Are you a former student of Daymar College? If so, you may be wondering what your options are regarding loan forgiveness and repayment. This article will provide you with information on the different loan forgiveness and repayment options available to former students of Daymar College.
When Daymar College closed its doors, many students were left with outstanding loans. If you are one of these students, you may be wondering how you will repay your loans or let alone have them forgiven.
The good news is that some loan forgiveness and repayment options are available to former students of Daymar College. The U.S. Department of Education offers a few different repayment plans that may be a good fit for you.
About Daymar College
Daymar College was a for-profit college with locations throughout the United States.
The college was founded in 1963 and operated as Owensboro Business College. In 2001, the college was renamed Daymar College.
The college offered diplomas, associate’s degrees, and bachelor’s degrees in various programs.
Daymar College was accredited by the Accrediting Council for Independent Colleges and Schools (ACICS).
Daymar College Loan Forgiveness and Repayment Programs
The U.S. Department of Education offers several different repayment plans for federal student loans. These repayment plans can either help make your monthly payments more affordable or help you get your loans forgiven.
Public Service Loan Forgiveness Program
The Public Service Loan Forgiveness Program (PSLF) is a federal loan forgiveness program for borrowers who work in the public sector. To be eligible for PSLF, you must make 120 qualifying payments on your Direct Loans while working full-time for a qualifying employer.
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.
Income-Based Repayment Plan (IBR)
The Income-Based Repayment Plan (IBR) is a federal repayment plan that caps your monthly payment at 15% of your discretionary income. After making 25 qualifying payments, you may be eligible for loan forgiveness.
To qualify for IBR, you must have a partial financial hardship. This means that your monthly payments on the IBR plan would be less than the Standard Repayment Plan.
Borrower Defense to Repayment Plan
The Borrower Defense to Repayment Plan (BDRP) is a federal loan forgiveness program for borrowers who were defrauded by their school. If you believe that you were misled or deceived by Daymar College, you may be eligible for loan forgiveness through BDRP.
To apply for Borrower Defense to Repayment, you must submit a claim to the U.S. Department of Education. This claim must include evidence that the school misled or deceived you.
After review, the Department will determine if you qualify for loan forgiveness.
Closed School Loan Discharge
The Closed School Loan Discharge is a federal loan forgiveness program for borrowers whose schools have closed. If you were a student at Daymar College when it closed, you might be eligible for loan discharge.
The Closed School Loan Discharge is available to borrowers who:
- Did not complete their program of study because their school closed
- Were enrolled at the time their school closed
- Were on an approved leave of absence when their school closed
Total and Permanent Disability Discharge
The Total and Permanent Disability Discharge is a federal loan discharge program for borrowers who cannot work due to a disability. If you are a former student of Daymar College and have been diagnosed with a disability, you may be eligible for loan discharge.
To qualify for Total and Permanent Disability Discharge, you must provide documentation of your disability from a qualified physician.
Student Loan Consolidation
Student loan consolidation is a process of combining multiple federal student loans into one loan. There are several benefits of student loan consolidation, including:
- Lower monthly payment
- Flexible repayment terms
- Longer repayment period
- The ability to qualify for income-driven repayment plans
Daymar College Tuition and Average Debt
The cost of tuition at Daymar College varies depending on your state of residence.
In-state tuition is $20,724 per year, while out-of-state tuition is $20,724 per year.
This does not include room and board, which can add an additional $10,000 to the cost of attendance.
Daymer College also offers a variety of scholarships and financial aid programs to help students offset the cost of tuition.
The average debt of Daymar College graduates is $7,842 / year.
Daymar College Transcripts
Daymer College offers two types of transcripts:
1. Official Transcripts
Official transcripts are issued by Daymar College and sent directly to the institution or organization that you specify. Official transcripts cost $7 per transcript.
2. Unofficial Transcripts
Unofficial transcripts are issued by Daymar College and can be printed at home.
To order transcripts or other educational records verification, visit the Daymar College website and complete the Records Request Form.
After that, you return by email to:
Registrar’s Office – [email protected]
It generally takes two weeks to process transcript requests.
Transfering Daymar College Credit to Another School
Daymar College credits are not automatically transferable to other institutions.
To transfer credits from Daymar College to another institution, you must contact the institution that you wish to transfer credits to and request an official transcript from Daymar College.
The receiving institution will then determine whether or not they will accept the credits.
It is important to note that not all credits are transferable and some institutions have credit limits.
However, students who are planning to transfer credits should contact the receiving institution about its transfer credit policies.
For more information about transcripts and transferring credits, visit the Daymar College website.
Daymar College Lawsuit
In 2015, Daymar College was involved in multiple lawsuits alleging that the school duped students into enrolling through bogus claims about job placement and transferring credits.
The lawsuits claim that Daymar College misled students about the cost of tuition, the value of their earned credits, and graduates’ job placement rates.
Daymar College has agreed to pay $1.2 million to ex-students as part of a settlement agreement.
The settlement agreement also included a provision that Daymar College would forgive $11 million in student debt to nearly 6,500 students who qualified.
More information about this lawsuit can be found here.
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.