Consolidating multiple student loans or refinancing a single private student loan may lower your monthly payment if you qualify for a lower interest rate or a longer repayment period. Keep in mind that extending the repayment term may increase the total amount you pay over the life of the loan. Alternatively, if you choose a shorter repayment term than your current loans, your monthly payments may increase, but the total amount you pay may be less over the life of the loan.
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.
To jump off her question a little – I’m a former teacher turned SAHM homeschooling our three children. When applying annually for the REPAYE program, do I have to show that I’ve been searching for employment? Or is it enough to apply jointly with my husband and send in documentation for his income? I do not plan to job search or go back to work anytime soon as I intend to continue homeschooling. I’m just wondering how that choice will affect our eligibility for programs such as REPAYe. (My husband and I both have eligible federal student loans).
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I went through a state-funded program for vocational rehabilitation. The state’s classified me with a disability but I chose to get rehabilitated rather than go on SSI. Here’s the two part question. Based on this info would I still qualify as disabled even though I don’t collect Ssi ? And second I noticed that the school that the state put me through charged me $27,000 for that six months of training I can’t seem to get proof that I wasn’t supposed to be Billed. I think there’s fraud here but I can’t seem to prove it is there anything I can do in either case?
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.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Second, there are options. IBR is the best one. Yes, they’ll use your joint income today, but your payment will be 15% of your discretionary income (which is a formula) and it could be as low as $0 if your income is low enough. Also, you can file your taxes married filing separately. In this case, your husband will pay more in taxes, but you could then qualify for extremely low or $0 per month payments under IBR – so you might save more money in the long 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.

First off,this site offers great advice! I’m currently a teacher in CA and have been for 8 years. I have $46,000 left on my student loans. I’m pretty certain I qualify for $5,000 off of my loans for being a highly qualified teacher that has taught for 5 consecutive years (although I haven’t applied yet because I’d like to see if there are better options out there).However, are there any other options to lower my debt or even possibly have it forgiven? Any help is greatly appreciated!


All plans just look at your income from your tax return – so it also depends on how you file (married filing jointly versus married filing separately). That discretionary income is calculated on your AGI from your return, and it’s the same metric used for IBR, ICR, and PAYE. The difference is that IBR is 15% of discretionary income, while ICR is 20%. ICR also does not include forgiveness at the end, so IBR is always better.


To ask questions after you have submitted your Federal Direct Consolidation Loan Application and Promissory Note, contact the servicer for your new Direct Consolidation Loan. If you submitted your application online, your consolidation servicer’s contact information was provided at the end of the online process. If you submitted a paper application by U.S. mail, your consolidation servicer’s contact information was available when you downloaded or printed the paper application.
Refinancing my student loans through Laurel Road is the best thing that could have happened for my personal finances. The online application was very straightforward and I was approved within a week of applying. The customer service has been nothing but professional, promptly answering any questions I have about my account. Throughout the lifetime of my loan I will save over $20,000!
I was on PAYE program for couple of years after grace period ended. Each year I submitted copies of my paystubs. This year, however, instead of paystubs I was only allowed to submit tax returns. Since we filed jointly with my domestic partner (not married, live and have a child together), my “income” has drastically increased. Hence, I was not qualified for PAYE. Although, we live together and file taxes jointly, I think it’s wrong to dismiss my actual income. I work part-time and dont make too much at all, so I’m barely able to meet the standard monthly payments. Is there any way around submitting your taxes to qualify for PAYE?
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).
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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