Mentor

Author: it-teaam

  • When Are Student Loans Due Again?

    When Are Student Loans Due Again?

    If you’re like most student loan borrowers, then you may be asking, “When are student loans due again?” Student loan payments restart soon, so now is the time to prepare for next steps.

    In this guide, we will discuss:

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    The student loan pause

    The student loan payment pause has been ongoing for more than two years. In March 2020, Congress passed the Cares Act, a $2 trillion stimulus package, in response to the Covid-19 pandemic. The Cares Act contained historic student loan relief, including:

    • No mandatory federal student loan payments;
    • 0% interest rates on federal student loans; and
    • No collection of student loans in default.

    President Donald Trump extended this student loan relief twice. President Joe Biden extended the student loan moratorium five times through December 31, 2022. In total, federal student loan borrowers saved more than $5 billion each month of the student loan pause. Since Biden became president in January 2021, student loan borrowers haven’t been required to pay a single dollar of federal student loans.

    When student loans are due

    After seven extensions of the student loan pause, it’s important to know when student loans are due. According to the Biden administration, student loans are due starting January 1, 2023. Therefore, the student loan pause will expire on December 31, 2022.

    What to know when student loan payments restart

    Student loan borrowers should know several things when student loan payments restart on January 1, 2023. For example:

    1. Student loan payments: Federal student loan payments will resume, and borrowers should pay student loans each month.
    2. Student loan interest rate: Student loans will no longer have a 0% interest rate. Borrowers with federal student loans will have the same fixed interest rate from before the Covid-19 pandemic.
    3. Student loan default: Borrowers in student loan default could be subject to collection of student loan debt.
    1. Student loan servicer: During the Covid-19 pandemic, your student loan servicer may have changed. Your studentloan servicer is the company that manages your student loans. For example, your student loan servicer could be MOHELA, Aidvantage, Navient, Edfinancial, Nelnet or another student loan servicer. Login to Federal Student Aid (FSA) to confirm your student loan servicer.
    2. Contact Information: Make sure to update your contact information and autopay information before student loans are due again. If you moved or change banks, now is a good time to ensure that your student loan servicer has the latest details. This will help you avoid late fees when student loans resume.
    3. Student loan repayment: When student loans are due again, it’s time to revisit your strategy for student loan repayment. Consider all your options to pay off student loans faster. For example, student loan refinancing, income-driven repayment plans and student loan forgiveness are smart options to evaluate.

    How to apply for student loan refinancing

    Student loan refinancing is one option to consider when student loans are due again. Student loan refinancing helps you get a lower interest rate, lower student loan payment, or both. When you refinance student loans, you can choose a repayment term from 5 to 20 years and can refinance both federal and private student loans.

    If you want to know how to apply for student loan refinancing, the process is easy.

    1. Compare the latest rates on Mentor.
    2. Compare student loan terms on Mentor.
    3. Use a student loan refinancing calculator.
    4. Apply online with multiple lenders.
    5. Determine whether you need a cosigner.
    6. Get approved.

    With most student loan refinancing lenders, you can also check your new interest rate online for free with no impact to your credit score in about two minutes. To complete each application to refinance student loans, you should budget about 10-15 minutes.

    How to get student loan forgiveness

    When student loans are due again, you can explore several options for student loan forgiveness. Your student loan servicer can help you learn about several programs for student loan forgiveness that are available for federal student loans. Generally, student loan forgiveness isn’t available for private student loans.

    Here are some popular programs to get student loan forgiveness:

    In addition, Biden announced wide-scale student loan forgiveness of $10,000 for most federal student loan borrowers. Student loan borrowers who used a Pell Grant for college can receive up to $20,000 of student loan forgiveness.

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  • Edfinancial Services Customer Service: Overview And How To Contact

    Edfinancial Services Customer Service: Overview And How To Contact

    If you want to know how to contact Edfinancial customer service, this complete guide will teach you everything you need to know.

    What is Edfinancial? Edfinancial Services is a student loan servicer based in Knoxville, Tennessee with more than 25 years of experience. Edfinancial Services helps student loan borrowers manage the repayment of their federal student loans and private student loans.

