Author: it-teaam

How to Pay Off $70,000 of Student Loans
If you want to know how to pay off $70,000 of student loans, it’s more manageable than you make think. The good news is that there are several options for student loan repayment, even if you have to pay off $70,000 of student loans.

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Here’s how to pay off $70,000 of student loans:
Refinance your student loans

To pay $70,000 of student loans, the decision to refinance student loans could save you thousands or tens of thousands of dollars.

When you refinance student loans, you can combine your current federal student loans and private student loans into a new private student loan with a lower interest rate. The proceeds from your new student loan is used to pay off your old student loans. With student loan refinancing, you can get a single student loan, a single student loan interest rate, a single monthly payment and a single student loan servicer.

Student loan refinancing also enables you to choose a fixed interest rate or variable interest rate. You can also choose a student loan repayment term from five to 20 years. A shorter student loan term such as five years can help you pay off your student loans faster. In contrast, a longer student loan repayment term such as 20 years can lower your student loan payments.

Compare the latest rates for student loan refinancing.

This student loan refinancing calculator shows you how much you can save when you refinance student loans.

For example, let’s assume that you have $70,000 of student loans at an 8% interest rate and a 10-year repayment term. Let’s assume you refinance student loans at a 3% interest rate and a 10-year repayment term. You would save $173 each month and $20,804 overall.

Here are helpful resources for student loan refinancing:
Pay off highest interest student loan first

To pay off $70,000 of student loans, another option is to pay off your student loans in a way that saves you the most money. Here how to do it, and it’s called the avalanche method.

Under the avalanche method, you first make the minimum student loan payment each month. Then, you focus on paying your student loan with the highest interest rate regardless of the balance. Then, once you pay off this student loan, then pay off the student loan with the next highest interest rate. Repeat this process until you have paid off all your student loans.

This student loan payoff calculator shows you how much money you can save when you pay off your student loans faster.

Let’s assume that you have $70,000 of student loans and an 8% interest rate. Let’s also assume that your monthly student loan payment is $849. If you pay an extra $100 per month (for a total of $949 per month), you could pay off your student loans 1.51 years earlier and save $5,271.

Enroll in an income-driven repayment plan

If you’re paying off $70,000 of student loans, you can enroll in an income-driven repayment plan. An income-driven repayment plan provides flexibility to pay federal student loans. For example, your monthly student loan payment can be based off your income and family size. Each month, you pay 10% to 20% of your discretionary income toward your federal student loans.

There are four income-driven repayment plans:
After 20 years (undergraduate student loans) or 25 years (graduate student loans) of on-time monthly payments, you can get student loan forgiveness for your remaining federal student loan balance.

Get student loan forgiveness

If you want to know how to pay off $70,000 of student loans, you could get student loan forgiveness. There are several federal programs for student loan forgiveness that are available to all federal student loan borrowers. (How to get student loan forgiveness and cancel student loan debt). Student loan forgiveness is available if you meet certain requirements. Unfortunately, the federal government doesn’t offer student loan forgiveness for private student loans. Two main programs for student loan forgiveness include Public Service Loan Forgiveness and Teacher Loan Forgiveness.

(Learn more in our student loan forgiveness guide).

Public Service Loan Forgiveness

If you have $70,000 of federal student loans, you could get student loan forgiveness through the Public Service Loan Forgiveness program. To qualify, you must work full-time for a qualified public service or non-profit employer and make 120 monthly student loan payments. You also must enroll in an income-driven repayment plan, and then make at least a majority of your student loan payments while enrolled in an income-driven repayment plan.

This public service loan forgiveness calculator shows you your monthly student loan payment and how much student loan forgiveness you can get when you enroll in public service loan forgiveness.

Teacher Student Loan Forgiveness

The Teacher Loan Forgiveness program can provide up to $17,500 of federal student loan forgiveness. To qualify, you must be employed full-time for five complete and consecutive academic years at an elementary school, secondary school or educational service agency that serves low-income students.

Refinance student loans with a cosigner

If you want to pay off $70,000 of student loans, you could also refinance student loans with a cosigner. A qualified cosigner such as a parent or spouse with stable income and good to excellent credit can help you get approved for student loan refinancing and get a lower interest rate. A cosigner assumes equal financial responsibility for your student loans. That said, many lenders allow you to refinance student loans again and remove a cosigner once you have made a certain number of monthly payments and demonstrated financial responsibility.

A cosigner is not required for student loan refinancing, but it could help you if you have bad credit or irregular income, for example. That said, if you have at least a 650-credit score, steady monthly income and a low debt-to-income ratio, you may be a strong candidate for student loan refinancing without a cosigner.

Explore the latest rates for student loan refinancing.

Read about the best banks to refinance student loans.

Learn the difference between student loan refinancing and student loan consolidation.

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January 20, 2022
Best Student Loan Refinance Lenders of March 2022
Student loan refinancing is the process of combining federal student loans, private student loans or both into a new private student loan with a lower interest rate, lower monthly payment or both.

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In this article, you can learn about the best student loan refinance lenders:
How to compare student loan refinance lenders

There are many student loan refinance lenders from which to choose. To find the best student loan refinance lenders, you will want to evaluate at least the following features:

Interest rate

The main goal of student loan refinancing is to save money. The best way to save money on student loans is to get a lower interest rate. Make sure to compare student loan refinancing interest rates so that you can find the lowest student loan interest rates for which you qualify. With student loan refinancing, you can choose either a fixed interest rate or variable interest rate. A fixed interest rate means that your interest rate will never change over the life on your student loan. A variable interest rate means that your interest rate can increase or decrease over the life of your student loan.

Loan terms

While interest rates are important, there are also other student loan terms to consider. For example, student loan refinancing enables you to choose a student loan repayment term typically between five and 20 years. Compare lenders to find the best lenders that offer flexible student loan repayment terms.

Student loan repayment benefits

When you refinance student loans, your resulting student loans will be a private student loan. If you think you might need to pause paying your student loans, then make sure your lender has a flexible forbearance and deferment policy. Unlike federal student loans, you won’t have access to federal student loan forbearance, deferment or income-driven repayment after you refinance. That said, the best lenders offer flexible student loan repayment policies, so make sure to check the policies of each lender.

