Are you a former student of Medtech College struggling to repay your student loans? There are a few loan repayment and forgiveness options available to you.
Student loans can be a huge financial burden, especially if you struggle to find a job in your field. According to the website Student Loan Hero, the average student loan debt in America is $35,287. That amounts to over $1.5 trillion in student loan debt across the country!
If you are struggling to make your monthly loan payments, or if you are worried about defaulting on your loans, you may want to consider one of the loan repayment or forgiveness options available to you.
Thankfully, the U.S. Department of Education offers several loan forgiveness and repayment options for federal loan borrowers. This article will discuss the different options available to former students of Medtech College.
About Medtech College
Medtech College was a for-profit college that offered associate’s and bachelor’s degrees in medical and health sciences. The school has campuses in Indiana, Ohio, and Florida.
The school is accredited by the Accrediting Council for Independent Colleges and Schools (ACICS).
In 2015 Medtech College was purchased by LTT Enterprises. As a result, the college later became part of Gwinnett College.
Loan forgiveness and repayment options.
There are a few different loan repayment and forgiveness options available to former students of Medtech College.
Public Service Loan Forgiveness(PSLF)
The first option is the Public Service Loan Forgiveness (PSLF) Program. The PSLF Program forgives the remaining balance on your Direct Loans after making 120 qualifying monthly payments while working full-time for a qualifying employer.
To qualify for this program, you must be employed by a government organization, a non-profit organization, or a private organization that provides certain public services.
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.
If you are unsure if your employer qualifies, check the PSLF Employment Certification Form.
Income-Driven Repayment Plans
The second option is an income-driven repayment plan. There are four different income-driven repayment plans: the Income-Based Repayment Plan (IBR), the Pay As You Earn Repayment Plan (PAYE), the Revised Pay As You Earn Repayment Plan (REPAYE), and the Income-Contingent Repayment Plan (ICR).
These plans make your monthly loan payments more affordable based on your income and family size.
Under these plans, your monthly loan payments will be capped at a percentage of your discretionary income. After 20 or 25 years of on-time payments, the remaining balance on your loan will be forgiven.
To be eligible for an income-driven repayment plan, you must have a Direct Loan or a Federal Family Education Loan (FFEL) Program Loan.
Student Loan consolidation
Another option is loan consolidation. Loan consolidation allows you to combine multiple federal student loans into a single loan with a fixed interest rate.
You may want to consider loan consolidation if you are struggling to make multiple monthly payments or if you are worried about falling behind on your payments.
Loan consolidation can also make it easier to qualify for an income-driven repayment plan or the Public Service Loan Forgiveness Program.
To consolidate your loans, you can apply for a Direct Consolidation Loan through the U.S. Department of Education.
Borrowers Defense to Repayment
The Borrower’s Defense to Repayment program is designed to help borrowers who have been misled or defrauded by their school.
To qualify for this program, you must have attended a school that closed while you were enrolled, you must have been lied to about the nature of your loan, or the school must have misled you about your future job prospects.
You can apply for the Borrower’s Defense to Repayment program through the U.S. Department of Education.
Closed School Loan Discharge
If your school closed while you were enrolled, you might be eligible for a closed school loan discharge.
To qualify for this program, you must have been enrolled at the school when it closed, and you must not have completed your program of study.
You can apply for the Closed School Loan Discharge through the U.S. Department of Education.
Total and Permanent Disability Discharge
The final option is a Total and Permanent Disability (TPD) discharge. If you cannot work due to a disability, you may qualify for a TPD discharge.
To qualify for a TPD discharge, you must submit proof of your disability to the U.S. Department of Education.
If you are approved for a TPD discharge, your remaining loan balance will be forgiven.
MedTech College Tuition and Fees
The annual tuition and fees for Medtech College for the 2020/2021 academic year were $26,250. This amount does include the cost of books, supplies, and other expenses.
Transferring MedTech College Credit to Another School
Transferring your credits to another school may be a viable option if you cannot continue your education at Medtech College.
Most schools will accept credits from other accredited schools, but you will need to contact the school you plan to attend to verify their credit transfer policy.
MedTech College Transcripts
If you attended Medtech College and need a copy of your transcripts, you can request them from the National Student Clearinghouse.
The National Student Clearinghouse is a third-party organization that provides transcript services for colleges and universities.
To request your transcripts from the National Student Clearinghouse, you will need to provide your name, date of birth, and Social Security number.
You can also request your transcripts online or by mail.
For more information, visit the National Student Clearinghouse website.
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 several resources that can help you make the best decision for your financial future.