The Complete List of Student Loan Forgiveness Programs and Options

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Have you ever wished your student loans would just go away? While there’s no way to snap your fingers and have your student loan debt magically disappear, there are ways to get it forgiven.

There are a number of different student loan forgiveness programs out there for people who work in public service, education, health care, and other areas. Some states are even helping debt-saddled graduates pay off their loans.

If you’re struggling with debt, student loan forgiveness could save you.

Get a PDF of the forgiveness programs. Yours to keep forever.

Check out which option works best for you or scroll down for the complete list of student loan forgiveness programs:

Public Service Loan Forgiveness (PSLF)
Forgiveness with Income-Based Repayment (IBR)
Forgiveness with Pay As You Earn (PAYE)
Forgiveness with Revised Pay As You Earn (REPAYE)
Forgiveness with Income-Contingent Repayment (ICR)
Federal Perkins Loan cancellation
Student loan forgiveness for teachers
Student loan forgiveness for nurses
Loan repayment assistance for doctors and other health care professionals
Loan repayment assistance for lawyers
Student loan repayment assistance programs for other careers
Military student loan forgiveness and assistance
Student loan discharge for special circumstances

1. Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness program helps people working in public service jobs. A variety of fields qualify for PSLF. For this program, it’s less about your job title and more about the company you work for. There are plenty of jobs that qualify for PSLF that you might not think of.

After 120 payments, you can qualify for 100% loan forgiveness. The payments don’t need to be consecutive.

Who’s eligible?

To qualify, you must be a full-time employee at a federal, state, or local government agency or at a 501(c)(3)-designated organization. Religious-based nonprofits are excluded.

Which loans qualify?

Under PSLF, all Direct Loans qualify, including:

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS Loans
  • Direct Consolidation Loans

Federal Perkins Loans and Family Education Loans (FFEL) are only eligible for PSLF if you consolidate them first via a Direct Consolidation Loan.

What are the requirements?

Not everyone that works in public service qualifies for PSLF. You’ll need to be working full time at a qualifying organization and make 120 on-time loan payments. Those payments must be under a qualifying repayment plan, including:

For most borrowers, an income-driven repayment plan maximizes the amount you’ll have forgiven and lower your monthly payments.

How can you become eligible?

To make sure you’re eligible for PSLF, submit the Employment Certification for Public Service Loan Forgiveness form. The program requires this form for every year of service, so submitting it on an annual basis will help ensure you’re on track for PSLF.

Another important step is switching to an income-driven repayment plan. You’ll lower your monthly payments while extending your term to 20 or 25 years. If you stay on the standard plan, you won’t have any balance left to forgive after 10 years of payments.

Finally, consider consolidating your student loans into a Direct Consolidation Loan. This step is helpful if you have Perkins or FFEL Loans. Plus, it simplifies your monthly payments, so you’ll only have one loan to pay each month. You can estimate your possible forgiveness through our PSLF calculator.

If it sounds like you might not qualify for PSLF, answer a few questions below so we can help point you toward other repayment options. Otherwise, scroll down to read on.

How do you apply for Public Service Loan Forgiveness?

Fill out and submit the Employment Certification Form each year, or as you change jobs.

FedLoan Servicing will review your information and let you know if you qualify. They might ask for more information, like pay stubs, W-2s, or other documentation.

FedLoan Servicing will let you know how many qualified payments you have made, and how many payments you will need to make until you qualify for forgiveness.

Currently, there is no limit on the amount forgiven under PSLF. The full amount of your federal student loans is eligible for forgiveness.

2. Forgiveness with Income-Based Repayment (IBR)

While this isn’t a forgiveness program in the typical sense, you can get your loans forgiven through the Income-Based Repayment program.

Through IBR, your student loan payments are capped at 10% to 15% of your discretionary income. After making consistent payments under IBR for 20 or 25 years (terms depend on when you borrowed), any remaining loan balance will be forgiven.

Under current tax law, loans that are forgiven under this program can be taxed as income. Keep this in mind when pursuing this program. That way, you’re not surprised by a potentially large tax bill.

Who’s eligible?

Your IBR payments must be less than what your payment would be under the Standard Repayment PlanEstimate your payments through our IBR calculator to see if you qualify.

Which loans qualify?

Some loans might not qualify for IBR, so check to see if yours does. They include:

What are the requirements?

Borrowers must make consistent payments for 20 or 25 years and update their loan servicers when their income changes. IBR is best for borrowers who expect to stay in low-paying fields but have high-figure debt.

How do you apply?

To apply for IBR, submit an application through StudentLoans.gov. You can also obtain a paper application from your loan servicer. You’ll need to provide documentation as requested, such as proof of income and a tax return.

3. Forgiveness with Pay As You Earn (PAYE)

Pay As You Earn (PAYE) is similar to Income-Based Repayment in that it isn’t a typical forgiveness plan. However, you could be eligible for forgiveness after a certain period of time.