    Here’s what you should know about Edfinancial Services to maximize your customer service experience. In this guide, we will discuss:

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    Is Edfinancial Services my student loan servicer?

    Edfinancial Services is a student loan servicer, which is responsible for collecting and managing your student loan service payments. If you have federal student loans, the U.S. Department of Education assigns you a student loan servicer. This means that you can’t choose your student loan servicer, unless you decide to refinance your student loans. If you think Edfinancial Services may be your student loan servicer, or if you’re not sure who’s your student loan servicer, then you can verify your student loans with these simple steps.

    • Log into the National Student Loan Data System (NSLDS).

    The NSLDS database includes all information about your student loans, including balances, history and student loan servicers. You can login with your Federal Student Aid (FSA) ID.

    • Check your credit report

    Your credit report will also tell you whether Edfinancial Services is your student loan servicer. You can order a free credit report for all major credit bureaus from AnnualCreditReport.com.

    • Contact Edfinancial Services

    You can contact Edfinancial Services directly to verify if Edfinancial Services if your student loan servicer. The phone number for Edfinancial Services is 1-855-337-6884.

    Edfinancial Services student loan repayment options

    Edfinancial Services offers several student loan repayment options:

    Standard Repayment Plan: A standard repayment plan lasts up to 10 years and the monthly installment payment remains the same throughout the repayment period.

    Graduated Repayment Plan: A graduated repayment plan varies throughout the repayment period. A graduated repayment plan starts with smaller monthly payments and increases over time. For a limited time, the monthly payment is typically interest only and smaller than the standard repayment plan.

    Income-Sensitive Repayment Plan: An income-sensitive repayment plan is based on monthly gross income and your amount of student loan debt. The monthly loan payment is based on a fixed percentage of gross monthly income, between 4% and 25%.

    Income-Based Repayment (IBR): Income-Based Repayment (IBR) is an example in an income-driven repayment plan, which lowers your monthly payment based on your discretionary income. With an income-driven payment, your monthly payment may be as low as $0.

    25-Year Extended Repayment Plan: The 25-Year Extended Repayment Planlowers your monthly payment and extends the repayment plan from 10 years to 25 years.To qualify, you must have a current loan balance of at least $30,000 and your student loans were disbursed after October 7, 1998.

    Student loan borrowers with federal student loans also have access to income-driven repayment plans, student loan forgiveness, forbearance and deferment.

    How to make student loan payments to Edfinancial Services

    Edfinancial Services offers several ways to pay off student loans. You can sign up for autopay and have your monthly student loan payments directly debited from your bank account. When you sign up for autopay, you may receive a reduction in your student loan interest rate. You can also pay online on the Edfinancial Services website. You can use your Edfinancial Services student loans login. When you register on the Edfinancial Services website, you will create user ID and password. To make a payment, you can sign in, click “Payments” and enter your payment information.

    With Edfinancial Services, you can pay online, by debit card and by U.S. mail.

    How to contact Edfinancial Services customer service

    There are various ways to contact Edfinancial Services customer service:

    Edfinancial Services Phone Number: 1-855-337-6884 (Direct Loans); 1-800-337-6884 (FFELP and Private Loans); Toll Free: 1-800-337-6884 (Military Servicemembers)

    Edfinancial Services Hours of Operation: Monday – Friday from 8:00 a.m. to 11:00 p.m. eastern and Saturday from 10:00 a.m. to 2:00 p.m. eastern

    Edfinancial Services Website: edfinancial.com

    Edfinancial Services Email: You can email Edfinancial Services through the Email Us feature in the Contact Us on the Edfinancial Services website.

    Edfinancial Services Fax Number: 1-800-887-6130

    Edfinancial Services Chat: edfinancial.com

    Edfinancial Services Customer Login: https://www.edfinancial.com/

    Edfinancial Services Upload Documents: You can upload documents to your Edfinancial Services online account.

    Where to Send Payments To Edfinancial Services:

    Student Loan Payments – Direct Loans:

    Edfinancial Services

    P.O. Box 36008

    Knoxville, TN 37930-6008

    Student Loan Payments – FFELP and Private Loans:

    Edfinancial Services

    P.O. Box 36014

    Knoxville, TN 37930-6014

    How to file a complaint against Edfinancial Services

    If you want to complain about Edfinancial Services customer service or file a complaint against Edfinancial Services as your student loan servicer, you have several options. First, you can contact the Edfinancial Services student loan customer service by calling 1-855-337-6884.