Fees

The best student loan refinance lenders don’t charge any application, origination or prepayment fees. That said, a lender may charge a late fee if you don’t make your student loan payment on-time.

Cosigner policies

A cosigner can help you get approved for student loan refinancing and get a lower interest rate. A qualified cosigner such as a parent or spouse typically has stable income and good to excellent credit. A cosigner assumes equal financial responsibility for your student loans. If you plan to refinance student loans again in the future, check to determine if your lender offers a cosigner release option to release your cosigner after certain requirements are met.

Should you refinance student loans?

The decision to refinance student loans is based on your individual financial circumstances and goals. Here are some factors to consider to determine whether you should refinance student loans:

1. Do you qualify for student loan refinancing?

First, determine whether you qualify for student loan refinancing. The best candidates to refinance student loans must meet several requirements. For example, most student loan refinance lenders require a minimum credit score of 650. You must be employed or have a signed job offer and have steady monthly income. Lenders want borrowers with a history of financial responsibility. The best lenders also prefer a borrower with a low debt-to-income ratio with enough monthly cash flow to pay debt and other living expenses.

2. What interest rates do you qualify for?

The primary reason to refinance student loans is that you can qualify for a lower interest rate. There are several factors that can determine whether you qualify for a lower interest rate and what that interest rate will be. These factors include, but are not limited to, your income, credit, whether you choose a fixed or variable interest rate and your student loan repayment period. If you can qualify for a lower interest rate, then it may make sense for you to refinance student loans so that you can save money.

3. Which student loans should you refinance?

You can refinance federal student loans, private student loans or both. Your unique financial circumstances and goals will determine which student loans you choose to do. If you can get a lower interest rate, then refinancing private student loans is a popular strategy. For federal student loans, it can depend on your goals. If your top priority is to save money, then refinancing federal student loans can make sense. If you think that you may need access to an income-driven repayment plan, student loan forgiveness or other federal benefits, then you may choose not to refinance federal student loans.

How to refinance student loans

The process how to refinance student loans is relatively simple.
1. Compare lenders and interest rates.
2. Use a student loan refinancing calculator.
3. Check your new interest rate for free with each lender.
4. Choose your student loan terms.
5. Complete an application.
6. Upload documentation.
7. Get approved.
Once you are approved and your new student loan is funded, the proceeds will be used to pay off your old student loans. You should keep making monthly payments on your old student loans until your new lender or student loan servicer instructs you that your old student loans have been paid off.

Student loan refinancing: FAQ

When should I refinance student loans?
You should refinance student loans whenever you can get a lower interest rate and save money. There is no limit to how often you can refinance student loans.

Which student loans can you refinance?
You can refinance federal student loans, private student loans or both. Most borrowers will refinance private student loans. Some student loan borrowers may choose not to refinance federal student loans if they think they will need an income-driven repayment plan or are pursuing student loan forgiveness, for example. That said, other student loan borrowers are focused on saving more money so they choose to refinance federal student loans and private student loans.

What are the requirements to qualify for student loan refinancing?
Each lender has its own requirements to qualify for student loan refinancing. The best lenders want to refinance student loans for student loan borrowers with at least a 650 credit score. You must be currently employed or have a signed job offer. You also want to have a low debt-to-income ratio (DTI) and enough monthly cash flow to pay debt and other living expenses.

How is student loan refinancing different from student loan consolidation?
There are important differences between student loan consolidation and student loan refinancing.
Student loan consolidation: Student loan consolidation helps you combine your existing federal student loans into a new Direct Consolidation Loan. You will get one monthly student loan payment, one interest rate and one monthly rate. However, you won’t get a lower interest rate with student loan consolidation. Rather, your new interest rate will be equal to a weighted average of the current interest rates on your federal student loans, rounded up to the nearest 1/8%.
Student loan refinancing: Student loan refinancing helps you combine your existing federal student loans, private student loans or both into a new private student loan. With student loan refinancing, you will get a single student loan payment, single interest rate and single student loan servicer. Unlike student loan consolidation, you can get a lower interest rate with student loan refinancing. You can also choose a fixed interest rate or variable interest rate as well as a student loan repayment term of five to 20 years.

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January 18, 2022
7 Key Benefits of Debt Consolidation
There are at least 7 key benefits of debt consolidation. Debt consolidation is the process of paying off multiple types of debt with a new personal loan at a lower interest rate.

When you consolidate debt, you can use the proceeds from a personal loan to pay off each individual loan. Depending your lender, some lenders will pay off your old debt on your behalf, while other lenders may disburse the proceeds directly to you so you can pay off debt directly.

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Here are 7 key benefits of debt consolidation:
Lower your interest rate

The biggest key benefit of debt consolidation is the ability to get a lower interest rate. When you consolidate debt, you may be able to get a lower interest rate.

Why? For example, your credit card debt may have an interest rate higher than 20%. If you want to pay off $10,000 of credit card, it could take several years and become very expensive with compounding interest. If you have good to excellent credit, you may be able to use a credit card consolidation loan, which is a type of personal loan, to get a lower interest rate compared to your credit card debt. A lower interest rate could not only help you save on interest, but also help you pay off debt faster.

Compare the latest rates for personal loans.

Compare the latest rates to pay off credit card debt.

Get a fixed interest rate

Another key benefit of debt consolidation is the ability to get a fixed interest rate. For example, personal loans offer low fixed rates compared to interest rates on credit card debt. Borrowers with a higher credit score and income tend to get lower interest rates, although each borrower’s profile is unique.

With a personal loan, you can borrow from $1,000 to $100,000.

A fixed interest rate means your interest rate will never change while you pay off the personal loan. Fixed interest rates also are more predictable, so you will know exactly what you owe each month.

Combine debt into a single loan

The ability to combine debt into a single loan is a key advantage of debt consolidation. Debt consolidation enables you to combine multiple debts into a single loan such as a credit card consolidation loan, which is also known as a personal loan.

