Category: Student Loan Refinancing

Pros and Cons of Student Loan Consolidation
If you want to consolidate student loans, you should know that there are pros and cons of student loan consolidation. Federal student loan consolidation and private student loan consolidation both help you manage student loan repayment. However, it’s important to understand the pros and cons of student loan consolidation so you can choose which options is best for you.

[refinance_student_loans_table]

Here are the pros and cons of student loan consolidation:
What is federal student loan consolidation?

Federal student loan consolidation is the process of combining your current federal student loans into a new Direct Consolidation Loan. Federal student loan borrowers can consolidate federal student loans once they enter student loan repayment or during your grace period.

Federal student loan consolidation results in a federal student loan with a fixed interest rate. The goal of student loan consolidation is to organize your federal student loans into a single student loan with one monthly payment, one interest rate and student loan servicer.

Importantly, federal student loan consolidation will not lower your interest rate. Rather, federal student loan consolidation results in an interest rate that is equal to a weighted average of your current interest rates, rounded up to the nearest 1/8%.

This consolidation vs. refinancing calculator shows you how much money you can save with federal student loan consolidation vs. private student loan consolidation (student loan refinancing).

How to apply: You can apply for federal student loan consolidation through Federal Student Aid.

What is private student loan consolidation?

Private student loan consolidation, also known as 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.

The goal of student loan refinancing is to get a lower interest rate, save money and pay off student loans faster. With private student loan consolidation, you refinance student loans with a private lender rather than the federal government.

Compare the latest student loan refinancing rates.

Student loan refinancing enables you to choose a fixed interest rate or a variable interest rate. You can also choose a student loan repayment term ranging from 5 to 20 years, which provides more flexibility than the Standard Repayment Term.

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

Here are helpful resources for student loan refinancing:
Pros of federal student loan consolidation

There are several pros of federal student loan consolidation:
- Organize student loans: Student loan consolidation helps you consolidate your federal student loans into a new, single federal student loan called a Direct Consolidation Loan. Federal student loan consolidation simplifies student loan repayment by providing you with a single student loan, single interest rate, single monthly student loan payment and single student loan servicer.
- Access To Income-Driven Repayment: Federal student loan consolidation gives you access to income-driven repayment plans such as Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE) or Income-Contingent Repayment (ICR). This is especially helpful if you need to consolidate FFELP or Perkins Loans into a Direct Consolidation Loan.
- Lower monthly payment: Federal student loan consolidation can help lower your monthly student loan payment on your federal student loans. For example, you can extend your student loan repayment term from 10 years to 30 years, which can result in a lower monthly student loan payment.
Cons of federal student loan consolidation

There are several cons of federal student loan consolidation:
- No lower interest rate: Federal student loan consolidation does not lower your interest rate. Rather, your interest rate with Direct Loan Consolidation is equal to the weighted average of the interest rates on your current federal student loans, rounded up to the nearest 1/8%.
- Higher total interest: With federal student loan consolidation, a longer student loan repayment period such as 30 years can reduce your monthly student loan payment. However, a lower monthly student loan payment can result in higher total interest.
- Doesn’t include private student loans: Federal student loan consolidation is only for federal student loans. Therefore, you can’t consolidate private student loans with the federal government.
Pros of private student loan consolidation

Pros of private student loan consolidation
- Lower interest rate: The main goal of private student loan consolidation is to lower your interest rate. If you have good to excellent credit, you can get a lower interest rate, which can save you up to thousands or tens of thousands of dollars over the life of your student loans.
- Simplify student loan repayment: Private student loan consolidation enables you to simplify student loan repayment. You can combine your student loans into a single student loan with one interest rate, one student loan payment and one student loan servicer.
- No fees: Student loan refinancing doesn’t have any application fees, origination fees or prepayment fees. (Some lenders charge late fees).
Cons of private student loan consolidation

There are several cons of private student loan consolidation:
- Need strong credit: To qualify for private student loan consolidation, you will need good to excellent credit. You will also need stable monthly income. If you have bad or average credit, you may need to apply with a cosigner.
- No federal benefits: If you refinance federal student loans, and need federal benefit such as student loan forgiveness or income-driven repayment plans, then you may not want to refinance your federal student loans. Why? When you refinance federal student loans, the resulting student loan is a private student loan, which doesn’t offer these and other federal benefits. Alternatively, you could refinance private student loans only.
- Rates can change: Unlike federal student loan consolidation, your interest rate with private student loan consolidation can change if you choose a variable interest rate. This can be advantageous if interest rates decrease. However, your student loan could become more expensive with a variable interest rate if interest rates rise.
Best student loan consolidation lenders

The best student loan consolidation lenders offer low interest rates, have flexible student loan repayment terms and offer hardship deferment.