    You can also file a complaint against Edfinancial Services with:

    You should maintain written communication between you and Edfinancial Services. This may include your monthly statements, records of communication with a Edfinancial Services customer service representative, emails and other correspondence.

    You may also contact the U.S. Department of Education Ombudsman:

    Phone: 1- 877-557-2575

    Mailing Address:

    U.S. Department of Education

    Federal Student Aid Ombudsman Group

    P.O. Box 1843

    Monticello, KY 42633

    The Federal Student Aid (FSA) Ombudsman Information Checklist is helpful to complete before contacting the Federal Student Aid Ombudsman.

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  • Pell Grants: Everything You Need To Know

    Pell Grants: Everything You Need To Know

    A Pell Grant is a form of financial aid that helps low-income students pay for college. As you consider the cost of higher education, a Pell Grant can be one of the best types of financial aid. This guide will teach you everything you need to know about Pell Grants.

    In this guide, we will discuss:

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    What is a Pell Grant?

    Pell Grants are a type of federal financial aid that are available only to undergraduate students. Unlike student loans, Pell Grants don’t have to be repaid. The U.S. Department of Education awards Pell Grants to low-income students to help pay for college costs. Students can use Pell Grants for tuition, fees, room and board, and other educational costs. However, Pell Grants are considered non-taxable income. Pell Grants are named for U.S. Sen. Claiborne Pell of Rhode Island, who sponsored legislation in 1972 to create Pell Grants.

    How do I qualify for Pell Grants?

    To qualify for Pell Grants, you must demonstrate exceptional financial need. Why? Pell Grants are targeted for students with low income. You can qualify for a Pell Grant by completing the Free Application for Federal Student Aid (FAFSA). Importantly, Pell Grants are only available for undergraduate students who have not earned a bachelor’s or graduate degree. Unlike other types of financial aid, Pell Grants do not vary by institution. If a college or university offers federal financial aid, a student’s eligibility for Pell Grants doesn’t change across institutions.

    There are several important rules to know for qualifying for Pell Grants:

    Incarceration: If you are currently incarcerated in a federal or state prison, you are generally ineligible to get a Pell Grants. However, there are more than 100 programs that allows some prisoners to enroll in college courses.

    Enrollment: To remain eligible for Pell Grants, you must maintain your enrollment status, continue to make academic progress, and not withdraw from courses.

    Pell Grants Limitations: Pell Grants are available for up to six years or 12 academic semesters. You can monitor your Pell Grants awards through Federal Student Aid.

    How to apply for Pell Grants

    To apply for a Pell Grant:

    • Complete the free FAFSA
    • Colleges and universities will use the data you provide in the FAFSA to determine your eligibility and how much money you receive.
    • To remain eligible for Pell Grants, you must complete the FAFSA each year you attend college.
    • The good news is that Pell Grants are available for every student who needs one.
    • While it’s important to submit the FAFSA early, you can still get a Pell Grant if you submit the FAFSA late.
    • If approved, your college or university disburse Pell Grant directly to you. You can then use your Pell Grant to pay education expenses such as tuition, room and board, and other fees.

    How to get student loan forgiveness for Pell Grants

    Once you have a Pell Grant, you may wonder how to get student loan forgiveness for Pell Grants. President Joe Biden announced historic student loan relief, including wide-scale student loan cancellation for most federal student loan borrowers.

    Under Biden’s plan, student loan borrowers with Pell Grants can receive up to $20,000 of student loan cancellation. In comparison, student loan borrowers without a Pell Grant are eligible to get up to $10,000 of student loan forgiveness.

    How do you apply for student loan forgiveness if you have a Pell Grant? Student loan forgiveness for Pell Grants will be automatic for many borrowers. If you have a Pell Grant and submitted your income information to the U.S. Department of Education, student loan forgiveness will be automatic. If the U.S. Department of Education doesn’t have your income, student loan borrowers can apply for student loan forgiveness.

    How much money is a Pell Grant?