As a result, you won’t have to make multiple credit card payments with different interest rates each month to different credit card companies. Instead, you can make a single payment to one personal loan lender.

Read: Ultimate Guide To Personal Loans

Pay off debt faster

Debt consolidation enables you to pay off debt faster. A personal loan typically can be repaid in one to seven years. Check with your lender to understand all your repayment options.

In contrast, credit card debt could take longer to pay off as interest compounds and if you make relatively smaller monthly payments. If paying off debt faster is your goal, you should opt for as short a personal loan repayment period as you can afford.

Helps you get organized

Debt consolidation is a helpful strategy to get organized. If you have multiple types of credit card, for example, it may be challenging to keep track of all your credit card payment, interest rates, and credit card companies.

Debt consolidation simplifies repayment to a single monthly payment, one interest rate and one personal loan company. This can keep you focused on your goal, which is debt repayment.

Get cash quickly

Debt consolidation can help you get cash quickly. Some personal loan lenders can fund your personal loan the same business day. Other personal loan lenders may take several days or a week to fund your personal loan.

Once you receive cash in your bank account, you can use the funds to pay off your old credit card debt, for example. In some cases, the lender may pay off your old debt directly.

Save money

The final key benefit of debt consolidation is the ability to save money. The primary goal of debt consolidation is to save money and get out of debt faster. To save more money, focus on your interest rate and your personal loan repayment period. A lower interest rate can help you save interest each month compared to high credit card interest.

Personal loans typically are repaid between one and seven years. If you can afford the monthly payments, it can be advantageous to choose a shorter repayment period.

A shorter personal loan repayment period will mean you can save more money on interest, but you will have a higher monthly payment. A longer personal loan repayment period will provide a lower monthly payment, but you will pay higher overall interest.

This credit card payoff calculator shows you how much you can save with debt consolidation.

Let’s assume you have one credit card with a $10,000 balance, a 25% interest rate, and a $300 monthly credit card payment. Let’s assume you have a second credit card with a $10,000 balance, 20% interest rate, and a $200 monthly payment. If you consolidate your credit card balance of $20,000 and weighted average interest rate of 22.50% with a new personal loan at an interest rate of 8%, then your total savings would be $15,291.

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January 14, 2022
How to Pay Off $10,000 Of Credit Card Debt
You may be wondering how to pay off $10,000 of credit card debt. If you have credit card debt, it may be overwhelming and take years to pay off. The good news is that there are several strategies that you can use to pay off $10,000 of credit card debt.

Here’s what you need to know.

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Here are some helpful strategies to pay off $10,000 of credit card debt:
Consolidate credit card debt

If you have $10,000 of credit card debt, one option to pay off credit debt is through debt consolidation. If you have good credit and stable income, you may be able to consolidate credit card debt with a credit card consolidation loan. When you consolidate credit card debt, you could qualify for a lower interest rate if you have good or excellent credit. You also may be able to pay off credit card debt faster, typically in one to seven years.

What is a credit card consolidation loan?

With a credit card consolidation loan, you can consolidate multiple credit cards with a high interest rate into a new, single credit card consolidation loan with a lower, fixed interest rate. A credit card consolidation loan is a type of personal loan that you can use to consolidate credit card debt.

With a fixed interest rate, this means that your interest will never change while you pay off credit card debt. This makes your credit card payments more predictable.

Credit card consolidation loans also provide credit card debt repayment flexibility. You could choose a shorter credit card repayment term to save more money on interest. However, your monthly payments may be higher. Conversely, you could choose a longer repayment period, which means you could have a lower monthly repayment. However, you may pay more in interest on your personal loan.

Compare the latest rates for a credit card consolidation loan.

Use a credit card payoff calculator

This credit card payoff calculator shows you how much money you can save when you consolidate credit card debt.

Let’s assume that you have one credit card with $6,000 of credit card debt with a 20% interest rate and $100 monthly payment. Let’s assume you have a second credit card with $4,000 of credit card with a 22% interest rate and a $100 monthly payment. If you consolidate your credit card balance of $10,000 and weighted average interest rate of 21% with a new personal loan at an interest rate of 7%, then your total savings would be $11,919.

Credit card consolidation: Advantages

There are several advantages to a credit card consolidation loan:
- Fixed interest rate: A credit card consolidation loan has a fixed interest rate, which means your interest rate will never change. This makes monthly payment for a personal loan more predictable. In contrast, credit cards have variable interest rates, which means your interest rate could change each month.
- Lower interest rate: The goal of credit card consolidation is to get a lower interest rate with a personal loan compared to a credit card.
- Pay off debt faster: With a lower interest rate, you may be able to pay off credit card debt faster.
- Fast approval: Personal loans can be funded as soon as the same business day or the next business day. With a relatively fast approval process, you may be able to start saving money on your credit card debt sooner.
- Improved credit score: A personal loan is considered an installment loan, and compared with credit card debt, may help you increase your credit score. Make sure to make regular, on-time payments each month and you could increase your credit score also by building your payment history.
Compare the latest rates and lenders for personal loans.

Credit card consolidation: Disadvantages

There are several disadvantages to a credit card consolidation loan:
- Requires better credit: Personal loans generally are more consumers with good to excellent credit. If you have bad credit, it can be harder to get a personal loan. However, you could apply for a personal loan with a qualified cosigner to help get approved and possibly get a lower interest rate.
- Fees: Some, but not all, personal loans may have fees. Check with your lender to understand if there are any fees and how and when they are applied.
- Pay off time: While you may want to pay off credit card faster, make sure your repayment term matches your financial reality. Typically, the personal loans are paid off within seven years, but you can check with your lender for flexible repayment options.
Consider a balance transfer credit card

Another option to pay off $10,000 of credit card debt is to consider a balance transfer credit card. A balance transfer card is a type of credit card where you can transfer you current credit card debt to this card and get the benefit of 0% APR for at least 12 months or more.

Compare balance transfer credit cards to find the best credit card for you.

A 0% APR credit card is a type of credit card that does not charge you any interest on new purchases or your current credit card balance for a certain period of time. You can also transfer a credit card balance for a fee from another credit card to your new 0% APR credit card. You can compare 0% APR credit cards to find the best 0% APR credit card for you.

