6 People to Ask for Advice on Student Loan Repayment

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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Whether you feel buried by your student loan debt or merely have pressing questions, it’s always wise to ask for help.

However, with friends sometimes giving questionable advice, and with debt relief companies offering high-priced services, you might not be sure where to go.

Here are six reliable people to count on for repayment support, at little risk and potentially less cost to you.

1. Your support system

Asking Mom, Dad or your significant other for help with your student loans might not be your first choice — but it’s a good first step.

Regardless of whether your parents help you financially, they might offer sage advice. Alternatively, your significant other could agree to help you increase your monthly payment, for example, if it can speed you toward your shared financial goals as a couple.

Instead of asking for handouts, look to your family and close friends as a support system. Although they might be limited in how they can help, they could be willing to listen and share your burden.

Plus, if you can’t talk about your student loan situation in your household, how can you expect to seek help elsewhere?

2. Your school or your employer

If you’re no longer enrolled, you might think your school’s financial aid office is now off limits. Think again. Your ex-campus’s aid representatives could explain how to get on the right foot with your repayment, for example, or answer some of the questions you might have about your options.

If you’re already well on your way in the real world, however, you might also find advice in a seemingly unlikely place — at work. Talking about your student loan debt at work could help to remove the taboo from the topic. You might find an unlikely co-worker with whom you could commiserate.

Even more importantly, an employer with a generous benefits package might be willing to tack on student loan repayment assistance or substitute it for 401(k) matching. If your boss or human resources department needs some convincing, you might mention some of the well-known companies that offer student loan support.

3. A certified or licensed financial professional

When dealing with thousands of dollars in student loan debt, you might be looking for more than just a little advice or a bit of help with your monthly payment. A financial professional could help you navigate more nuanced repayment problems, and they don’t always have to come at a premium cost. The Financial Planning Association hosts events where CFPs consult on a pro bono basis, for instance.

For more formal or extended sessions, you might consider a nonprofit like American Consumer Credit Counseling which offers one-on-one support for student loan borrowers. During a free session, you’d work with a counselor to create a budget and action plan for your repayment.

And before deciding to hire a student loan counselor at a higher cost, consider another free resource: Nonprofit Inceptia offers trained counselors over the phone if you’re delinquent on your loans and in danger of defaulting.

4. Student loan lender or servicer

If you’re having trouble making payments or just want to optimize your repayment, talking to your lender or loan servicer is always a smart move.

For more traditional questions, find your servicer — the private company that manages your repayment — via the National Student Loan Data System. Your servicer could help you process an application for a deferment or forbearance, for example, or switch to an income-driven repayment plan. And if you’re interested in Public Service Loan Forgiveness, note that FedLoan Servicing (one of the government’s nine servicers until NextGen takes effect in 2019) handles all such requests.

For federal loans, your lender and servicer aren’t one and the same. Your lender might be the Department of Education or, in the case of Perkins loans, your school. The Department of Education offers different phone support for different repayment problems:

  • For loan forgiveness because of your school’s wrongdoing: Contact Borrower Defense Customer Support at 1-855-279-6207.
  • For help with income-driven repayment plan or loan consolidation applications: Contact the Student Loan Support Center at 1-800-557-7394.
  • For help with a default or wage or income tax refund garnishment: Contact the Default Resolution Group at 1-800-621-3115.
  • For disputes with your servicer: Contact the Federal Student Aid Ombudsman Group at 1-877-557-2575.

If you feel that your federal loan servicer isn’t acting in your best interest — some servicers have been accused of misleading borrowers — lean on the federal student aid ombudsman. They can help you evaluate your loan repayment options and will act as a neutral party.

If you borrowed via the Federal Family Education Loan Program before its closure, it’s possible your guarantee agency could have an ombudsman. Like the federal student aid ombudsman, they’re neutral and won’t favor you or your servicer during a dispute.

In the case of private student loans, contact your lender’s customer service department. Although it’s become common for banks, credit unions and online lenders to offer chat and email support, you can also dial their phone number to get a real person on the line.

If you borrowed from a bank with a brick-and-mortar branch, you also have the option of walking in for a face-to-face catch-up. Similarly, if you’re shopping around for refinancing lenders, you might prioritize those with top-notch customer support.

Private lenders might not offer you the services of an ombudsman or other unbiased third party, but you could rely on the Consumer Financial Protection Bureau (CFPB). The government agency accepts complaints about student loan servicers and reroutes them to your lender or servicer for a response. The CFPB also offers phone support at 1-855-411-2372 to talk through this process.

5. Student loan lawyer

You could also consider asking a lawyer for advice if things are getting prickly, though you’ll likely have to reach deeper into your pockets.

Student loan lawyers could help you navigate some especially troublesome situations, including:

  • Negotiating a loan settlement with a lender, servicer or collections agency
  • Representing you in court if you face or file a lawsuit over your debt
  • Filing and handling your bankruptcy case

With that said, a lawyer who specializes in federal and private student loan debt — not every lawyer is knowledgeable about both — might advertise services that you can handle yourself. You don’t need a lawyer, for example, to correct your credit report or pause your loan payments via deferment or forbearance.

When the need arises, finding a student loan lawyer is a lot easier than finding the right one. Ask the right questions to ensure they’re a fit for your case. You might want to know if they’ve solved a problem like yours in the past.

6. Tax professional

If you think student loans are more complicated than they need to be (we’d agree), try taxes on for size. It can get incredibly confusing when student loans and taxes intersect, so in those cases, you might benefit from working with a tax professional.

A tax expert could help you explore your options if you’re facing a hefty tax bill as a result of receiving student loan forgiveness or cancellation.

As with a lawyer, however, ask yourself if you could complete the same task on your own without a tax professional. Better yet, ask the tax professional that question. You can estimate your tax benefits from repaying your education, for example, using our student loan interest deduction calculator.

Talking to someone — anyone — before making major decisions about your student loan debt is the way to go. Even if they don’t offer a ready-made solution, you can benefit from the back-and-forth discussion.

Aside from our six suggestions, think about the people inside and outside of your social circle who could be helpful as you pay down your debt. For example, we interviewed one woman who repaid her debt after seeking the advice of millionaires. There’s always assistance available out there somewhere — it’s just a question of asking.

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1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on ourstudent loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.

Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance:
    Fixed rates from 3.899% APR to 7.979% APR (with AutoPay). Variable rates from 2.470% APR to 6.990% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.470% APR assumes current 1 month LIBOR rate of 2.30% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.

All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.


6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of January 1, 2019, the one-month LIBOR rate is 2.51%. Variable interest rates range from 3.01%-9.75% (3.01%-9.75% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.90%-8.99% (3.90%-8.99% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a cosigner who is a U.S. citizen or permanent resident. The cosigner (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a cosigner will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.

2.57% – 6.97%1Undergrad
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2.47% – 6.99%3Undergrad
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2.68% – 8.77%4Undergrad
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3.24% – 6.66%2Undergrad
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2.61% – 7.35%5Undergrad
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3.01% – 9.75%6Undergrad
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.