The PAYE program caps your monthly payment at 10% of your discretionary income. After borrowers make payments for 20 years, any remaining balance becomes eligible for forgiveness.

As with IBR, your forgiven balance might be treated as taxable income.

Who is eligible?

Your PAYE payments must be less than what they would be under the 10-year Standard Repayment Plan.

Which loans qualify?

If you’re interested in the PAYE program, qualifying loans include:

  • Direct Subsidized and Unsubsidized Loans
  • Direct Grad PLUS loans
  • Subsidized and Unsubsidized FFEL Stafford Loans, if consolidated
  • FFEL Loans made to grad students, if consolidated
  • Federal Perkins Loans, if consolidated
  • Direct Consolidation Loans, unless they repaid Parent PLUS Loans or FFEL Loans made to parents

What are the requirements?

You must make consistent payments under the program for 20 years in order to be considered for loan forgiveness. Your payments will be based on your income and family size. In order to qualify for the program, you need to be a new borrower as of Oct. 1, 2007, with a Direct Loan disbursement after Oct. 1, 2011.

How do you apply?

You can apply for PAYE through StudentLoans.gov. Be prepared to send in income documentation. See if this program can lower your monthly payments through our PAYE calculator.

4. Forgiveness with Revised Pay As You Earn (REPAYE)

Revised Pay As You Earn (REPAYE) works much the same way as Pay As You Earn. Under this plan, your payments will be capped at 10% of your discretionary income. Undergraduate loans are forgiven after 20 years. Graduate school loans are forgiven after 25 years.

Unlike IBR and PAYE, however, there’s no income eligibility requirement to get on REPAYE. Anyone with eligible loans can apply.

That being said, you could end up with high monthly payments on REPAYE. If you start making a lot of money, you could end up paying more on REPAYE than you would on the standard 10-year plan.

Who’s eligible?

Anyone with qualifying federal student loans is eligible for REPAYE.

Which loans qualify?

While REPAYE is broadly open to everyone, your loans might not qualify. Eligible loans include:

  • Direct Subsidized and Unsubsidized Loans
  • Direct Grad PLUS loans
  • FFEL Stafford Loans, if consolidated
  • FFEL PLUS Loans made to grad students, if consolidated
  • Federal Perkins Loans, if consolidated
  • Direct Consolidation Loans, unless they repaid Parent PLUS Loans or FFEL Loans made to parents

What are the requirements?

Borrowers with undergraduate loans must make consistent payments for 20 years. Those with loans for graduate school or professional study must make payments for 25 years.

How do you apply?

As with other income-driven plans, you’ll apply through StudentLoans.gov. Plus, you’ll upload any necessary income documentation. Estimate your savings through the REPAYE calculator.

5. Forgiveness with Income-Contingent Repayment (ICR)

Income-Contingent Repayment also adjusts your monthly payments according to your income. You’ll either pay 20% of your discretionary income or what you’d pay on a fixed 12-year plan, whichever is less.

While ICR might not lower your payments as much as other plans, it does have one advantage. ICR is the only income-driven plan available to borrowers with Parent PLUS Loans. If you have Parent PLUS Loans, you can apply for ICR as long as you consolidate them first.

After 25 years of on-time payments, you’ll get the rest of your loan balance forgiven. Check the ICR calculator to see how your payments will change.

Who’s eligible?

Anyone with eligible federal student loans is eligible for ICR.

Which loans are eligible?

ICR offers forgiveness on the following loans:

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS Loans made to grad students
  • Direct Consolidation Loans
  • FFEL Stafford Loans, if consolidated
  • FFEL Loans made to parents, if consolidated
  • Parent PLUS Loans, if consolidated
  • Federal Perkins Loans, if consolidated

What are the requirements?

Anyone with eligible student loans can apply for ICR.

How do you apply?

Apply for ICR through StudentLoans.gov. Talk to your servicer if you have specific questions about your loan.

6. Federal Perkins Loan cancellation

If you took out a Federal Perkins Loan to pay for school, you could qualify for loan cancellation in a variety of ways. The Perkins Loan cancellation and discharge program typically forgives a certain percentage of student loan debt after every year of service. Over time, you could get up to 100% of your Perkins Loan canceled.

Who’s eligible?

Perkins Loan cancellation is a popular program among teachers, as many people who work in education might qualify. You might be a teacher, librarian, speech-language pathologist, or another type of education professional.

Other eligible occupations include, but aren’t limited to, firefighters, law enforcement officers, nurses, public defenders, and service volunteers. You might also qualify if you’re in the military.

What are the requirements?

You must have a Federal Perkins Loan and work in a qualifying profession. Most recipients work full time for at least one year. Additional eligibility requirements vary by profession, but they often involve working in a high-needs or critical shortage area.

