reflects my new income.
You can refinance both your federal student loans and your private student loans through a private lender, such as a bank or one of the lenders offered by LendingTree. Refinancing your loans will combine all of them into one loan with one monthly payment. Your interest rate will be based off of your credit score, so if it’s higher than when you first applied, you should score an incredibly low rate.
On IBR, your loan balance is forgiven after your repayment term (20 or 25 years). The best thing to do is make the payment you can afford. If you’re on IBR, and your payment is $0, you likely don’t have much income. If you can make extra payments, great – but don’t compromise other financial goals/issues to make extra payments (i.e. don’t get behind on car payments, go into credit card debt, etc.).
I don’t have a loan, but I owe money to my actually university. I can’t afford it although it’s a really low debt; it’s under 3k. I don’t know here to begin paying it back. I’m very young and while yes, I have a job, it isn’t enough to make a living off of as well as pay off this debt. What can I do to have that debt waved so I can move on with my education?
She was told by the Dept of Ed that to find out what a “true” monthly payment would be she would need to drop out of the program she’s in, enroll in a “standard” program, get a payment plan, use a deferment to avoid making a payment, then re-enroll in the previous plan……. A typical gov’t agency approach to a situation, but completely idiotic…. and the needless killing of at least 3 trees in worhtless paperwork.
It's that simple.  What's even better is that your income could be low enough to qualify for zero or minimal repayment, at which your loan will be forgiven at the end. Yes, there may be tax consequences, but that shouldn't deter you from these programs. It is the best alternative if you can't afford your loans and you are looking for forgiveness options (and we discuss the taxes a bit at the end of the article).
I have student loan for about $25000. I wanted to become a teacher. Online college assured me that once i finish my teaching degree and work in the field for 5 years my loan will be completely waived off. I have about year and a 1/2 left over to finish this degree but I had a medical emergency. While the Dentist was examining my mouth his hand slipped and the sharp needle went under my tongue. I filed a lawsuit but he claims that never happened since then my nerve that was connected to my head from my mouth was pressed in. I had plenty of medical bill which I paid off and now I’m left with sharp shooting pain from my mouth to my head because of which I have difficulty continuing my education and becoming a teacher. What should I do?

Note: Servicing for this program is managed by another federal student loan servicer. If you enroll in Public Service Loan Forgiveness, your eligible loans will be transferred from Great Lakes to that servicer. Also note, you may not receive a benefit for the same qualifying payments or period of service for Teacher Loan Forgiveness and Public Service Loan Forgiveness.


Quick question. I am an officer in the military, so to my understanding most replayment or forgiveness plans won’t work for me (not enlisted). Is there any plans for officers. I have a PhD and accured quite a bit of debt to attain it. Previously in deferrment because of additional army training, now I am required to pay it back but there is so much. Is there anything that I can do to have this forgiven or paid off by other means?
LendKey: 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 am considering going to grad school and my friends that did MBAs told me they took out loans and with forbearance if they make less than 50k a year after graduation they don’t have to start paying the loan off. i don’t know what kind of loans they had but does this sound right and what kind of loans are they talking about? Is it all the ones mentioned in this article?

All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.


Public Service Loan Forgiveness. Public Service Loan Forgiveness is available to government and qualifying nonprofit employees with federal student loans. Eligible borrowers can have their remaining loan balance forgiven tax-free after making 120 qualifying loan payments. In order to benefit from PSLF, you’ll need to make payments while enrolled in an income-driven repayment plan. Otherwise, on a standard repayment plan, the loan would be paid off before you’re eligible to benefit from forgiveness.
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