You can apply to multiple lenders to maximize your chances to get approved and find the lowest interest rate for you. Before you apply to refinance student loans, most lenders allow you to check your interest rate for free within minutes with no impact to your credit score.

Compare the latest rates for student loan refinancing

Compare the latest rates for law school student loan refinancing

Compare the latest rates for medical professional student loan refinancing

Compare the latest rates for medical resident student loan refinancing

Compare the latest rates for pharmacy school student loan refinancing

Compare the latest rates for MBA student loan refinancing

Compare the latest rates for nursing school student loan refinancing

Compare the latest rates for Parent PLUS Loan refinancing

[related_posts post_1=’2937′ post_2=’321′ post_3=’333′]
January 24, 2022
How to Pay Off $200,000 of Student Loans
If you have $200,000 of student loans, you might be unsure how to pay off your student loan debt. According to the latest student loan debt statistics, there are nearly one million student loan borrowers who owe at least $200,000 in student loan debt. If you want to know how to pay off $200,000 of student loans, the good news is that there are several ways to pay off student loans and get out of debt.

[refinance_student_loans_table]

Here’s how to pay off $200,000 of student loans:
Refinance student loans

To pay off $200,000 of student loans, you can refinance your student loans to get a lower interest rate and save money.

When you refinance your student loans, you combine your current student loans into a new student loan with a lower interest rate, lower student loan payment or both. Student loan refinancing can help you save up to thousands, or even tens of thousands of dollars, in interest over the life of your student loan.

Student loan refinancing is best for student loan borrowers with a high interest rate on their student loan debt, a high monthly student loan payment, and good to excellent credit. If you have good to excellent credit, you could qualify for a lower interest rate. You can refinance federal student loans, private student loans or both.

When you refinance student loans, you can 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 means you will have a higher monthly student loan payment, but you can save money and pay off your student loans faster. In contrast, a longer student loan repayment means lower student loan payments, but you will pay more money in total interest.

Compare the latest rates for student loan refinancing. Make sure to find the right lender and best interest rates for your specific situation. You can apply to multiple lenders to find the best student loan refinancing rates 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 $200,000 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 $495 each month and $59,440 overall.

Here are helpful resources for student loan refinancing:
Get a qualified cosigner

Getting a qualified cosigner to help refinance student loans is a smart way how to pay off $200,000 of student loans. If you want to pay off $200,000 of student loans, but have bad credit or average credit, a qualified cosigner such as a parent or spouse could help you get approved for student loan refinancing and get a lower interest rate.

Read: Top 30 questions about student loan refinancing.

Who is the best cosigner? Choose a cosigner with good income and excellent credit. Lenders want to lend to student loan borrowers who are currently employed with steady income and credit. Your cosigner will assume equal financial responsibility for your student loans, so make sure they are comfortable doing so. Several lenders offer a cosigner release option, which allows your cosigner to be released from financial responsibility for your student loans after you make a minimum number of monthly student loan payments.

Explore the latest rates for student loan refinancing.

Read about the top lenders to refinance student loans.

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

Sign up an income-driven repayment plan

If you need to pay off $200,000 of student loans, you can sign up for an income-driven repayment plan. An income-driven repayment plan is available for federal student loans only and bases your student loan payments on your income and family size. Under an income-driven repayment, you can pay 10% to 20% of your monthly discretionary income toward your federal student loans.

There are four income-driven repayment plans:
You can also get student loan forgiveness through an income-driven repayment plan:
- Undergraduate student loans: 20 years of monthly student loan payments
- Graduate student loans: 25 years of monthly student loan payments
Apply for student loan forgiveness

If you want to know how to pay off $200,000 of student loans, you can apply for student loan forgiveness.

(Here’s how to get student loan forgiveness and cancel student loan debt).

There are different programs available to get student loan forgiveness. Most student loan forgiveness applies only to federal student loans and is made available through the federal government. Two popular programs for student loan forgiveness are the Public Service Loan Forgiveness program and Teacher Loan Forgiveness.

(Learn more in our student loan forgiveness guide).