    The amount of your Pell Grant may vary based on your financial situation. When you complete the FAFSA, the federal government decides how much money your Pell Grant will be. The amount of a Pell Grant can change annually. For the 2022-2023 award year, the maximum Pell Grant award is $6,895.

    There are several factors that influence how much money a Pell Grant can be. For example:

    • your Expected Family Contribution (EFC);
    • the cost of attendance;
    • whether you’re a full-time or part-time student; and
    • whether you will attend school for a full academic year.

    You can logon to Federal Student Aid to learn the amount of your Pell Grant.

    Do I have to pay back a Pell Grant?

    If you receive a Pell Grant, you don’t have to pay it back. In contrast, student loans must be repaid. However, if you receive a Pell Grant for a full academic year but only attend school for one semester, you will have to pay back the unused portion of the Pell Grant.

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  • Citizens Student Loan Refinance Review

    Citizens Student Loan Refinance Review

    Citizens is a traditional bank with a strong reputation based in Providence, Rhode Island. Citizens provides student loan refinance to borrowers with strong credit and a history of financial responsibility. The bank also refinances student loans for borrowers who didn’t complete a degree or who aren’t U.S. citizens. Borrowers also like that Citizens allows co-signers and an option for co-signer release.

    In this Citizens student loan refinance review, we will discuss:

    Citizens student loan refinancing: Rating

    Best For: Citizens is the right choice for student loan borrowers who didn’t graduate college, who aren’t U.S. citizens, or any other student loan borrower who wants a lower student loan interest rate to pay off student loans faster.

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    Citizens student loan refinance: Pros and Cons

    Pros:

    • Ability to refinance if not a U.S. citizen
    • Can apply with co-signer and get co-signer release
    • Can refinance Parent PLUS Loans in your name
    • Refinance if you didn’t graduate

    Cons:

    • Co-signer release takes three years
    • Could offer lower interest rates

    Citizens student loan refinance: Overview

    Citizens is a leading, innovative student loan lender based in Providence, Rhode Island. As one of the oldest banks in the U.S., Citizens is a trusted financial institution with millions of banking customers. While Citizens focuses on student loan borrowers with good to excellent credit, Citizens also helps borrowers who didn’t graduate or who aren’t U.S. citizens. However, non-citizens and permanent residents must have a Social Security number and apply with a resident co-signer.

    Like other student loan lenders, Citizens has no application, origination or prepayment fees. Citizens offers multiple, flexible student loan repayment terms up to 20 years. Further, Citizens permits co-signers and co-signer release after 36 months of on-time student loan payments. Parent PLUS borrowers have the flexibility to refinance student loans in their name or in their child’s name. Plus, you can get a 0.25% interest rate discount if you have a Citizens bank account. You also can qualify for another 0.25% interest rate reduction if you enroll your student loans in auto-pay.

    Citizens prefers borrowers with a history of financial responsibility, stable income and minimal credit card or personal loan debt. Citizens’ underwriting process evaluates more than your credit score.

    Advantages of Refinancing With Citizens

    Here is what we like about Citizens:

    • Student loan refinance available for non-U.S. citizens
    • You can refinance even if you didn’t graduate college
    • Parent PLUS Loans can be refinanced
    • Flexible student loan repayment options
    • Allow medical and dental resident refinancing

    Drawbacks of Refinancing With Citizens

    Citizens can improve in these key areas:

    • Consider lowering student loan rates
    • Co-signer release period should be less than 36 months
    • Lower the minimum student loan refinancing amount of $10,000
    • Provide more transparency about student loan forbearance

    Citizens student debt refinancing review: Details

    Is Citizens right for you?

    Citizens has an excellent reputation and is a trusted student loan refinance company. Citizens caters to borrowers with good to excellent credit and high income. The average Citizens member earns enough income to pay student loans, other debt like a mortgage or credit cards as well as monthly living expenses. 

    Finally, Citizens wants to ensure that you make all your student loan payment each month on-time, and do not have any student loan delinquencies or bankruptcies. Citizens borrowers (or their co-signers) typically need to have a strong financial and credit profile.

