Are you a Monroe College student struggling to make your loan payments? If so, you’re not alone.
According to a recent report, the average student borrower in the US graduates with over $38,792 in student loan debt. And while it’s possible to get a job that will help you pay your loans back, many graduates find themselves struggling to make ends meet.
Fortunately, there are several loan forgiveness and repayment options available to students of Monroe College.
This article will explore some of the most popular options.
About Monroe College:
Monroe College is a private, for-profit college located in the Bronx, New York. It has campuses in New Rochelle, Bronx, and Brooklyn, New York.
The college was founded in 1933 and has since educated over 200,000 students. Monroe College is named after President James Monroe and is regionally accredited by the Middle States Commission on Higher Education.
The institution offers associate’s, bachelor’s, and master’s degrees in various disciplines.
Loan Forgiveness Options:
There are several loan forgiveness options available to students of Monroe College.
Public Service Loan Forgiveness Program (PSLF)
The PSLF Program is a federal loan forgiveness program for borrowers who work in public service. To be eligible for PSLF, you must have made 120 qualifying payments on your Direct Loans while working full-time for a qualified public service organization.
However, on October 21, 2019, the United States Department of Education announced a waiver for PSLF. In response to the covid-19 pandemic and the resulting unemployment crisis, the Department of Education has eased out some requirements for the PSLF.
Under this waiver, borrowers can qualify for forgiveness based on their qualifying public service employment regardless of their loan type or repayment plan.
This new waiver 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 is a federal loan repayment plan that caps your monthly loan payments at 10-15% of your discretionary income.
To be eligible for IBR, you must have a partial financial hardship. A partial financial hardship occurs when your student loan bills are too high for your income.
After making 25 qualifying payments, you can have the remainder of your loan forgiven.
There are four variations of the IBR plan, including;
- Pay As You Earn Plan (PAYE)
- Revised Pay As You Earn Plan (REPAYE)
- Income-Contingent Repayment Plan (ICR)
- Income-Based Repayment Plan (IBR)
Borrower Defense to Repayment Plan
The Borrower Defense to Repayment Plan is a federal student loan forgiveness program for students who have been defrauded or misled by their school.
To be eligible for borrower defense, you must provide evidence that the school misled you or engaged in other misconduct.
If you are successful, the government will forgive your student loans and refund you any payments you have made.
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 who have successfully proven their claims.
To know more about this, please click here.
Student Loan Consolidation
Student loan consolidation is the process of combining multiple student loans into a single loan.
The benefit of student loan consolidation is that it allows you to extend your repayment term and lower your monthly payments.
To be eligible for student loan consolidation, you must have at least one federal student loan and be in default or delinquency on your loans.
Total and Permanent Disability (TPD) Discharge
The Total and Permanent Disability discharge is a federal student loan forgiveness program for borrowers who cannot work because of a disability.
To be eligible for a TPD discharge, you must provide evidence that you cannot work due to a disability and that you will not be able to work in the future.
These are just a few of the many loan forgiveness and repayment options available to students of Monroe College. For more information, please visit the Monroe College website.
Monroe College Tuition and Fees:
The cost of attendance (COA) at Monroe College varies depending on your degree level and program of study.
The following are the current tuition and fees for Monroe College:
- Full-Time Undergraduate Tuition: $624 per credit hour
- Part-Time Undergraduate Tuition: $624 per credit hour
- First U.S. master’s degree (7 credits): $893
- First U.S. master’s degree (9 credits): $893
Please visit the Monroe College website to see a complete list of tuition and fees.
Meanwhile, Monroe College offers a variety of scholarships, grants, and loans to help students pay for college. For more information, please visit the Monroe College website.
Monroe College Reviews
Monroe College has a 4.4-star rating on Google, a 4-star rating on Yelp, and a 9.3/10 rating on Cappex.
The most common complaint about Monroe College is the cost of attendance, which can be expensive depending on your degree level and program of study.
Other students have felt that the school was a waste of time and money.
Still, many students have had a positive experience at Monroe College and would recommend it to others.
Overall, students are happy with their experience at the college and would recommend it to others.
Monroe College Acceptance Rate
The acceptance rate at Monroe College is 62%.
Monroe College Lawsuit.
In October 2021, a 27-year old student filed a lawsuit against Monroe College, claiming that the school misled her into believing that a bachelor’s degree from the school would lead to gainful employment.
According to the lawsuit, the student has been unable to find a job since earning her degree in April. She is seeking a refund of $70,000 in tuition that she paid to the school.
Meanwhile, the college has not commented on the lawsuit, citing that the case is completely without merit.
The lawsuit is currently pending.
More information about the lawsuit can be found in this article.
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.