Balance transfer credit card: Advantages

There are several advantages to a balance transfer credit card:
- 0% APR: The key advantage of a balance transfer credit card is 0% APR. This means that during the 0% APR period, you won’t have to make any interest payments on your credit card debt balance. Some balance transfer credit cards have 0% APR on existing credit card balances, new purchases or both.
- Rewards: Some balance transfer credit cards may offer rewards such as a cash signup bonus, for example, or ongoing cash back.
- Improve credit score: You can use a balance transfer credit card to build credit and boost your credit score. Once your 0% APR ends, make sure to make regular, on-time payments.
Balance transfer credit card: Disadvantages

There are several disadvantages to a balance transfer credit card:
- Fees: Balance transfer credit cards may charge a 3-5% fee of your credit card balance to make a balance transfer.
- Interest rate: With a balance transfer credit card, the goal is to pay off your entire credit card balance before the 0% APR period ends. Otherwise, regular high interest rates will accrue on your credit card balance.
- More credit card debt: If you think you may incur more credit card debt, consider a 0% APR credit card.
Get a hardship credit card payment plan

Another option to pay off $10,000 of credit card debt is to contact your credit card company and ask about a hardship credit card payment plan.

Your credit card company may be able to offer you a flexible hardship credit card payment plan so that you make regular credit card payments and pay off your credit card debt.

Importantly, don’t wait until the last minute to contact your credit card company. If you think you will miss a credit card payment, contact your credit card company in advance to discuss credit card repayment options.

Hardship credit card payment plan: Advantages

There are several advantages to a hardship credit card payment plan:
- Fixed repayment: Like a personal loan, a hardship credit card payment plan typically offers a fixed interest rate, which makes credit card payments more predictable.
- Advance notice: Remember to contact your credit card company in advance so you can communicate you might not be able to make your next credit card payment. This will help you save fees and maintain your credit card payment history.
- Better terms: You may be able to negotiate better terms with your credit card company, such as a lower interest rate.
Hardship credit card payment plan: Disadvantages

There are several disadvantages to a hardship credit card payment plan:
- Closed account: It’s possible that your credit card company could close your credit card account during your hardship credit card payment plan.
- Credit score impact: Failure to pay your credit card payments could adversely impact your credit score.
- No consolidation: Unlike a credit card consolidation loan, you can’t get a single hardship credit card payment plan. Instead, you will need to contact each credit card company separately.
Negotiate a credit card debt settlement

To pay off $10,000 of credit card debt, you could negotiate a credit card debt settlement with your credit card company. This is similar to a hardship credit card plan, but there are some important differences. A credit card debt settlement is an agreement between you and your credit card company whereby you pay a lump sum payment to pay off credit card. In a credit card debt settlement, the amount of cash that you agree to pay is often less than the amount of credit card debt that you owe.

Check out this lump-sum payment calculator to learn how much money you can save with a credit card debt settlement.

Credit card debt settlement: Advantages

There are several advantages to a credit card debt settlement:
- Save money: With a credit card debt settlement, you can save money if you settle for a lower amount than the amount of credit card debt that you owe.
- Direct settlement: You have the ability to settle directly with your credit card company without involving any third parties, which could charge fees to negotiate a credit card debt settlement.
- Protect credit score: A credit card debt settlement could prevent further damage to your credit score.
Credit card debt settlement: Disadvantages

There are several disadvantages to a credit card debt settlement:
- Fees: If you involve a third party to negotiate a credit card debt settlement on your behalf, then that third party could charge a significant fee for their services.
- Damage to credit: If you stop making credit card debt payment or make late credit card debt payments, your credit score may decline.
- Unfair terms: You may think the terms of the credit card debt settlement are unfair. In this case, you may want to explore other options such as a personal loan or balance transfer credit card.
Pursue credit card debt repayment

A final way to pay off $10,000 of credit card debt is to make regular credit card payments each month. This could take a longer period and could be more expensive than other options to pay off credit card debt. A budget could help you manage your monthly income and expenses so that you can pay the maximum amount each month to pay off credit card debt. Understand your monthly income and subtract your living expenses and any other debt payment such as a home loan or student loans. The remaining amount can be applied toward paying off credit card debt.

Credit card debt repayment: Advantages

There are several advantages to credit card debt repayment:
- Simplicity: Traditional credit card debt repayment can be the simplest approach without having to borrow a loan or taking out a credit card.
- Discipline: Paying off credit card debt each month teaches financial discipline.
- Improve credit score: Making regular, monthly and on-time credit card payments over the long term can improve your credit score.
Credit card debt repayment: Disadvantages

There are several disadvantages to credit card debt repayment:
- Costly: If you owe $10,000 of credit card debt with a high interest rate, it may become very expensive if you only pay a small amount each month and carry a credit card balance.
- Time: It could take more time to pay off credit card debt, which could make credit card debt repayment more expensive and time-consuming.
- Credit score: If you don’t make regular credit card payments, your credit score could decline.
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January 14, 2022
How to Pay Off $50,000 of Student Loans
If you have $50,000 of student loans, it may feel intimidating to pay off student loans. However, there are helpful strategies that can help with student loan repayment. From student loan refinancing to an income-driven repayment, let’s explore how to pay off $50,000 of student loans.

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Here are 5 ways to pay off $50,000 of student loans:
Refinance student loans

If you have $50,000 of student loans, your best options may be to refinance student loans. Student loan refinancing helps you get a lower interest rate and lower monthly payment so that you can pay off your student loans faster. First, it’s possible to combine your existing federal student loans, private student loans or both into a single student loan with a lower interest rate, which can save you money. Second, you can refinance both college and graduate school student loans, and you can choose a fixed or variable interest rate. Third, you can also choose a student loan repayment term from 5 to 20 years, which can provide flexibility for student loan repayment.

Compare the latest rates for student loan refinancing.

How much money can you save with student loan refinancing? This student loan refinancing calculator shows you how much you can save when you refinance student loans.

