No, since you were able to transfer and graduate, you're not eligible for forgiveness due to your school closing.
You may still be eligible for loan forgiveness, but it would be due to your employment status, specifically if you're a nurse at a non-profit hospital or practice. That could potentially qualify you for Public Service Loan Forgiveness.
There are multiple ways to do it: - Your lenders website (some of them) - Call your lender - Studentloans.gov (scroll to the bottom, select Apply for an income-driven repayment plan) - Print the income-driven repayment plan application, fill it out, and mail it to your lender
Well, first off, you have private loans... not Federal. The rules of private loans vary from lender to lender. 90% of private loans require a cosigner because undergraduate borrowers simply don't have income, credit history, etc to loan to.
When you say "consolidation", private loans don't offer consolidation - they offer refinancing. You are simply trying to get a new loan to replace your existing loans. This doesn't always serve any purpose, except to maybe lower the interest rate.
Since you currently don't qualify for PSLF, changing only impacts the timeline.
You can do the math - which pays less over the loan: IBR or Extended. Second, you have to ask yourself how your income will rise over the next decade. Maybe you just pay them off under either plan?
Finally, remember that your situation is exactly the "bet" the government is making. They offer these long income-driven repayment plans because statistically, most people earn more money over time - so they won't see loan forgiveness and in most cases, pay off the loans well in advance.
If your income went up, your IBR payment is still capped at 15% (max) of your discretionary income. Don't let your budget inflate simply because you earn more!
If it was me, I'd stay on IBR since you're going to either pay off the loan, or get forgiveness in (at max), 16 years. Shorter than what you'd have on Extended.
None of the calculators can tell you because your payments will change every year as you certify your income. They could go up (or down), but usually up.
The question to PSLF or not - always go for PSLF if you qualify. If your circumstances change, pay off the loans. But until they change, stay on a qualifying repayment plan and certify your employment.
Once you fill out the employment certification form (ECF), it takes about 30-60 days to transfer your loans to Fedloan, and another 30-60 days before you see your past qualifying payments posted in your secure mailbox on the site.
Well, first, remember these are their loans 100%. So you are being very generous to offer this.
If they are refinancing them in their own names anyway, what do you have to lose?
Parent PLUS Loans already have limited repayment plans, and they only offer PSLF **if** you re-consolidate them into Direct Consolidation Loans and it's the parent who's name on the loan works in public service - not you.
We don't provide opinions on individual companies, but you should read this guide to help you determine if you need to work with a third-party company or not, and if you decide to, what to make sure you follow up on.
No matter what path you choose with your loans, make sure you understand what is actually happening. Refinancing your loans is a path for some, as well as simply changing your repayment plan. If you need a 20 year repayment plan, refinancing is likely NOT a good option.