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  • Aidvantage Student Loan Forgiveness

    Aidvantage Student Loan Forgiveness

    Many student loan borrowers have asked how to get Aidvantage student loan forgiveness. Aidvantage is a leading student loan servicer for more than 7 million student loan borrowers and $166 billion in student loans. Aidvantage, which is part of Maximus Education, is a student loan servicer that helps student loan borrowers repay federal student loans. Navient, one of the leading student loan servicers, transferred its federal student loan servicing contract with the U.S. Department of Education to Aidvantage.

    Here’s what you should know about Aidvantage student loan forgiveness. In this guide, we will discuss:

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    How to get Aidvantage student loan forgiveness

    How do you get Aidvantage student loan forgiveness? If you have federal student loans with Aidvantage, there are many options to get student loan forgiveness. For example:

    These five federal student loan forgiveness programs are available to student loan borrowers with federal student loans. Each program has its own requirements and offers either partial student loan forgiveness or total student loan cancellation. Make sure you review all the requirements for each program. For example, if you have FFELP Loans or Perkins Loans, you may need to do a Direct Loan Consolidation before you can qualify for student loan forgiveness.

    Aidvantage student loan forgiveness options

    If you have federal student loans and Aidvantage is your student loan servicer, there are several options to get student loan forgiveness.

    Income-Driven Repayment

    There are several income-driven repayment plans, including Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE) and Income-Contingent Repayment (ICR).

    After 20 years (undergraduate student loans) or 25 years (graduate student loans) of monthly student loan payments, student loan borrowers can qualify for student loan forgiveness on their remaining federal student loan balance. President Joe Biden proposed a new student loan forgiveness plan, which would include lower monthly student loan payments and earlier student loan forgiveness.

    Apply for an income-driven repayment plan: To enroll in an income-driven repayment plan, contact Aidvantage or your student loan servicer.

    Public Service Loan Forgiveness

    Public Service Loan Forgiveness is a federal program that helps student loan borrowers who work for a qualified non-profit or public service employer get total federal student loan forgiveness. Borrowers must meet several requirements, including enrolling in an income-driven repayment plan and making 120 monthly student loan payments.

    Apply for public service loan forgiveness: To apply for public service loan forgiveness, contact Aidvantage, your student loan servicer or the U.S. Department of Education.

    Borrower Defense To Repayment

    Borrower defense to repayment is an option for student loan forgiveness for millions of student loan borrowers. If your college or university closed or misled you, and you have Aidvantage student loans, you could qualify for partial student loan forgiveness or total student loan forgiveness.

    Apply for borrower defense to repayment: To apply for borrower defense to repayment, you can apply directly through the U.S. Department of Education.

    Total and Permanent Disability

    If you have a total and permanent disability, and you have Aidvantage student loans, the federal government can forgive your student loans.

    Apply for total and permanent disability: To apply for total and permanent disability, you can apply directly through the U.S. Department of Education.

    Teacher Loan Forgiveness

    Teacher Loan Forgiveness is a program for student loan forgiveness of federal student loans. If you have Aidvantage student loans and want to get student loan forgiveness, you could be eligible if you meet several requirements. For example, you could earn up to $17,500 of student loan forgiveness if you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency.

    Apply for teacher loan forgiveness: To apply for Teacher Loan Forgiveness, you can apply directly through the U.S. Department of Education.

    Biden student loan forgiveness: Aidvantage student loans

    President Biden announced historic student loan relief for millions of student loan borrowers. Biden’s plan included both wide-scale student loan forgiveness and a final extension of the student loan payment pause. If you have Aidvantage student loans, here’s how to qualify for $10,000 of student loan forgiveness:

    1. Federal student loans: you must have a federal student loan that is owned by the federal government. For example, eligible federal student loans include Direct Loans such as Direct Subsidized Loans, Direct Unsubsidized Loans and Direct Consolidation Loans. Importantly, the U.S. Department of Education doesn’t own all federal student loans. For example, many FFELP Loans and Perkins Loans are owned by third-party investors as well as colleges and universities, respectively.
    2. Income Requirement: You must have earned up to $125,000 annually during the Covid-19 pandemic. Your family income must be less than $250,000.

    If you received a Pell Grant to attend college, then you could be eligible to receive up to $20,000 in student loan forgiveness.

