The Complete List of Student Loan Forgiveness Programs and Options

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List of Student Loan Forgiveness Programs
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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, this list of student loan forgiveness programs 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.

Don’t qualify for student loan forgiveness? Alternatives for conquering your debt

Not everyone qualifies for student loan forgiveness. If you’re ineligible and struggling to pay your loans, consider other strategies for managing your debt.

One approach is accessing the income-driven repayment programs mentioned above, since you can reduce your monthly payments significantly. But if you don’t have qualifying federal loans, or if you need a complete pause to making payments, consider putting your loans in deferment or forbearance.

You could qualify if you return to school, encounter financial hardship or have another eligible reason. Some private lenders will also put your loans into forbearance temporarily, so speak with your lender about your options.

Another useful option for conquering your debt is student loan refinancing. Refinancing gives you the chance to adjust your monthly payments and choose new repayment terms, often between five and 20 years.

You could qualify for a lower interest rate than you have now, thereby saving money on your loans. And if you refinance multiple loans, you can combine them into one to simplify repayment.

Before you shop for refinancing options, note that refinancing federal loans turns them private. As a result, you lose access to federal forgiveness programs and repayment plans. If you’re comfortable with this sacrifice, however, consider refinancing as a way to restructure your debt and potentially save money on interest.

Explore all your options for paying off student loans

Depending on where you live and work, you could qualify for partial or total forgiveness of your student loans. If you aren’t eligible, look into other options for dealing with your student loans.

Even if you started out on a certain plan, you don’t have to stick with it forever. Instead, feel free to adjust your plan as your circumstances and goals change over the years.

By exploring all your options, you can find the best student loan solution for you, and move towards a debt-free life.

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 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.81% APR (with Auto Pay) to 6.49% 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 November 6, 2019, 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 11/06/2019. 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 our student loan refinance product.

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2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.46% APR (with AutoPay) to 7.61% APR (without AutoPay). Variable rates currently from 2.31% APR (with AutoPay) to 7.61% (without 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 2.31% APR assumes current 1 month LIBOR rate of 2.31% plus 0.75% margin minus 0.25% for AutoPay. If approved for a loan, the fixed or variable interest rate offered will depend on your credit history and the term of the loan 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.

3 Important Disclosures for Laurel Road.

Laurel Road Disclosures

Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

ANNUAL PERCENTAGE RATE (“APR”)
This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

FEE INFORMATION

There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.

LOAN AMOUNT

For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans.

ELIGIBILITY & ELIGIBLE LOANS

Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).

Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.

All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.

For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.

INTEREST RATES

The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.

DISBURSEMENT OPTIONS

The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.

POSTPONING OR REDUCING PAYMENTS

After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.

We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.

We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.

If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of November 8, 2019 and is subject to change.


4 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.


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 1.9299999999999997% effective October 10, 2019.


6 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.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 11/07/2019 student loan refinancing rates range from 1.90% to 8.65% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.

 


7 Important Disclosures for College Ave.

College Ave Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1College Ave Refi Education loans are not currently available to residents of Maine.

2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.

4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 09/23/2019. Variable interest rates may increase after consummation.

1.81% – 6.49%1Undergrad
& Graduate

Visit Earnest

2.31% – 7.36%2Undergrad
& Graduate

Visit SoFi

1.99% – 6.65%3Undergrad
& Graduate

Visit Laurel Road

2.43% – 7.60%4Undergrad
& Graduate

Visit Splash

2.02% – 6.30%5Undergrad
& Graduate

Visit CommonBond

1.90% – 8.65%6Undergrad
& Graduate

Visit Lendkey

2.74% – 6.24%7Undergrad
& Graduate

Visit College Ave

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.