For example, let’s assume that you have $50,000 of student loans at a 7% interest rate and a 10-year repayment term. Let’s assume you refinance student loans at a 3% interest rate and a 10-year repayment term. You would save $98 each month and $11,729 overall.

There are no application fees, origination fees or prepayment fees when you refinance student loans. To qualify to refinance student loans, you typically need a 650 credit score, be currently employed with steady income, and have enough monthly cash flow to pay debt and living expenses.

Here are helpful resources for student loan refinancing:
Increase student loan payments

If you want to know how to pay off $50,000 of student loans, you can increase your student loan payments. This assumes that you have extra funds to pay off student loans, which not everyone has. If you have extra funds of any amount, you can instruct your student loan servicer to apply your extra student loan payment to pay off your principal student loan balance. For example, you could increase your monthly payment by $100 each month.

This student loan payoff calculator shows you how much money you can save when you pay off your student loans faster.

Let’s assume that you have $50,000 of student loans and an 8% interest rate. Let’s also assume that your monthly student loan payment is $607. If you pay an extra $100 per month (for a total of $707 per month), you could pay off your student loans 1.99 years earlier and save $4,923.

Consider an income-driven repayment plan

Another way to pay off $50,000 of student loans is to enroll in an income-driven repayment plan. An income-driven repayment plan bases your monthly federal student loan payment on your discretionary income, family size and state of residence. With an income-driven repayment plan, it’s possible to get a federal student loan payment as low as $0 each month.

There are four income-driven repayment plans:
After 20 years (undergraduate student loans) or 25 years (graduate student loans) of on-time monthly payments, you can get student loan forgiveness for your remaining federal student loan balance.

Pursue student loan forgiveness

Pursue student loan forgiveness

If you want to know how to pay off $50,000 of student loans, you could consider student loan forgiveness. Student loan forgiveness is available for federal student loans only through the federal government. There are multiple opportunities for federal student loan forgiveness. Two popular options include public service loan forgiveness and teacher loan forgiveness. There are also opportunities for student loan forgiveness. For example, if you have a total and permanent disability, you could qualify for total student loan cancellation. Similarly, if you were misled by your college or university, you could qualify for student loan forgiveness under borrower defense to repayment.

Public Service Loan Forgiveness

If you have $50,000 of federal student loans, you could get student loan forgiveness through the Public Service Loan Forgiveness program. To qualify, you must work full-time for a qualified public service or non-profit employer and make 120 monthly student loan payments. You also must meet other requirements, including making a majority of federal student loan payments while enrolled in an income-driven repayment plan.

This public service loan forgiveness calculator shows you your monthly student loan payment and how much student loan forgiveness you can get when you enroll in public service loan forgiveness.

Teacher Student Loan Forgiveness

While public service loan forgiveness provides full student loan forgiveness, the Teacher Loan Forgiveness program can provide up to $17,500 of federal student loan forgiveness. To qualify, you must be employed full-time for five complete and consecutive academic years at an elementary school, secondary school or educational service agency that serves low-income students.

Refinance student loans with a cosigner

If you want to pay off $50,000 of student loans, you could also refinance student loans with a cosigner. A cosigner is a relative such as a parent or spouse that helps you get approved for student loan refinancing and qualify for a lower interest rate. A qualified cosigner will assume equal financial responsibility for your student loans and should have strong credit and stable income. A qualified cosigner can be especially helpful if you don’t qualify on your own for student loan refinancing. Alternatively, you may qualify for student loan refinancing, but a cosigner can help you get a lower interest rate so you can save money.

Compare the latest rates for student loan refinancing.

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January 13, 2022
How to Pay Off $30,000 of Student Loans
If you have $30,000 in student loan debt, you’re not alone. The average student loan debt is approximately $30,000. If you want to know how to pay off $30,000 of student loans, then it’s helpful to understand the best strategies and find which one works best for you.

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Here’s how to pay off $30,000 of student loans:
Refinance student loans

If you want to pay off your student loans faster, you can refinance student loans to get a lower interest rate, lower monthly payment, or both. With a lower interest rate, for example, you could save money each month and get out of student loan debt more quickly. Student loan refinancing is the process of getting a new student loan with a lower interest rate and using that student loan to pay off your current debt. You can compare the latest rates for student loan refinancing to find the best option for you.

This student loan refinancing calculator shows you how much you can save when you refinance student loans.

For example, let’s assume that you have $30,000 of student loans at an 8% interest rate and a 10-year repayment term. Let’s assume you refinance student loans at a 3% interest rate and a 10-year repayment term. You would save $74 each month and $8,916 overall.

Student loan refinancing resources:
Make an extra student loan payment

If you want to pay off $30,000 of student loans, make an extra student loan payment. There are two ways to make an extra student loan payment. First, you can make a one-time, lump-sum student loan payment. Second, you could increase your monthly student loan payment by a specific dollar amount. If you make an extra student loan payment, make sure to instruct your student loan servicer in writing that these extra student loan payments should be applied to pay off your principal student loan balance.

This lump sum extra payment calculator shows you how much money and time you can save when you make a lump sum payment or extra payment toward your student loans.

For example, let’s assume that you have $30,000 of student loans with an average interest rate of 8% and a $364 monthly student loan payment. If you make a one-time, extra payment of $500, you will save $512 on your student loans. Plus, you will pay off your student loans 2 months earlier.

Enroll in an income-driven repayment plan

Another option to pay $30,000 of student loans is to enroll in an income-driven repayment plan. An income-driven repayment plan bases your monthly student loan payment based on your discretionary income, family size and state of residence. Income-driven repayment plans only are available for federal student loans but not private student loans.

There are four income-driven repayment plans:
You can enroll in an income-driven repayment plan through your student loan servicer. Make sure to recertify your income each year, since it can affect the amount of your monthly student loan payment. After 20 years (undergraduate student loans) or 25 years (graduate student loans) of on-time monthly payments, you can get student loan forgiveness for your remaining federal student loans.

Consider student loan forgiveness

If you have $30,000 of student loans, you may be eligible for student loan forgiveness. There are several options for student loan forgiveness for federal student loans. Here are some popular programs for student loan forgiveness.