Public Service Loan Forgiveness
- The Public Service Loan Forgiveness program is available to federal student loan borrowers who work full-time (at least 30 hours a week) for a public service or non-profit employer and make 120 monthly student loan payments.
- Student loan borrowers must make at least a majority of their federal student loan payments while enrolled in an income-driven repayment plan such as IBR, PAYE, REPAYE or ICR.
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 grants 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.
Use the avalanche method

To pay off $200,000 of student loans, another option is to pay off student loans with the highest interest rate first. This is called the avalanche method.

Here’s how the avalanche method works:
1. Pay the minimum payment on your student loans every month.
2. Identify your student loan with the highest interest rate.
3. Pay off the student loan with the highest interest rate.
4. Then, pay the student loan with the next highest interest rate.
5. 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 $200,000 of student loans and an 8% interest rate. Let’s also assume that your monthly student loan payment is $2,427. If you pay an extra $300 per month (for a total of $2,727 per month), you could pay off your student loans 1.5 years earlier and save $15,672.

The avalanche method is smart to pay off $200,000 of student loans because it helps you pay off your most expensive student loans first.

Use the snowball method

To pay off $200,000 of student loans, you could pay off your lowest balance student loan first. This is called the snowball method. Here’s how it works.
1. Pay your minimum monthly student loan payment.
2. Pay off your lowest balance student loan.
3. Repeat each month until you have paid off your lowest balance student loan
4. Start paying off your student loan with the next lowest balance.
5. Repeat this process until you pay off your student loans.
The snowball method focuses on the student loan balance, regardless of interest rate. In comparison, the avalanche method focuses on the interest rates, regardless of interest rate. The snowball method is effective to pay off $200,000 of student loans because it helps you build small psychological wins each time you pay off student loans.

Learn more:

Compare the latest rates for student loan refinancing

Compare the latest rates for law school student loan refinancing

Compare the latest rates for medical professional student loan refinancing

Compare the latest rates for medical resident student loan refinancing

Compare the latest rates for pharmacy school student loan refinancing

Compare the latest rates for MBA student loan refinancing

Compare the latest rates for nursing school student loan refinancing

Compare the latest rates for Parent PLUS Loan refinancing

[related_posts post_1=’2937′ post_2=’321′ post_3=’318′]
January 24, 2022
How to Pay Off $100,000 of Student Loans
If you want to know how to pay off $100,000 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 $100,000 of student loans.

[refinance_student_loans_table]

Here’s how to pay off $100,000 of student loans:
Refinance your student loans

To pay off $100,000 of student loans, one popular option is to refinance your student loans.

When you refinance your student loans, you combine your existing federal student loans and private student loans into a new private student loan with a lower interest rate. With a lower interest rate, you can save up to thousands, or even tens of thousands of dollars, in interest costs over the life of your student loan.

Student loan refinancing helps 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 $100,000 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 $195 each month and $23,457 overall.

Here are helpful resources for student loan refinancing:
Refinance your student loans with a cosigner

If you want to pay off $100,000 of student loans, you could also refinance student loans with a cosigner. This is especially helpful if you have bad credit or average credit. Why? A qualified cosigner such as a parent or spouse could help you get approved for student loan refinancing and get a lower interest rate.

Read: Top 30 questions about student loan refinancing

If you think you need a qualified cosigner, consider someone with strong credit and steady income with a low debt-to-income ratio. While your cosigner will assume equal financial responsibility for your student loans, you can refinance your student again to release your cosigner once you meet certain requirements. If you’re applying with a cosigner to refinance student loans, make sure to choose a lender when you refinance that has a cosigner release option.

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.

Pay off highest interest student loan first

To pay off $100,000 of student loans, another option is to pay off student loans with the highest interest rate first. This is called the avalanche method.

Here’s how the avalanche method works:

First, always pay the minimum payment on your student loans.

Second, identify your student loan with the highest interest rate.

Third, pay off the student loan with the highest interest rate.

Fourth, once you pay off the student loan with the highest interest rate, then pay off the student loan with the next highest interest rate.

Fifth, 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 $100,000 of student loans and an 8% interest rate. Let’s also assume that your monthly student loan payment is $1,213. If you pay an extra $200 per month (for a total of $1,413 per month), you could pay off your student loans 1.92 years earlier and save $9,871.

Pay off lowest balance student loan first

To pay off $100,000 of student loans, you could pay off your lowest balance student loan first. This is called the snowball method. Here’s how it works.

