If you’re one of the many National Institute of Technology graduates who are struggling to repay your student loans, you may be eligible for loan forgiveness or a repayment program.
There are several different options available, and it can be difficult to figure out which program is right for you.
This article will discuss the different National Institute of Technology student loan forgiveness and repayment programs available to former students.
About National Institute of Technology
National Institute of Technology was an organization that was created to help provide training and education in the field of technology. The National Institute of Technology was originally established in response to the growing need for skilled workers in the field of technology.
The National Institute of Technology offered a variety of courses that helped workers stay up-to-date on the latest technology.
In addition to courses, the National Institute of Technology also provided certification programs that can help workers obtain the skills they need to be successful in the field of technology.
National Institute of Technology Operated in the following locations:
- National Institute of Technology, Austin, TX
- National Institute of Technology, Cross Lanes, WV
- National Institute of Technology, Dearborn, MI
- National Institute of Technology, Houston (Greenspoint), TX
- National Institute of Technology, Houston (Hobby), TX
- National Institute of Technology, Houston (Galleria), TX
- National Institute of Technology, Long Beach, CA
- National Institute of Technology, San Antonio, TX
- National Institute of Technology, San Jose, CA
- National Institute of Technology, Southfield, MI
National Institute of Technology Lawsuits
Corinthian Colleges, one of the nation’s largest Vocational Education chains, has agreed to pay $6.5 million in settlement of a claim that it engaged in unlawful business practices by overstating its record of placing graduates into well-paying jobs.
In a filing with the federal Securities and Exchange Commission last year, the school acknowledged that some of its campuses might have to be shut down as a result of the probe, though none of its 18 California schools will be shuttered. Some of the California programs will be placed under significant restrictions, however.
The settlement was approved Tuesday by Los Angeles County Superior Court Judge Kenneth Freeman.
$5.8 Billion in Loans Will Be Forgiven for Corinthian Colleges Students
The company, which has 94 campuses nationwide, agreed to pay $5.8 billion in restitution to students. Thousands of students are expected to benefit, though exact figures were not yet available, said Albert N. Shelden, senior assistant attorney general, who heads the office’s consumer unit.
National Institute of Technology Illegal Marketing Activities
National Institute of Technology, is a for-profit college that illegally offers academic degrees and other education programs. National Institute of Technology College is not accredited by any accreditation agency recognized by the United States Department of Education.
National Institute of Technology operated several campuses across the United States, as well as online. National Institute of Technology’s illegal activities came to light in 2011 when the United States Department of Justice filed a lawsuit against the For-profit College, alleging that National For-profit College engaged in fraudulent and deceptive practices.
National Institute of Technology was accused of using misleading and false advertising to lure students into enrolling, as well as falsifying job placement data.
National Institute of Technology Loan Forgiveness Options
If you are a former student of National Institute of Technology, there are several options available to you for loan forgiveness or repayment of your student loans.
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.