Former Lincoln College students may be eligible for student loan forgiveness or repayment assistance.
There are a variety of programs available, and it is important to understand the options in order to make the best decision for your individual situation.
In this article, we will discuss the different types of student loan forgiveness and repayment programs available to Lincoln College graduates.
We will also provide information on how to apply for these programs.
About Lincoln College
Lincoln College is a private college located in Lincoln, Illinois. Founded in 1965, Lincoln College has an enrollment of approximately 1,200 students.
The college offers associate’s and bachelor’s degrees in a variety of majors, including business, education, and liberal arts. In addition to its academic programs, Lincoln College also offers a number of extracurricular activities, such as clubs and sports teams.
Why is Lincoln College / University closing?
Lincoln College is facing closure due to a number of financial and legal problems. The college has been embroiled in a series of lawsuits, which have drained its resources and left it unable to pay its debts.
In addition, the college has been facing declining enrollment, which has further strained its finances. As a result of these problems, the college’s accreditation was revoked, making it ineligible for federal financial aid.
With no way to secure funding, the college is forced to close its doors. While this is undoubtedly a tragedy for the school and its students, it is hoped that the closure will allow the college to resolve its financial and legal problems so that it can reopen in the future.
Lincoln College Lawsuits
In recent years, Lincoln College has been the target of a number of lawsuits. The most prominent of these was filed in 2016 by a group of former students who claimed that the college had misrepresented the cost of attending and the likelihood of finding employment after graduation.
The lawsuit is still pending, but it has already had a significant impact on the school’s reputation. In addition to the financial burden of defending itself against the lawsuit, Lincoln College has also seen a decline in applications and donations.
Even if the school is ultimately cleared of any wrongdoing, the damage to its reputation may be permanent. As a result, the Lincoln College lawsuits have had a profound effect on the school, both financially and reputationally.
Lincoln College’s illegal marketing tactics
Lincoln College’s illegal marketing tactics are a disgrace to the education industry. The school has been accused of making false and misleading statements to students, in an effort to persuade them to enroll.
In some cases, Lincoln College representatives have reportedly told students that the school is accredited by the US Department of Education when it is not.
The school has also been accused of targeting low-income and minority students, in an effort to take advantage of their financial aid eligibility.
Lincoln College’s illegal marketing practices are cruel and deceptive, and they do a disservice to the many students who rely on the school for quality education. It’s time for the school to be held accountable for its actions, and for the students to be given the truth about their academic options.
Lincoln College Loan Forgiveness Options
If you are a former student of Lincoln College, there are several options available to you for loan forgiveness or repayment of your student loans.
These include:
Borrowers’ defense to repayment
The US Department of Education offers a program called Borrowers’ Defense to Repayment, which may help individuals who have been the victim of fraud by their college or university.
This program may provide relief from federal student loan debt for borrowers who have been misled, coerced, or deceived by their schools.
To be eligible for this program, borrowers must submit an application along with supporting documentation.
If approved, the borrower’s federal student loan debt may be forgiven. The borrower may also be eligible for a refund of amounts paid on the loan.
Public Service Loan Forgiveness Program (PSLF)
The Public Service Loan Forgiveness Program (PSLF) is a government program that forgives federal student loans for borrowers who work in certain public service jobs. To qualify, borrowers must make 120 qualifying monthly payments while working full-time for an eligible employer.
Once the borrower has made the required payments, the remaining balance on their loan will be forgiven. The PSLF program is designed to encourage people to enter and remain in public service jobs.
For example, teachers, nurses, and soldiers are all eligible for loan forgiveness under this program. While the requirements for PSLF can be difficult to meet, the program offers significant financial benefits for those who are able to qualify.
Income-Based Repayment Plans
There are four types of repayment plans available to federal student loan borrowers: Standard, Extended, Graduated, and Income-Based Repayment. Of these, Income-Based Repayment is the only one that is based on your income and family size.
If you have a partial financial hardship, you may be eligible for this plan. Under Income-Based Repayment, your monthly payment amount is capped at an amount that is intended to be affordable based on your income and family size.
Your payment may be as low as $0 per month, but will never exceed 15% of your discretionary income.
This can be a good option for borrowers who are struggling to make payments on their loans, as it will lower their monthly payments and help them get out of debt more quickly.
However, it is important to note that any forgiven debt may be taxable. As a result, borrowers should carefully consider all of their options before choosing an income-based repayment plan.
Talk to a Student Loan Advisor
If you’re feeling overwhelmed by your student loan debt, don’t worry. You’re not alone. Millions of people are in the same boat. But there is help available.
Talk to a Student Loan Advisor today about your options for repayment and consolidation. Student Loan Advisors can help you find the best plan for your unique situation and get you on track to becoming debt-free.