    How to contact Aidvantage customer service

    There are various ways to contact Aidvantage customer service to get student loan forgiveness. If Aidvantage is your student loan servicer, you can contact Aidvantage to learn more about options for student loan forgiveness.

    Aidvantage Phone Number: 1-800-722-1300

    Aidvantage Hours of Operation: Monday – Thursday from 8:00 a.m. to 9 p.m. eastern and Friday from 8:00 a.m. to 8:00 p.m. eastern

    Aidvantage Website: Aidvantage.com

    Aidvantage Email: You can email Aidvantage through the Email Us feature in the Help Center on the Aidvantage website.

    Aidvantage Fax Number: 1-866-266-0178

    Aidvantage Customer Login: https://www.Aidvantage.com/

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  • Student Loan Payment Pause: Biden Approves Final Extension

    Student Loan Payment Pause: Biden Approves Final Extension

    President Joe Biden has announced his final extension of the student loan payment pause. Here’s what you need to know and what it means for your student loans.

    In this article, you will learn:

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    Student loan payment pause: the details

    Biden has extended the student loan pause for millions of student loan borrowers. Here are the key details:

    • Student loan moratorium extended for four more months;
    • Student loan payments paused through December 31, 2022;
    • Applies to federal student loans only;
    • Federal student loan payments will restart on January 1, 2023.

    This latest extension represents Biden’s fifth extension of the student loan payment pause. Previously, President Donald Trump extended the student loan pause twice. Biden has informed student loan borrowers that this will be the last extension of the student loan payment pause.

    (Learn more: How to pay off student loans)

    Student loan moratorium: student loan relief

    The student loan payment pause includes several benefits for student loan borrowers, including:

    • No mandatory federal student loan payments;
    • 0% interest rates on federal student loans; and
    • No collection of student loans in default

    In March 2020, Congress passed the Cares Act, which is a $2.2 trillion stimulus package. That legislation included historic student loan relief such as the student loan moratorium. Through executive action, Trump and Biden extended student loan relief for more than two years. The U.S. Department of Education estimates that student loan borrowers have saved $5 billion a month during the student loan payment pause.

    (Read: When to refinance student loans)

    Student loan forgiveness: how to qualify

    In addition to pausing student loans, Biden announced historic student loan forgiveness for millions of student loan borrowers. Biden will enact wide-scale student loan forgiveness up to $10,000 for federal student loan borrowers. Student loan borrowers who borrowed a Pell Grant for college are eligible to get up to $20,000 of student loan forgiveness.

    To qualify for this historic student loan cancellation, student loan borrowers will need to meet the following qualifications:

    • You must be a student loan borrower with a federal student loan that is owned by the U.S. Department of Education; and
    • You earned up to $125,000 of annual income (or $250,000 as a married or joint filer) during the Covid-19 pandemic.

    Contact your student loan servicer if you’re unsure which types of federal student loans you have. Importantly, FFELP Loans and Perkins Loans not owned by the U.S. Department of Education won’t qualify. Why? FFELP Loans, which are federal student loans issued prior to 2010, are primarily owned by third-party financial investors. Similarly, colleges and universities own most Perkins Loans.

    If your income information is on file with the U.S. Department of Education, you could get automatic student loan forgiveness. If you haven’t provided your income information to the Education Department, then you should expect to apply online for student loan forgiveness in the coming weeks or months.

    (Learn more: How to pay off $200,000 of student loans)

    Student loan forgiveness: next steps

    Federal student loan payments will restart on January 1, 2023. Start preparing now for the end of the student loan payment pause. Understand all your options for student loan repayment, including student loan refinancing, income-driven repayment and other options for student loan forgiveness. Find the best ways to save money and pay off student loans faster based on your specific financial situation. Once you do, you’ll be that much closer to financial freedom.

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  • NaviRefi Student Loan Refinancing Review

    NaviRefi Student Loan Refinancing Review

    NaviRefi, which is part of Navient, is one of most well-known lenders. With NaviRefi, you can refinance both federal and private student loans. NaviRefi is best for borrowers with good to excellent credit who want flexible student loan terms. NaviRefi loans are made through Earnest, a top lender which is part of the Navient family of companies.