First, always pay your minimum monthly student loan payment.

Second, pay off your lowest balance student loan.

Third, once you have paid off your lowest balance student loan, then start paying off your student loan with the next lowest balance.

Fourth, repeat this process until you pay off your student loans.

Unlike the avalanche method (which focuses on interest rate), the snowball method focuses on the student loan balance, regardless of interest rate.

The reason the snowball method is effective to pay off $100,000 of student loans is because it helps you build small wins as you pay off each student loan. While the avalanche method may be more advantageous financially, the snowball method is advantageous psychologically.

Enroll in an income-driven repayment plan

If you need to pay off $100,000 of student loans, you can enroll in an income-driven repayment plan. An income-driven repayment plan sets your monthly federal student loan payment based on your discretionary 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:
Income-driven repayment plans also offer student loan forgiveness as follows:
- Undergraduate student loans: get student loan forgiveness after 20 years
- Graduate student loans: get student loan forgiveness after 25 years
Get student loan forgiveness

If you want to know how to pay off $100,000 of student loans, you can also explore 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 for federal student loans through the federal government, but the federal government doesn’t provide student loan forgiveness for private student loans. Public Service Loan Forgiveness and Teacher Loan Forgiveness are two popular federal programs for student loan forgiveness.

(Learn more in our student loan forgiveness guide).

Public Service Loan Forgiveness
- The Public Service Loan Forgiveness program is available to federal student loan borrowers who work full-time for a public service or non-profit employer.
- Student loan borrowers must make 120 monthly student loan payments.
- You must enroll in an income-driven repayment plan.,
- You must make at least a majority of your 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
- 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.
- In comparison, the Public Service Loan Forgiveness program takes longer to complete, but public service loan forgiveness can forgive all your remaining federal student loans. In contrast, Teacher Loan Forgiveness only forgives up to $17,500.
[related_posts post_1=’2937′ post_2=’321′ post_3=’318′]
January 21, 2022
Student Loan Forgiveness for Teachers
If you’re looking for student loan forgiveness for teachers, there are several options. From public service loan forgiveness to Teacher Loan Forgiveness, this guide will help you navigate the best options for you.

[refinance_student_loans_table]

Here’s how to get student loan forgiveness for teachers:
Public Service Loan Forgiveness

If you want to get student loan forgiveness for teachers, then the Public Service Loan Forgiveness program is a smart option. Congress created the Public Service Loan Forgiveness program in 2007 to help public servants get student loan forgiveness.

To qualify for public service loan forgiveness, teachers will need to work full-time for an eligible public service or non-profit employer while making 120 monthly federal student loan payments.

Learn more: Public Service Loan Forgiveness Guide

Teachers need to meet certain requirements in addition to making 120 monthly student loan payments. For example, you will need to enroll in an income-driven repayment plan. You must make at least a majority of your federal student loan payments while enrolled in an income-driven repayment plan such as IBR, PAYE, REPAYE or ICR. Once you meet the requirements for public service loan forgiveness, your remaining federal student loan balance will be forgiven.

This public service loan forgiveness calculator shows our new monthly student loan payment and how much student loan forgiveness you can get when you enroll in public service loan forgiveness. This public service loan forgiveness calculator also can help you decide which student loan repayment plan helps you get the most student loan forgiveness.

How to apply: To get public service loan forgiveness, contact your student loan servicer or visit the U.S. Department of Education website.

Teacher loan forgiveness

One of the best ways to get student loan forgiveness is through the Teacher Loan Forgiveness program.

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.

In comparison, public service loan forgiveness provides more student loan forgiveness for teachers than the Teacher Loan Forgiveness program. While teacher loan forgiveness provides up to $17,500 of student loan forgiveness, public service loan forgiveness grants full federal student loan cancellation on your remaining student loan balance.

How to apply: Submit an application for Teacher Loan Forgiveness to your student loan servicer.

Income-driven repayment plan

Income-driven repayment plan are a helpful option to get student loan forgiveness for teachers.

An income-driven repayment plan sets your monthly federal student loan payment based on your discretionary income and family size. Through an income-driven repayment plan, you pay a portion of your discretionary income, such as 10-20%, each month as your federal student loan payment. Make sure to update your income and family size each year because it can impact the amount of your student loan payments.