How do you apply?

To learn more about Perkins Loan cancellation and apply, speak with your loan servicer and school’s student loan office.

7. Student loan forgiveness for teachers

There are several loan forgiveness and repayment assistance programs for teachers. Aside from Public Service Loan Forgiveness and Federal Perkins cancellation, there are a few other programs specifically for teachers.

Teacher Loan Forgiveness

This national loan forgiveness program helps teachers pay back their student loans. You must work in a qualifying school for at least five consecutive years. Check out the Teacher Cancellation Low Income directory to see if your school qualifies.

Loan forgiveness amounts vary depending on what subject you teach. Most elementary school teachers receive up to $5,000. Secondary school teachers who teach math, science, or special education could receive up to $17,500 in loan forgiveness.

Which loans are eligible?

There are only a couple of loans that are eligible for Teacher Loan Forgiveness, including:

  • Subsidized and Unsubsidized Direct Loans
  • Subsidized and Unsubsidized Federal Stafford Loans

If you only have PLUS Loans, you’re not eligible for this forgiveness program.

What are the requirements?

If you have the qualifying loans, you’ll need to meet some other requirements, including:

  • You must teach in a qualifying organization. These include elementary and secondary schools — as well education service agencies — that serve low-income people.
  • You cannot have loans that were originated before Oct. 1, 1998.
  • Your loans must not be in default.
  • You have to work full time as a teacher for five consecutive years.
  • You’re a highly qualified teacher, meaning you have state certification or a teaching license.

How do you apply?

After teaching for five years, you can apply for teacher loan forgiveness by completing the Teacher Loan Forgiveness Application. Return your application to your loan servicer.

Student loan repayment assistance programs for teachers

The Teacher Forgiveness Program isn’t your only option for student loan help. Many states also offer loan repayment assistance for teachers. Most of these programs require state licensure, as well as a commitment to working for two years in a qualifying area.

The Teach for Texas Program, for example, gives yearly assistance to teachers in designated shortage areas.

To find programs in your state, check out the full list of Loan Repayment Assistance Programs (LRAPs) and filter the results by occupation. You can also browse through teacher forgiveness options.

8. Student loan forgiveness for nurses

Like teachers, nurses also have access to a variety of federal and state programs for loan forgiveness. This first program is available to nurses all across the country.

NURSE Corps Loan Repayment Program

If you work in an underserved community, you might be eligible for the NURSE Corps Loan Repayment Program. You can get up to 60% of your student loans paid over two years of employment. If you work for a third year, you could qualify for forgiveness toward another 25%.

What are the requirements?

To qualify for the NURSE Corps Loan Repayment Program, you must be a registered nurse, nurse practitioner, or nurse faculty member. Nurses must work in a critical shortage area and serve a high-needs population. Nurse faculty members must be at an accredited school of nursing.

How do you apply?

Applications are accepted once a year, and guidelines are updated annually. Check the program requirements and guidelines ahead of time and make sure to turn in your application on time.

Student loan repayment assistance programs for nurses

In addition to national programs, many states offer loan repayment assistance to nurses. The Illinois Nurse Educator Program, for example, awards up to $5,000 per year for four years to qualifying nurses and nurse educators in Illinois.

Browse through all the LRAPs for nurses. You can search by state, occupation, or award amount. There are plenty more loan forgiveness options for nurses.

9. Loan repayment assistance for doctors and other health care professionals

Physicians have a number of options when it comes to student loan forgiveness. Most of these programs also award money to other health care professionals, such as pharmacists. Here are some national and state forgiveness programs for doctors and other people in health care.

National Health Service Corps (NHSC) loan repayment assistance

The NHSC program awards up to $50,000 to licensed health care providers. You must be a primary care doctor, dentist, or a mental or behavioral clinician. In exchange for loan assistance, you must commit to working for two years at an eligible site.

Students to Service Program

If you’re in your last year of medical service, you could qualify for significant loan assistance from the Students to Service Program. This student loan forgiveness program provides up to $120,000. To qualify, you’ll commit to working as a primary health care provider at an approved site for three years.

Indian Health Services Loan Repayment Program

The IHS Loan Repayment Program encourages doctors to practice in American Indian and Alaska Native communities. You must commit to two years of service. In exchange, the program will repay up to $40,000 of your student loans.

National Institutes of Health (NIH) Loan Repayment Programs

The NIH program offers aid to health professionals in research careers. If you commit to two years of research at a qualifying nonprofit, the program will repay up to $35,000 of your student loans.

Loan forgiveness for doctors in the Armed Forces

The military offers a number of student loan forgiveness and repayment assistance programs to health care professionals. Army doctors could receive up to $120,000 from the Active Duty Health Professions Loan Repayment Program. The Navy Financial Assistance Program offers up to $275,000 in loan assistance for medical residents. You might need the complete repayment guide for doctors to find more options.