    In this NaviRefi student loan refinancing review, we will discuss:

    Best For: NaviRefi is the right choice for borrowers who want to customize their student loan repayment so they can pay off student loans faster.

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    Pros:

    • Customize your student loan payments and loan terms.
    • Fast approval process.
    • No late fees.
    • Ability to skip one student loan payment every 12 months.
    • Refinance even if you have an incomplete bachelor’s or associate’s degree 

    Cons:

    • Student loan refinancing not available in Kentucky and Nevada.
    • No option to apply with a cosigner.

    NaviRefi is a leading, innovative student loan lender based in San Francisco. NaviRefi allows you to choose your own student loan interest rate matched to your loan term. NaviRefi also offers industry-leading repayment flexibility on its student loans. For example, you can choose your exact minimum monthly payment and student loan terms. You can also increase your payments and make extra payments to pay off your student loans faster.

    NaviRefi prefers borrowers with a history of financial responsibility, stable income and minimal credit card or personal loan debt. NaviRefi’s underwriting process evaluates more than your credit score. NaviRefi also incorporates savings, education and earnings potential.

    Advantages of Refinancing With NaviRefi

    Here is what we like about NaviRefi student loan refinancing:

    • Customize your student loan payments and loan terms.
    • You can choose to make bi-weekly payments to save money on interest.
    • You can increase your payment anytime to pay off your student loans faster.
    • You can skip a payment and make it up later.
    • NaviRefi looks beyond credit score to approve you for student loan refinancing, and will incorporate savings, education and earnings potential.

    Drawbacks of Refinancing With NaviRefi

    NaviRefi can improve in these key areas:

    • Expand student loan refinancing to all 50 states.
    • Allow borrowers to apply with a cosigner.

    Is NaviRefi student loan refinancing right for you?

    NaviRefi has an excellent reputation and is a trusted student loan refinancing leader. NaviRefi caters to borrowers with good to excellent credit and high income. The average NaviRefi member earns enough income to pay student loans, other debt obligations and monthly living expenses. 

    Finally, NaviRefi wants to ensure that you make all your student loan payment each month on-time, and do not have any delinquencies or bankruptcies. NaviRefi members need to have a strong financial and credit profile, since you can’t apply with a co-signer.

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  • Biden Cancels $20,000 of Student Loans in Historic Student Loan Relief

    Biden Cancels $20,000 of Student Loans in Historic Student Loan Relief

    President Joe Biden cancels $20,000 of student loans for millions of student loan borrowers. Here’s what you should know about this historic student loan relief.

    In this article, you will learn:

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    Biden cancels $20,000 of student loans

    Biden announced up to $20,000 of wide-scale student loan forgiveness for millions of student loan borrowers. This announcement will eliminate all federal student loans for approximately 20 million student loan borrowers. Student loan borrowers have been waiting years for Biden to announce his decision on broad student loan forgiveness. Here are the key details.

    (Learn more: How to pay off student loans)

    Student loan forgiveness: $10,000 of student loan cancellation

    Biden’s new student loan plan includes $10,000 of student loan forgiveness for all eligible federal student loan borrowers who didn’t receive a Pell Grant in college. Student loan borrowers who received a Pell Grant in college will get up to $20,000 in student loan forgiveness. According to the White House, Pell Grant recipients generally have household incomes under $60,000 a year.

    Biden has supported $10,000 of student loan forgiveness for borrowers since he was a presidential candidate during the 2020 election. The president has called on Congress to pass legislation to cancel student loans, but Congress never acted. Instead, Biden used his executive authority under the HEROES Act of 2003 to cancel student loans as part of the Covid-19 emergency.

    Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) want Biden to cancel $50,000 of student loans. While they support Biden’s new student loan plan, they may continue to push Biden to cancel more student debt. However, Biden has publicly said he doesn’t support $50,000 of student loan forgiveness.

    (Read: The Ultimate Guide To Student Loan Forgiveness)

    Student loan cancellation: how to qualify

    To qualify for this student loan cancellation, student loan borrowers will need to meet the following qualifications:

    • You must be a student loan borrower with a federal student loan that is owned by the U.S. Department of Education; and
    • You earned up to $125,000 of annual income (or $250,000 as a married or joint filer) during the Covid-19 pandemic.