There are four income-driven repayment plans:
Teachers can also get student loan forgiveness for their federal student loans through an income-driven repayment plan as follows:
- Undergraduate student loans: after 20 years of monthly student loan payments
- Graduate student loans: after 25 years of monthly student loan payments
How to apply: To apply for an income-driven repayment plan, contact your student loan servicer.

Perkins Loan Cancellation

Perkins Loan Cancellation is another way to get student loan forgiveness for teachers. Perkins Loans were federal student loans for student loan borrowers in financial need that were disbursed as part of a federal program that ended in 2018.

If you have Perkins Loans, you can get student loan cancellation for your Perkins Loan over five years.

While working full-time as a teacher, you can also defer making student loan payments on your Perkins Loans. This means that you won’t have to make payments on your Perkins Loans during the deferment period and potentially can get more student loan forgiveness.

How to apply: Apply for Perkins Loans cancellation directly through your school.

Student loan forgiveness for teachers: state programs

Most student loan forgiveness for teachers is through federal programs, meaning they are offered through the federal government, including the U.S. Department of Education. Teachers can also explore options for student loan forgiveness through state governments.

Some states may offer student loan forgiveness for teachers if you commit to work in an under-served area, for example, for a specified period of time.

How to apply: You can check with your state to determine if there are opportunities to get student loan forgiveness for teachers.

Student loan refinancing

If you don’t qualify for student loan forgiveness for teachers, you could consider an alternative option such as student loan refinancing.

Student loan refinancing is the process of combining your current student loans into a new private student loan with a lower rate. The goal of student loan refinancing is to save money by getting a lower interest rate, a lower monthly payment or both. Student loan refinancing is not student loan forgiveness, however.

Learn more: Student Loan Refinancing Guide

Teachers can qualify for student loan refinancing with a minimum 650 credit score, steady monthly income and a low debt-to-income ratio. You can choose a fixed interest rate or variable interest rate as well as a student loan repayment term between 5 and 20 years. Lenders want to ensure that you have enough monthly cash flow to pay for living expenses and debt payments.

If you think you may not qualify for student loan refinancing, you can apply with a qualified cosigner such as a spouse or parent who has strong credit and stable monthly income. A cosigner assumes equal financial responsibility for your student loans, but a cosigner also can help you get approved for student loan refinancing and get a lower interest rate.

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

For example, let’s assume that you have $70,000 of student loans from teaching school 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 $137 each month and $16,420 overall on your teaching student loans.

How to apply: Compare the latest rates for student loan refinancing and apply with each lender.

Here are some helpful resources for student loan refinancing:
[related_posts post_1=’318′ post_2=’321′ post_3=’1040′]
January 21, 2022
Student Loan Forgiveness for Nurses
If you’re interested in student loan forgiveness for nurses, the good news is there are several options for student loan forgiveness. From public service loan forgiveness to the Nurse Corp Loan Repayment Program, this guide will help you navigate the best options for you.

[refinance_student_loans_table]

Here’s how to get student loan forgiveness for nurses:
Public Service Loan Forgiveness

If you want to get student loan forgiveness for nurses, then the Public Service Loan Forgiveness program is a popular option. Created in 2007, public service loan forgiveness helps nurses and other public servants get full federal student loan forgiveness.

To qualify for public service loan forgiveness, nurses will need to work full-time for an eligible public service or non-profit employer while making 120 monthly federal student loan payments.

Learn more: Public Service Loan Forgiveness Guide

Nurses need to meet certain requirements in addition to making 120 monthly student loan payments. For example, you will need to enroll in an income-driven repayment plan. You must make at least a majority of your federal student loan payments while enrolled in an income-driven repayment plan such as IBR, PAYE, REPAYE or ICR. Once you meet the requirements for public service loan forgiveness, your remaining federal student loan balance will be forgiven.

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

How to apply: To get public service loan forgiveness, contact your student loan servicer or visit the U.S. Department of Education website.

National Health Service Corps Loan Repayment

The National Health Service Corps (NHSC) Loan Repayment program provides student loan forgiveness to nurses who work for two years in a Health Professional Shortage Area.

The NHSC Loan Repayment Program is made available for both federal student loans and private student loans. In comparison to public service loan forgiveness, you don’t have to work full-time. NHSC Loan Repayment is available for both full-time and part-time nurses. That said, part-time nurses must work at least 20 hours a week for 45 weeks per year. Nurse practitioners are eligible as well.