Public Service Loan Forgiveness

You can get student loan forgiveness for all your federal student loans through the Public Service Loan Forgiveness program. To qualify, you must work full-time for a qualified public service or non-profit employer and make 120 monthly student loan payments. You also must meet other requirements.

This public service loan forgiveness calculator shows you your monthly student loan payment and how much student loan forgiveness you can get when you enroll in public service loan forgiveness.

Teacher Student Loan Forgiveness

You can get up to $17,500 of federal student loan forgiveness through the Teacher Loan Forgiveness program. To qualify, you must be employed full-time for five complete and consecutive academic years at an elementary school, secondary school or educational service agency that serves low-income students.

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January 13, 2022
How to Find the Lowest Student Loan Interest Rates for You
Student loan repayment is not only about paying off your original student loan balance, but also about paying off student loan interest. That’s why it’s critical to know how to find the lowest student loan interest rates for you. Otherwise, you could be overpaying for your student loans, which nobody wants to do.

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Here are 6 ways to find the lowest student loan interest rates for you:
Learn about federal student loans

When it comes to borrowing student loans, you have two choices: federal student loans and private loans. First, you should learn about federal student loans. Federal student loans are available through the U.S. Department of Education.

Federal student loans have several key advantages:
- First, federal student loans come with a fixed interest rate, so your interest rate will never change over the life of your student loan.
- Second, federal student loans don’t require a cosigner.
- Third, federal student loans have many different student loan repayment options.
- Fourth, federal student loans come with several benefits, including forbearance, deferment, income-driven repayment and student loan forgiveness.
- Fifth, the federal government doesn’t underwrite student loans, meaning that every federal student loan borrower gets the same interest rate for their federal student loans regardless of their underlying credit profile. That said, if you have a strong credit profile, you may be overpaying for your interest rate if you have a federal student loan. Generally, if these benefits are important to you, you should maximize the amount of your federal student loans before borrowing private student loans.
To apply for federal student loans, you should complete the Free Application for Federal Student Aid (FAFSA).

Learn about private student loans

Private student loans are available through private lenders. For private student loans, you can compare the latest rates and lenders to find the lowest student loan interest rates for you. Typically, private student loans have a lower interest rate than federal student loans. So, if you are focused on getting a lower interest rate, you may want to consider private student loans. If you have strong credit and income, or a cosigner with strong credit and income, you may qualify for a lower interest rate with a private student loan. That said, private student loans don’t have the same benefits as federal student loans, such as income-driven repayment plans or student loan forgiveness. That said, some private lenders may offer forbearance, deferment or other flexible student loan repayment option. Check with each lender for details.

You can apply for private student loans directly with lenders:
- First, you should compare lenders to find the best lender for you.
- Second, compare interest rates and student loan terms.
- Third, you can check your new interest rate with each lender for free with no impact to your credit score. This is called a soft credit check and usually takes a few minutes.
- Fourth, you can apply to multiple lenders to maximize your chances of approval and to find the lowest student loan interest rate for you. Once you apply, the lender will check your credit. If you apply to multiple lenders in a short time frame, this typically counts as only one credit inquiry on your credit report.
- Fifth, once you’re approved, choose the lowest interest rate and best student loan lender for you.
Use a student loan calculator

It’s smart to use a student loan calculator to calculate how much your student loans will cost.

This monthly student loan payment calculator shows you how much your monthly payment and total payment will be for your student loans.

According to the monthly student loan payment calculator, for student loans with a balance of $75,000 with a 7% average interest rate and a loan term of 10 years, your total monthly payment would be $871. The total repayment amount would be $104,498 (which includes $29,498 in interest).

This student loan payoff calculator shows you how much money you can save when you pay off student loans faster.

For example, let’s assume that you have $75,000 of student loans with a 7% interest rate and a monthly student loan payment of $871. Now, let’s assume that you pay an extra $100 each month. If you pay an extra $100 each month (for a total of $971 per month), you could pay off your student loans 1.42 years earlier and save $4,509.

Choose a fixed or variable interest rate

While federal student loans only have a fixed interest rate, private student loans are available with a fixed interest rate or a variable interest rate. Your interest rate will determine how much interest you pay on your student loans. If you borrow a private student loan, you can therefore choose a fixed or variable interest rate. A fixed interest rate means that your student loan interest rate won’t change over the life of your student loan. In contrast, a variable interest student loan means that your student loan interest rate can increase or decrease over the life of your student loan. Variable interest rates are typically lower than fixed interest rates. That said, if you expect interest rates to increase, a fixed interest rate may be advantageous so that your interest rate stays the same and doesn’t increase. In contrast, if you expect interest rates to decrease, you may prefer a variable interest rate so that your student loan interest rate falls when underlying interest rates are lowered.

Enroll in autopay to get a lower interest rate

There are many ways to get a lower interest rate. One strategy to get a lower interest rate is to enroll in autopay. This is available with most private lenders and involves linking your student loan account with your bank account. Then, each month, your student loan servicer will automatically withdraw your student loan payment each month. When you sign up for autopay, most private lenders will discount your interest rate by 0.25%.

Refinance student loans

Student loan refinancing is another way to find the lowest student loan interest rates for you. (You may be wondering: Is student loan refinancing worth it?). Student loan refinancing is the process of combining your federal student loans, private student loans, or both, into a new private student loan with a lower interest rate. Your new student loan is used to pay off your old student loans, and your new student loan can help you save money and pay off student loans faster. How can you get a lower interest rate with student loan refinancing? You should refinance student loans whenever you can qualify for a lower interest rate. There are no origination fees, application fees or prepayment fees when you refinance, and there is no limit to the number of times that you can refinance. Lenders may evaluate your credit, income, debt-to-income ratio, monthly cash flow and other factors to offer you a lower interest rate.

This student loan refinancing calculator can show you how much money you can save with a lower interest rate when you refinance student loans.

For example, let’s assume that you have $80,000 of student loans with a 7% interest rate and 10-year repayment term. If you refinance $80,000 of student loans at a 3% interest rate with a 10-year repayment term, you can save $156 each month and $18,766 over the life of your student loan.

