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  • January 16, 2019, 11:13:59 PM

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Author Topic: Federal and private debt  (Read 3320 times)

ashbucket

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Federal and private debt
« on: January 17, 2017, 10:03:03 AM »
Hello,
I am a teacher at a public school and am hoping to use Public Service Loan Forgiveness program to pay off my student loans.
I have around $65,000 in loans. Most of them are through Navient. There is one, however, through Sallie Mae. This balance is around $6,000 and has a 9.5% (insane) interest rate.
I was planning on consolidating all the federal loans and doing an Income Based repayment plan. I understand that after 120 payments, the remaining balance is forgiven. Is there a way to consolidate the Sallie Mae into my income based plan, or am I stuck paying off the private loan entirely separate from my income based plan with my federal loans?
Thanks for your help!

TheCollegeInvestor

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Re: Federal and private debt
« Reply #1 on: January 17, 2017, 12:44:08 PM »
Your private loan cannot be combined into a Federal consolidation loan. You're going to have to pay that separate.

If you're looking at maybe lowering your interest rate, consider refinancing your private loan. Our partner Credible allows you to see what you might qualify for in 2 minutes without a hard credit check: https://thecollegeinvestor.com/crediblerefi

ashbucket

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Re: Federal and private debt
« Reply #2 on: January 17, 2017, 01:35:22 PM »
Is there any way for me to lower my income based payment beings that I also have to pay on my private loan? (i.e. Can I show my income as my actual income less the amount I pay towards the other loan?)

TheCollegeInvestor

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Re: Federal and private debt
« Reply #3 on: January 19, 2017, 07:13:10 AM »
No, sorry, but you can't.