Here’s how much student loan forgiveness nurses can get:
- Full-time nurses: You can get student loan forgiveness ranging from $30,000 to $50,000.
- Part-time nurses: You can get student loan forgiveness ranging from $15,000 to $25,000.
- How to apply: To get student loan forgiveness through NHSC Loan Repayment, nurses can apply directly on the NHSC website.
Nurse Corps Loan Repayment

Another option for student loan forgiveness for nurses is Nurse Corp Loan Repayment. The Nurse Corp Loan Repayment program pays up to 85% of unpaid student loans for nurses. This includes:
- 60% of your unpaid nursing student loans, including both private student loans and federal student loan, in exchange for two years of full-time employment in a Critical Shortage Facility or in an eligible nursing school as nurse faculty; and
- 25% of your unpaid student loan balance if you work full-time for a third year.
Nurse Corp Loan Repayment is available for licensed registered nurses (RNs), advanced practice nurse practitioners (APRNs) and nurse faculty. Under the program, you must work two years, but you also have the option to work a third year.

How to apply: To apply for the Nurse Corp Loan Repayment, submit an application on the Nurse Corp Loan Repayment website.

Income-driven repayment plans

Income-driven repayment plan are a helpful option to get student loan forgiveness for nurses. An income-driven repayment plan sets your monthly federal student loan payment based on your discretionary income and family size. Through an income-driven repayment plan, you pay a portion of your discretionary income, such as 10-20%, each month as your federal student loan payment. Make sure to update your income and family size each year because it can impact the amount of your student loan payments.

There are four income-driven repayment plans:
Nurses can get student loan forgiveness through an income-driven repayment plan after 20 years of monthly student loan payments for an undergraduate degree, while a graduate degree will take 25 years of monthly student loan payments to get student loan forgiveness.

How to apply: To apply for an income-driven repayment plan, contact your student loan servicer.

Perkins Loan Cancellation

Perkins Loan Cancellation is another way to get student loan forgiveness for nurses. Perkins Loans were federal student loans for student loan borrowers in financial need that were disbursed as part of a federal program that ended in 2018. Through Perkins Loan Cancellation, eligible nurses who still have Perkins Loans can get total Perkins Loan Cancellation.

Through Perkins Loan Cancellation, nurses can have their student loans cancelled over five years. While working full-time as a nurse, you can also defer making student loan payments on your Perkins Loans. This means that you won’t have to make payments on your Perkins Loans during the deferment period and potentially can get more student loan forgiveness.

How to apply: Since Perkins Loans were disbursed by colleges and universities, you can apply for Perkins Loans cancellation directly through your school.

Student loan forgiveness for nurses: state programs

Most student loan forgiveness for nurses is through federal programs, meaning they are offered through the federal government, including the U.S. Department of Education. Nurses can also explore options for student loan forgiveness through state governments.

Some states may offer student loan forgiveness for nurses if you commit to work in an under-served area in public service, for a non-profit or as nurse faculty for a minimum period of time such as two years.

How to apply: you can check with your state to determine if there are opportunities to get student loan forgiveness for nurses.

Student loan refinancing

An alternative to student loan forgiveness for nurses, or if you don’t qualify for student loan forgiveness, is student loan refinancing.

Student loan refinancing is the process of combining your current student loans into a new private student loan with a lower rate. The goal of student loan refinancing is to save money by getting a lower interest rate, a lower monthly payment or both.

Learn more: Student Loan Refinancing Guide

Nurses can qualify for student loan refinancing with a minimum 650 credit score, steady monthly income and a low debt-to-income ratio. You can choose a fixed interest rate or variable interest rate as well as a student loan repayment term between 5 and 20 years.

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

For example, let’s assume that you have $70,000 of student loans from nursing school 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 $137 each month and $16,420 overall on your nursing student loans.

How to apply: Compare the latest rates for student loan refinancing and apply with each lender.

Here are some helpful resources for student loan refinancing:
[related_posts post_1=’318′ post_2=’321′ post_3=’1040′]
January 21, 2022
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.

[refinance_student_loans_table]

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.

[related_posts post_1=’318′ post_2=’321′ post_3=’2937′]
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.

[refinance_student_loans_table]

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.

[related_posts post_1=’2937′ post_2=’321′ post_3=’527′]
January 18, 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.

[refinance_student_loans_table]

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.

[related_posts post_1=’318′ post_2=’321′ post_3=’527′]
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.

[refinance_student_loans_table]

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.

[related_posts post_1=’318′ post_2=’321′ post_3=’527′]
January 13, 2022