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January 12, 2022
7 Reasons to Refinance Student Loans Now
If you want to get a lower interest rate, a lower monthly student loan payment, or both, then student loan refinancing may be a good option for you. There are many reasons why you should refinance your student loans. You can simplify student loan repayment, save money, and get out of debt faster. Here’s what you need to know about student loan refinancing and how it can help you.

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There are at least 7 reasons to refinance student loans now:
Get a lower interest rate

Student loan refinancing is the process of getting a new student loan with a lower interest rate from a private lender and using that new student loan to pay off your old student loans. There are many ways to lower your student loan interest rate.

Student loan refinancing is one of the most effective ways to get a lower interest rate for your student loans. A lower interest rate means that you can save money each month on your student loans and pay off your student loans faster. You can compare the latest rates for student loan refinancing, and if you qualify for a lower interest rate, then it may be advantageous for you to refinance your student loans.

Get a lower monthly payment

Student loan refinancing also can help you get a lower monthly payment. With a lower interest rate, you may be able to save money each month depending upon how much time you take to pay off student loans.

This student loan refinancing calculator shows you how much you can save when you refinance student loans.

For example, let’s assume that you have $80,000 of student loans at an 8% interest rate and a 10-year repayment term. Let’s assume you refinance student loans at a 3% interest rate and a 10-year repayment term. You would save $198 each month and $23,776 overall.

Consolidate student loans into a single payment

Like many student loan borrowers, you may have multiple types of federal and private student loans. This means you also may have different lenders, student loan servicers, loan types and payment dates. Often, this can be a financial headache to manage. Student loan refinancing is a smart strategy to consolidate student loans into a single payment.

(Read The Complete Guide To Refinancing Student Loans).

With student loan refinancing, you can combine your existing federal student loans and private student loans into a new, single student loan. This single student loan will have one lender, one student loan servicer and one monthly payment. Consolidating student loans into a single payment can make it easier to manage student loan repayment.

Compare the top lenders to refinance and consolidate student loans.

Choose a flexible student loan repayment term

If your student loan payments are too high, student loan refinancing can offer a flexible student loan repayment term. The standard repayment plan for federal student loans is 10 years. However, with student loan refinancing, most lenders allow you to choose a student loan repayment term between 5 and 20 years.

A shorter student loan repayment term such as 5 years will have a relatively higher monthly payment, but it will save you more money through lower total interest. In contrast, a longer student loan repayment term such as 20 years will have a relatively lower monthly payment, but it will cost more money overall through higher total interest.

You should choose a student loan repayment term that works best for your unique financial situation.

Learn: how to refinance your student loans

Choose a fixed or variable interest rate

Student loan refinancing gives you flexibility to choose either a fixed interest rate or a variable interest rate.

In contrast, federal student loans only have fixed interest rates. A fixed interest rate means that your interest rate will stay the same until you pay off your student loans. A variable interest rate means that your interest can increase or decrease over time. Typically, variable interest rates are lower than fixed interest rates.

When should you choose a fixed interest rate versus a variable interest rate? If you expect interest rates to increase, then you could choose a fixed interest rate to lock-in a relatively lower interest rate today and save money over time.

Even if interest rates rise, your fixed interest rate will remain the same. In contrast, if you expect interest rates to decrease, then you could choose a variable interest rate to save money over time. As interest rates fall, for example, you would save money by paying lower interest.

Get a better lender

Student loan refinancing also is an opportunity to get a better lender. If you’re unsatisfied with your lender or student loan servicer, student loan refinancing can help you choose a different lender or student loan servicer, or both. This can make student loan repayment easier and with less hassle. It’s important to choose a lender with strong customer service as well as low rates and flexible loan terms.

Learn the Top 30 questions about student loan refinancing.

Release a cosigner

When you refinance your student loans, one advantage is that you can release a cosigner.

What is a co-signer? A co-signer is a parent, spouse or other family member who may have applied with you when you borrowed a student loan. If you now have a high credit score and steady income, you may want to apply to refinance student loans and release your co-signer.

Co-signer release is the process of releasing your cosigner from any financial responsibility for your student loans. Many lenders offer a co-signer release when you refinance student loans, so make sure your lender offers this option if you plan to release a co-signer.

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January 12, 2022
Medical School Student Loan Repayment for New Doctors
Earning a medical degree is an incredible professional achievement, but the thought of medical school student loan repayment may appear daunting for new doctors. The average medical school student loan debt is approximately $200,000, and some student loan borrowers have even more student loan debt. The good news is that there are several options for medical school student loan repayment and medical school student loan forgiveness for doctors.

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In this guide, we will teach you the best options for student loan repayment and student loan forgiveness for med school debt:
Refinance medical school loans

Student loan refinancing is a smart way to get a lower interest rate on your student loans, a lower monthly payment, or both. The goal with student loan refinancing is to save money. Since medical school can result in significant student loan debt, refinancing student loans could help you save thousands or tens of thousands of student loans depending on your student loan balance. When you refinance student loans, you take out a new student loan with a private lender, and that new loan is used to pay off your old student loans. The good news is that you can choose new student loan terms, including your repayment period. Many doctors choose to refinance student loans during residency. If you haven’t refinanced your student loans, it’s a popular option to consider now. Even if you refinanced your student loans residency, you can refinance again to get a lower interest rate. The good news is there’s no limit to the number of times you can refinance, and there are no application, origination or prepayment fees.

With student loan refinancing, you can choose a fixed or variable interest rate. You can also choose a student loan repayment period from 5 to 20 years. You can compare rates and lenders to find the best student loan refinancing option for you. You can refinance federal student loans, private student loans, or both. You can also refinance both college and medical school debt.

This student loan refinancing calculator can show you how much money you can save when you refinance medical school student loans.

For example, let’s assume that you have $300,000 of student loans at a 7% interest rate and 10-year repayment period. Now, let’s assume that you refinance your student loans at a 3% interest rate and 10-year repayment period. Student loan refinancing would save you $586 each month and $70,372 total.

