September 29, 2015
We are new to this forum so please forgive us if we ask a question that has already been answered. Both my wife and I have higher education loans. My loan is with Great Lakes for the amount of 75, 000. I have not worked since 2008. I am a veteran with no disabilities, but plan on filing papers soon. From what I hear… this could take years, and not even sure if I will get anything as far as a disability goes. I was contacted my a company located out of CA saying that I could qualify for a loan forgiveness after 10 years.
I tried calling this number back today and it does not appear to be working, so not too sure if it was a scam. Kinda glad I did not file the paperwork that they were asking for.
My wife who is a family physician has worked for three companies that qualify for the public service loan program, but we were told from Navient (who just recently took over for Sallie Mae) that they do not participate in the public service loan. They also told us that she cannot consolidate her loan to federal. Is there anything we can do in this situation. She is supporting our 4 children, and myself for a total of 6. Looking for any help 🙂 Thank You!
May 3, 2014
Hello and thanks for stopping by!
As an FYI I did modify your post to remove the contact info from the company you listed. It definitely seems suspect to me and I don’t want this website to be linking to any company that is 100% legitimate. Your instincts were right about them.
The only 10-year forgiveness program that I am aware of is the public service loan forgiveness, and that applies only to federal loans. You can get both an overview and the fine print here: https://studentloansherpa.com/public-service-student-loan-forgiveness-basics-fine-print/
The information you were given about private loans not being able to consolidate into a federal loan is accurate. To find a full list of your federal loans, I’d suggest visiting https://nslds.ed.gov/nslds/nslds_SA/ This website is the federal student loan database. The loans that your wife has that appear on that database will likely qualify for the public service loan forgiveness program. The private loans, however, or more tricky.
When it comes to dealing with your private loans, one program that I would suggest looking into with Navient is their rate reduction program. It was created to help individuals and families that are struggling to keep up with their student loans. Enrollment in the program is totally up to Navient (it isn’t a term of a loan contract or anything like that). Tips for getting signed up and the direct number to call can be found here: https://studentloansherpa.com/interest-rate-navient/
Let me know if this helps and if you have any more questions.
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