    Make sure that your federal student loan is owned by the federal government. For example, most FFELP Loans and Perkins Loans are owned by third party investors, financial institution and colleges and universities.

    (Learn more: How to pay off $100,000 of student loans)

    Student loan forgiveness: next steps

    What are your next steps? First, logon to Federal Student Aid using your FSA ID. Determine how much federal student loan debt you hold. Private student loans are ineligible for Biden student loan forgiveness. Second, if the U.S. Department of Education already has your income information, then student loan forgiveness could be automatic. If you haven’t provided income information to the Education Department, then you should be able to apply online once a link is available. Third, if all your federal student loans aren’t canceled, then you should evaluate all your options to pay off student loans faster. This includes student loan refinancing, income-driven repayment and other options for student loan forgiveness.

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  • Biden Excludes Student Loan Cancellation From Annual Budget

    Biden Excludes Student Loan Cancellation From Annual Budget

    President Joe Biden excluded student loan cancellation from his annual budget. Here’s what it means for your student loans.

    [refinance_student_loans_table]

    Biden dropped student loan forgiveness

    You won’t find any student loan forgiveness included in Biden’s new $5.8 trillion annual budget. Biden submitted his annual budget to Congress this week. While many hoped for a detailed plan on wide-scale student loan cancellation, Biden opted not to include this student loan relief for borrowers.

    While only Congress approves the federal budget, the president can submit a proposed budget that reflect his policy priorities and legislative agenda. Biden’s decision may come as a major disappointment for Democrats in Congress and student loan borrowers alike.

    Several Democrats in Congress have been lobbying the president to cancel up to $50,000 of student loans for borrowers. However, as Biden has done in previous years, he decided not to include any wide-scale student loan cancellation in his budget.

    (Learn more: How To Pay Off $70,000 of Student Loans)

    Democrats want $50,000 of student loan cancellation

    Some Democrats in Congress, including Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA), want the president to act now to cancel student loans. They’re calling on the president to cancel up to $50,000 of student loans through an executive order.

    However, Biden has said he doesn’t have legal authority to cancel student loans for every borrower. Therefore, Biden has asked Congress to pass legislation to enact wide-scale student loan forgiveness.

    That said, Biden didn’t include $10,000 of student loan forgiveness in his budget either. Importantly, Congress isn’t required to accept the president’s proposed budget. Congress can amend the budget accordingly, which means that Congress could vote to include wide-scale student loan forgiveness.

    Democrats in Congress also want Biden to extend the student loan payment pause for a fourth time. However, Biden did not include any federal spending on the student loan payment pause in his budget. (Here are 3 reasons why Biden could extend the student loan payment pause).

    (Read: The Ultimate Guide To Student Loan Forgiveness)

    Student loan cancellation is still possible

    Since becoming president, Biden has cancelled $17 billion of student loans. Last week, for example, Biden announced plans to cancel $6.2 billion of student loans. Therefore, student loan borrowers shouldn’t think that there won’t be any student loan cancellation. It’s expected that Biden will continue to cancel student loans for specific student loan borrowers, rather than for every student loan borrower.

    There is good news for student loan borrowers inside Biden’s proposed budget.

    • First, Biden proposed that income-driven repayment plans be simplified. Income-driven repayment plans such as IBR, PAYE, REPAYE and ICR set a monthly student loan payment based on a borrower’s discretionary income and family size.
    • Second, Biden said he wants to double the amount of Pell Grants to make college more affordable. Increased Pell Grants would help student loan borrowers get grants that don’t have to be repaid.
    • Third, Biden called for more investment into Historically Black Colleges and Universities (HBCUs).
    • Fourth, Biden wants to improve the Public Service Loan Forgiveness program, which helps public servants get total federal student loan forgiveness after meeting certain requirements. (How to get student loan forgiveness for teachers). This program, which Congress passed in 2007, has at times rejected up to 99% of applicants. In October, Biden made major changes to student loan forgiveness, which should help more student loan borrowers get access to student loan cancellation. For example, student loan borrowers can complete a limited waiver for student loan forgiveness to count previously ineligible student loan payments toward the required 120 monthly student loan payments.

    (Learn more: The Ultimate Guide To Lower Student Loan Payments)

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