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It sounds like you're on an income-driven repayment plan - that's why your loan balance is going up, not down. Basically, your payment is set to your income, not to an amount that will eliminate the loan.

The question is, can you afford to pay more?

Second, Federal loans don't have cosigners - so do you have a private loan at Navient, or it is something else (spousal loan, Parent PLUS)?

If it's private, refinancing it can make sense, but you're only going to qualify to do it by yourself if you have great credit.

Your loan forgiveness start date is from when you enrolled in IBR on your loans. If you were on a different repayment plan, or in deferment, that time period doesn't count.

No, you won't get a refund. Any remaining balance will be forgiven.

No sadly, that doesn't change anything.

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.

First, where do you work?

The only option now is to look at refinancing again to a lower rate. You could also speak to a lawyer if you're in default on this private loan.

You have to do the math - there are no "hidden costs" other than the accrued interest. But if you get PSLF, that doesn't matter.

Note: PSLF won't be discontinued for you. It's written into your loan docs. If they do change it, it will be for future borrowers.

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.

It may take longer.

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.

You might find this helpful: Parent PLUS Loan Guide.

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.

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