Are you a graduate of Albright College struggling to make your student loan payments? If so, you may be eligible for one of the many loan forgiveness or repayment options available.
This article will discuss the different programs available to former students.
It’s no longer news that student debt is a significant problem in the United States. In fact, it has become one of the largest forms of debt in the country. According to the Federal Reserve, Americans now owe more than $1.5 trillion in student loan debt. This is an increase of nearly $700 billion from just a decade ago.
If you are one of these people, you may be wondering if there is any way to get your student loans forgiven or reduced. Luckily, the department of education offers a variety of programs that can help you accomplish this.
About Albright College
Albright College is a private, liberal arts college located in Reading, Pennsylvania. The college was founded in 1856 and had more than 2,000 students.
Albright College Student Loan Forgiveness Options.
The United States Department of Education offers several different loan forgiveness programs for students who have graduated from Albright College.
The Public Service Loan Forgiveness Program(PSLF)
The first is the Public Service Loan Forgiveness Program. This program is available to people who work full-time in public service jobs. To be eligible, you must have made 120 qualifying payments on your student loans. These payments must also have been made after October 1, 2007.
However, in 2021, in response to the COVID-19 pandemic, the U.S. Department of Education introduced a supposedly new waiver for the PSLF.
It was announced that it would temporarily ease some requirements to allow more people to qualify for the program. For E.g., instead of the 120 monthly payment requirement. The new waiver will enable borrowers to receive forgiveness based on their qualifying public service employment regardless of their loan type or repayment plan.
The program is set to expire on October 31, 2022.
To know more about this, please click here.
The Income-based repayment plan
The income-based repayment plan is available to students who cannot afford to make their monthly student loan payments. This program caps your monthly payments at a percentage of your income and then forgives the remaining balance after 25 years.
There are four different income-based repayment plans:
- Pay As You Earn Plan
- Revised Pay As You Earn Plan
- Income-Contingent Repayment Plan
- The Income-Based Repayment Plan
Each plan offers different benefits and has its eligibility requirements.
The Borrower Defense to Repayment program
The Borrower Defense to Repayment program is available to students who have been defrauded or misled by their institution.
If you have taken out a loan to attend Berkeley College and feel that you were defrauded or misled by the school, you may be eligible for this program.
The program can cancel students’ loans who their school deceived into taking out loans they did not need or could not afford.
Still, under this option, the Biden administration, on March 2021, announced that it would be canceling over $1 billion in federal student loans for 72,000 borrowers. However, this only applies to borrowers whose claims have already been proven.
To know more about this, please click here.
Student Loan Consolidation
Student loan consolidation is combining multiple student loans into one loan.
The benefit of student loan consolidation is that it can lower your monthly payments by extending your repayment term. It can also save you money on interest charges.
To be eligible, you must meet the following requirements:
- You must be a U.S. citizen or an eligible non-citizen.
- You must be the age of majority in your state.
- You must not have defaulted on any federal student loans.
- You must not have exceeded your aggregate loan limit.
The Total and Permanent Disability discharge is available to students who have become permanently disabled and can no longer work.
To be eligible, you must provide documentation of your disability from a qualified professional.
Once you are approved, your loan will be forgiven, and you will no longer have to make any loan payments.
Albright College Tuition and Fees
The Comprehensive Tuition for undergraduate students at Albright College is $27,020 per year.
Room and Board may cost an additional $14,560 per year.
The cost of attendance for a traditional undergraduate student at Albright College for the 2019-2020 academic year was $26,688.
This does not include tuition and fees, room and board, books and supplies, transportation, and personal expenses.
To know more about the tuition and fees, please click here.
Albright College Acceptance Rate.
Albright College has an acceptance rate of 82.1%.
Albright College Graduation Rate
Albright College has a graduation rate of 58.6%.
The average student debt for Albright College graduates is $28,650.
Albright College Main Campus
The main campus of Albright College is located in Reading, Pennsylvania.
Need Help with student loans?
If you’re having difficulty keeping up with your student loan payments, or want to learn more about your alternatives, do not hesitate to contact us. You can call or fill out a form and speak to one of our student loan advisors.
We have a number of resources that can help you make the best decision for your financial future.