Make sure you understand the advantages and disadvantages of student loan refinancing. You’ll also want to confirm which student loans to refinance, including federal student loans, private student loans, or both. For example, if you are pursuing public service loan forgiveness or using an income-driven repayment plan, you shouldn’t refinance federal student loans. (Here are 10 questions to ask before student loan refinancing). To get approved for student loan refinancing, you’ll need to meet several requirements, including having at least a 650 credit score. You also need to be employed with steady income or have a signed job offer. Lenders also may evaluate your debt-to-income ratio to ensure that you have enough discretionary income to pay your student loans, other debt and living expenses.

Enroll in an income-driven repayment plan

One option for medical school student loan repayment is to use an income-driven repayment plan. These student loan repayment plans are available for federal student loans, and set your monthly student loan payment based on your discretionary income, family size and state of residence. There are four main income-driven repayment plans:
If you’re struggling to pay medical school student loan debt, it’s possible to get a monthly student loan payment as low as $0. You won’t get a lower interest rate with an income-driven repayment plan, but you could qualify for a lower monthly student loan payment. You will need to recertify your income each year, which means your student loan payments could vary over time. After 20 year of college student loan payments or 25 years of medical school student loan debt payments, you could qualify for federal student loan forgiveness.

How to get medical school student loan forgiveness

It’s possible to get medical school student loan forgiveness. Typically, medical school student loan forgiveness is only available for federal student loans. These types of student loan forgiveness may be available through the federal government, for example. That said, it’s possible that your employer or a non-profit organization, for example, may offer student loan forgiveness for other types of student loans too.

Make sure to check the eligibility requirements for any student loan forgiveness program for medical school student loan debt. Each student loan forgiveness program may have its own requirements. For example, you may have to work at a health care non-profit or in an under-served community for a certain time period. The student loan forgiveness program also could require a certain specialty as well.

Some student loan forgiveness programs may require that you enroll your federal student loans into an income-driven repayment plan such as IBR, PAYE, REPAYE or ICR. You can use our student loan calculators to determine which income-driven repayment plan may be right for you.

Public service student loan forgiveness for doctors

Doctors who work for a qualified public service or non-profit employer could get total federal student loan forgiveness through the Public Service Loan Forgiveness program. This is a federal program that Congress created in 2007 to help physicians and other public servants get student loan forgiveness. There are many opportunities to get public service loan forgiveness. For example, you could work as a physician for the federal government or at a non-profit in an under-served community.

To qualify for student loan forgiveness, you must meet several requirements, including working at least full-time and making 120 monthly federal student loan payments while working for a qualified public service or non-profit employer. Importantly, it’s your employer that matters, not the role or service that you perform. You can check with the U.S. Department of Education to confirm that your employer qualifies for public service loan forgiveness.

Military programs for medical school student loan repayment

In addition to public service loan forgiveness, physicians who serve in the military also can qualify for medical school student loan forgiveness. Before you pursue student loan forgiveness, make sure you understand all the requirements of any military programs that offer student loan forgiveness.

U.S. Army: student loan repayment assistance for doctors

There are several options for doctors to get student loan repayment assistance from the U.S. Army:
- Loan Repayment Program: Each year, the Army will repay 33 1/3% of the outstanding principal student loan balance, less taxes, or $1,500, whichever is greater. The Army will pay up to $65,000, less taxes, of your student loans, up to three years total. Your student loans can’t be in default before entering active duty and during student loan repayment.
- Active-Duty Health Professionals Loan Repayment Program: The Army offers up to $120,000 toward medical school student loan repayment. Physicians must be on active duty, and they can get up to $40,000 each year for three years.
- Financial Assistance For Medical Residents: You can get a grant of up to $45,000 per year, plus a monthly stipend of $2,000 if you are a medical resident.
- Army Reserve Health Professionals Special Pay: Active-duty physicians and physicians who serve in Army Reserve and have completed their residency in a specialty that qualifies that can get up to $50,000 a year toward student loan repayment.
U.S. Navy: student loan repayment assistance for doctors

There are several options for doctors to get student loan repayment assistance from the U.S. Navy:
- The Health Professions Loan Repayment Program (HPLRP): This program provides medical students, residents and physicians up to $40,000 annually for student loan repayment of federal student loans, less federal income taxes.
- The Navy Loan Repayment Program: This program pays up to $65,000 for federal student loans. The program is offered to members of the Navy’s Delayed Entry Program who eventually enlist in the Navy full time. Under this program, the Navy will pay 33.3% of your federal student loans or $1,500, whichever is greater, for up to three years of service.
U.S. Air Force: student loan repayment assistance for doctors

There are several options for doctors to get student loan repayment assistance from the U.S. Air Force:

Air Force Financial Assistance Program: This program helps doctors in the U.S. Air Force with medical school student loan repayment. You can earn up to a $45,000 each year you participate in the program, and there is a monthly stipend of $2,000 to cover living expenses.

National Institutes of Health student loan repayment

The National Institutes of Health student loan repayment program can help with medical school student loan repayment. Congress created the NIH Loan Repayment Programs (LRPs) and they repay up to $50,000 annually to physicians who engage in NIH’s mission-relevant research. The goal is to attract highly-qualified researchers to agree to a two-year minimum commitment, and it can apply to medical school, graduate school or college student loan debt. There are opportunities to get student loan repayment assistance while working for the NIH as a physician or physician researcher as well as for external organizations. There are also opportunities to get student loan repayment assistance for medical school student loans if you are practicing physician.

Medical school student loan repayment: state programs

Doctors can look beyond the federal government for medical student loan repayment options. For example, states may offer student loan repayment assistance that could help you pay off student loans faster. Here are a few to consider:
- National Health Service Corps: The National Health Service Corps (NHSC) offers State Loan Repayment Program (SLRP). Through this program, clinicians can get student loan payment assistance for working in a Health Professional Shortage Area (HPSA).
- Association of American Medical Colleges (AAMC): If you are searching for medical student loan repayment, make sure to check the AAMC database for a list of Health Professional Shortage Areas. You can find state student loan forgiveness in exchange for service in these areas.
- Student Loan Repayment Assistance: You can also check with your state government on options for student loan repayment assistance (LRAP).
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January 11, 2022