After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
I have 2 student loans from Great Lakes higher education one for aprox $9,000 and one for Aprox $19,000 it looks as if they defaulted not my credit report in 2013 however the loans were taking out between 2002-2006 I believe. I am now unemployed I have been for 6 years. I have filed for social security disability. Does this change anything about repayment or if I’m approved for disability will that change anything for repayment? I really hope you have some info on this no one seems to know. Thank you.
You’ll have to evaluate your situation to decide whether refinancing federal student loans is a wise decision. For example, if you work in the public sector and could qualify for loan forgiveness in the future, you’d typically be better off keeping your federal loans. On the other hand, if you don’t work in the public sector and you’ve had no problems making your loan payments to date, then you may want to go ahead and refinance to save money on interest.
Refinancing via 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 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 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.
My father was a policeman, killed in the line of duty, when I was fifteen years old. I am the oldest of six children. We have not had the help of a faher or mother to make things easier through my husband’s layoffs, etc. With three children I got tired of our financial sinking so, unfortunately, decided to go to college to make things better. At age 50 I received my bachelor’s degree, and graduated Magna Cum Laude. After being used and abused as a substitute for over 10 years, I could see I was too old and didn’t have a “rich” name to get in. Finally, I decided they could not stop me from making more income, so I drove 110 miles a day into a snow belt to college and worked two part time jobs, as I suffered through the stress of getting a Master’s Degree in Education. I worked for awhile as an adjunct professor and am now retired at 70. I still owe about $11,000 at the ridiculous rate of 6.25%. I have had deferments, but paid ahead when I could, to stay in good grace with Nelnet. Is there any chance of a loan forgiveness now that my retirement is only $380.00 a month, plus monthly social security of $700.00??? Could I get a forgiveness since I have been paying since 1998 and/or because my father was a policeman killed in the line of duty(and an army veteran)? (The original two loans were serviced through the bank and then given to Nelnet [which I did not authorize??]. I paid off my Master’s degree loan first because the loan was less, but the interest was higher.)
Hello! I have over $120,000 in subsidized/unsubsidized student loans (not including interest). I was in dental school but I was dismissed due to failing. Now I’m stuck with loans for something I didn’t even earn. I didn’t have any loans while I was an undergraduate student, I had scholarships and grants. I’m currently pursuing a Master’s degree in public health, and I am preparing to begin a career as a teacher next year. I haven’t started paying loans yet because they’re still in deferment due to me being in school, but when I do I plan to do the IBR plan. I am hoping that I will also be able to qualify for public service loan forgiveness and teacher loan forgiveness. I believe that they’ll forgive up to $17,500 if I teach secondary science? Do you know if I could qualify for both forgiveness plans? Does teaching at a community college qualify me for public service or teacher loan forgiveness? Also, I understand that with the IBR, the loan can be canceled after 20-25 years. So, if I have the PSLF, it will be canceled in 10 years instead, correct? I also had a scholarship at the dental school that was turned into a loan because I didn’t complete the program and graduate to work in a rural area. However, I was dismissed, I didn’t voluntarily withdraw from the school. Now they’re expecting me to pay over $50,000 back, with about $20,000 of it behind and being sent to collections because they would not work with me to set up a payment arrangement (I didn’t have a job at the time). What can I do about that? Could I file bankruptcy to get rid of it? Any advice you can give will be wonderful.
For details on how this program works, you definitely need to visit my page on the Borrower’s Defense Against Repayment Program, but because the system is so complicated, and can take so long to get an approval or denial response, this is one situation where I recommend that EVERYONE hires a student loan expert for assistance in preparing the application.
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?
My daughter is in a repayment plan for teachers (IBF?) that was told would be forgiven after 10 years. Through the 1st 3 years, with income and dependents, she has had no monthly payment to date. In trying to buy a house the mortgage company wants to use 2% of the outstanding student loan…. $73,000…. in debt to income ratio. $1460/mo is over 40% of her monthly “GROSS”…. she an elementary teacher, not a brain surgeon! The loan shows on her credit report but shows no monthly payment and nothing owed….. its just there.

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?
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).

Finally, where is all the money going? I get that your payments are a lot of money each month, but your husband makes a really good income, and you didn’t say, but with that much debt I would guess you have your masters and earn at least $50k per year. That’s $185,000 per year – after taxes you should still be bringing in $11,500. After his child support you should still be at $10,000 or so per month. A big house, food for all the kids, clothes, etc, maybe costs you $6,000 per month (and that’s being very generous). Where’s the other $4,000 going? Something is not adding up here.

What kind of consolidation did you do, and what were your loans (all Federal? all Private? a mix of both?). The Loan Forgiveness Program that everyone is looking at is only for Federally-funded student loans, and currently, does not offer benefits for any loans that were taken out before October 2007, so until that eligibility rule is officially changed, you won’t be able to take advantage of the program.

I believe this is misleading, You mentioned having $50k forgiven at the end of an income-based repayment term, that the tax owed is cheaper than the loan + interest. But the $50K you would owe at that point *is* the remaining loan + interest. If your IBR amount was covering the interest and some of the principle you’d likely have paid a ton more interest than you would have if you stayed on a 10-year term, but if your payments did not cover the interest, then your loan balance would have been increasing over time. That $50k could have represented a $12k original loan… If you qualified to pay nothing — then with a 6.5% interest loan over 25 years you’d end-up paying tax on 5x the original balance… You’d likely be pushed into a much higher tax bracket. I believe this is a dangerous recommendation for you to make. If the tax law change, then great, but there’s no guarantee of that. Can you explain your logic in the light that unpaid interest in accruing in your loan balance?

After reading all the comments above I am extremely worried for my daughter who will be going off to college next year. The school she will be attending is a private Christian college, after scholarships she will have some debts. What types of loans should she get? There are so many I’m totally confused. I would like to help her make the right decisions from the beginning so she doesn’t go through what others are suffering.
Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.