Some schools offer Federal Perkins Loans to their students in financial need.  The students who took Perkins loan are eligible for Perkins loan cancellation program. The main condition is to be working as a teacher for minimum one year at a public elementary or secondary school as either a teacher in low-income schools, a special education teacher for children with disabilities or a teacher of Mathematics, Science, foreign languages, bilingual education or other fields that lack qualified teachers.
Fixed rates currently run from 4.99 to 10.49% APR. LendKey is able to offer better than average rates because of the unique funding model. Credit unions are not for profit financial institutions, so they tend to offer more favorable rates and fees for all available products. With LendKey in the middle, you get a simple, high-tech experience with the savings and community power of a credit union.
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.

Each federal student loan borrower is assigned to a loan servicer (some borrowers may have more than one servicer, depending on the types of loans you have). Your loan servicer is a company that collects your student loan payments and provides customer service on behalf of the U.S. Department of Education. This is a FREE service. There are many companies out there who offer to help you with your student loans for a fee. Do not trust these companies. Remember: You never have to pay for help with your student loans. If you need advice, assistance, or help applying for one of our repayment programs, contact your loan servicer. They can help you for free. Just remember to keep your contact information up to date so they can reach you when they need to.
Comparisons based on information obtained on lenders' websites or from customer service representatives and are based on student loans where students are the primary borrower as of October 2019. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Terms and Conditions. Aggregate loan limits apply.

6 Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs. Rates are effective as of 11/01/2019 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details.
Lowest rates shown include the auto debit discount: Fixed 4.74% - 11.35% APR and Variable 2.75% - 10.22% APR. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You're charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan's Current Principal. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs are valid as of 11/25/2019 and assume a $10,000 loan to a freshman with no other Sallie Mae loans. Additional information regarding the auto debit discount: Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan. Loan amounts: $1000 up to 100% of the school certified expenses: Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Repayment term of 5 to 15 years: This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.44% fixed APR. It works out to 51 payments of $25.00, 119 payments of $156.04 and one payment of $118.97, for a Total Loan Cost of $19,962.73.
Many students ignore their loans until after graduation, but it’s wise to start paying them off while you’re in school. Get a part-time job while you’re in college and dedicate most or all of the earnings to your student loans. If you can pay off $800 a month while you’re in school, then you’ll have paid off $30,000 or more by the time you graduated. For some people, that’s their entire amount owed!

There are legitimate ways to have your loans forgiven, but there are often very specific requirements you must meet in order to qualify. Research forgiveness programs ASAP, as it may affect your repayment strategy. For example, if you’re interested in Public Service Loan Forgiveness, you’ll want to make sure you have the right type of loans from the get-go (which may mean you have to consolidate), and you’ll want to make sure to get on an income-driven repayment plan.
“If you refinance a federal loan into a private loan, you walk away from important federal benefits and consumer protections, such as income-driven repayment, loan forgiveness programs, default resolution options, flexibility during times of hardship and discharges based on disability or death of the borrower,” said student loan lawyer Adam S. Minsky.
Each federal student loan borrower is assigned to a loan servicer (some borrowers may have more than one servicer, depending on the types of loans you have). Your loan servicer is a company that collects your student loan payments and provides customer service on behalf of the U.S. Department of Education. This is a FREE service. There are many companies out there who offer to help you with your student loans for a fee. Do not trust these companies. Remember: You never have to pay for help with your student loans. If you need advice, assistance, or help applying for one of our repayment programs, contact your loan servicer. They can help you for free. Just remember to keep your contact information up to date so they can reach you when they need to.
There might also be times when the school you included on your FAFSA selects you for verification. If that happens, you might simply need to prove extra documentation to confirm what you entered on your FAFSA. According to Federal Student Aid, this isn’t something to worry about — some schools might do this randomly, while others require it for everyone.
If you’re more about saving as much money as possible, you might want to give the debt avalanche a shot. “With this method, you throw the largest payment you can at your highest-interest-rate debt every month, while paying the minimum payments on your other debts.” By focusing on interest rates rather than the balances, you save more money overall.
There are several ways to have your student loans forgiven, such as the Public Service Loan Forgiveness Program, which applies to qualifying loans after 10 years of payments. You can work for a government agency, non-profit organization or other qualifying organizations. Your state may also offer some repayment assistance in which they repay part of your loan, but you need to work in an area in which the state needs assistance.

You might be eligible for tax credits if you’re currently paying tuition, including while you’re in grad school. While there aren’t any tax credits related to simply paying student loans, it’s worth checking out if you’re currently in college or thinking about going back to school soon. See our post on student loan tax credits for more information.
With our Standard Repayment Plan, the plan you’ll enter if you don’t take any action, you’ll have your loans paid off in 10 years. If you can’t afford that amount or if you need or want lower payments because you haven’t found a job, aren’t making much money, or want to free up room in your budget for other expenses and goals, you should apply for an income-driven repayment plan. Your monthly payments will likely be lower than they would on the standard plan—in fact they could be as low as $0 per month—but you’ll likely be paying more and for a longer period of time. If you choose an income-driven plan, you must provide documentation of your income to your loan servicer each year (even if your income hasn’t changed) so that your payment can be recalculated. To compare the different repayment options based on your loan debt, family size, and income, use our repayment calculator.
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