State LRAP programs for doctors and other health care professionals

While many programs are available on a national basis, you might also find loan assistance from your state. There are a variety of state LRAPs across the country.

The Massachusetts Student Loan Forgiveness Program, for instance, awards up to $50,000 to health professionals working in shortage areas. You might find other repayment assistance options in your state.

10. Loan repayment assistance for lawyers

Law school isn’t cheap, but there are a few student loan repayment assistance programs for lawyers. You have national and state programs and might find help from your former law school. Make sure to explore all your options for student loan forgiveness.

Department of Justice Attorney Student Loan Repayment Program

Lawyers who work for three years at the Department of Justice could earn up to $60,000 in loan assistance through the Attorney Student Loan Repayment Program. To qualify, you must have at least $10,000 in federal loans.

John R. Justice Student Loan Repayment Program

The John R. Justice Program helps lawyers in the public sector. If you’re a public defender, you could earn up to $10,000 per year for a maximum of $60,000.

Herbert S. Garten Loan Repayment Assistance Program

This student loan forgiveness program repays up to $5,600 in student loans to about 70 attorneys each year. You’ll need to work at a qualifying organization. The program uses a lottery system to pick a few lucky recipients every year.

State and university-sponsored LRAPs

Like teachers and doctors, lawyers might also qualify for state or local repayment assistance programs. The Florida Bar Foundation, for instance, awards up to $5,000 to lawyers in Florida.

Plus, some universities help their alumni pay back their loans. The University of Virginia School of Law, for instance, will cover up to 100% of student debt for graduates who make less than $55,000 per year. This program encourages its students to work in public service.

See if your state offers loan repayment assistance. Since there’s no central database of schools and employers that offer repayment help, talk to your alma mater or job about how to get repayment help.

11. Student loan repayment assistance programs for other careers

Most state LRAPs award loan assistance to professionals in exchange for two years of service. The most common occupations are doctors, nurses, teachers, and lawyers, but some other career paths qualify, too.

Several LRAPs for doctors, for instance, help out pharmacists and veterinarians. Other programs award people in STEM careers, such as the Alfond Leaders Program in Maine.

Even if you’re not a doctor, teacher, or lawyer, check your state’s offerings to find out if it has a loan repayment assistance program for you.

12. Military student loan forgiveness and assistance

Not only does the military offer loan forgiveness for Army and Navy doctors, but it also helps armed forces members and veterans. The Army, Navy, Air Force, and National Guard all offer loan repayment assistance programs.

The Army’s College Loan Repayment Program, for instance, pays one-third of your loans every year for three years. In total, you could get up to $65,000 in aid. The Navy program also awards up to $65,000, and the National Guard LRAP contributes up to $50,000.

There are plenty of other programs for military student loan forgiveness so make sure you know what you qualify for.

13. Student loan discharge for special circumstances

While student loan discharge isn’t the same as forgiveness, it could leave you debt-free. In rare circumstances, borrowers can get their student loans completely canceled.

There are seven situations when you could qualify for student loan discharge, including:

  • Closed school discharge
  • Student loan discharge in bankruptcy
  • Loan cancellation for total and permanent disability
  • Discharge for false certification or unauthorized payment
  • Unpaid refund discharge
  • Borrower defense discharge
  • Student loan discharge due to death

If you think you could qualify or want to learn more, speak with your loan servicer.

Other options for managing your student loans

Not everyone qualifies for student loan forgiveness. If you’re ineligible and struggling to pay your loans, try other methods, such as:

When it comes to student loans, you don’t have to stick with your original repayment plan. The key is to explore all of your options to find the best student loan solution for you.

Melanie Lockert and Rebecca Safier contributed to this article.

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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 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% 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.

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2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. 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.

3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.899% APR to 8.179% APR (with AutoPay). Variable rates from 2.570% APR to 6.980% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. SoFi rate ranges are current as of September 14, 2018 and are subject to change without notice. See APR examples and terms. Lowest variable rate of 2.570% APR assumes the current index rate derived from the 1-month LIBOR of 2.08% plus 0.740% margin minus 0.25% AutoPay 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

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable 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 August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.57%-8.17% (2.57%-8.17% 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 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, 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, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. 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 co-signer who is a U.S. citizen or permanent resident. The co-signer (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 co-signer 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.
  7. Estimated average savings amount is based on 14,659 Education Refinance Loan customers who saved on loans between August 1, 2017 and July 31, 2018. The calculation is derived by averaging monthly savings across Education Refinance Loan customers whose payment amounts decreased after refinancing, calculated by taking the monthly payment prior to refinancing minus the monthly payment after refinancing. We excluded monthly savings from customers that exceeded $4,375 and were lower than $20 to minimize risk of data error skewing the savings amounts. Savings will vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.

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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.