Are you a student of Ohio Technical College struggling to pay back your student loans? You’re not alone. According to the Institute for College Access and Success, the average student loan debt in the United States is $28,950.
But don’t worry, there are plenty of alternatives to pay back your loans.
This article will go over some of the different loan forgiveness and repayment options available to Ohio Technical College students.
About Ohio Technical College
Ohio Technical College is a for-profit career school with campuses in Cleveland, Akron, and Cincinnati, Ohio. It was founded in 1969
OTC offers programs in automobile, auto-diesel, collision, diesel, motorsports, PowerSport, restoration, and welding.
In 2000, BMW of North America partnered with Ohio to provide the FAST Track Program, which includes a range of training courses and apprenticeship opportunities in the automotive industry.
Due to its high-quality training and extended programs, OTC has been included in Weatherhead’s list of the 100 fastest-growing companies in Northeast Ohio.
Ohio Technical College is accredited by the Accrediting Council for Independent Colleges and Schools.
Loan Forgiveness Options
There are a few different loan forgiveness programs available to students of Ohio Technical College.
Public service loan forgiveness.
The PSLF Program is a federal program that forgives the remaining debt on your student loans after making 120 qualifying monthly payments while working full-time for a qualifying employer.
To be eligible, you must be employed by a government organization, nonprofit organization, or other qualifying employers.
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.
Borrower’s Defense to Repayment
The Borrower’s Defense to Repayment is a federal program that can help you cancel your student loan debt if you prove that the school misled you or engaged in other misconduct.
To be eligible, you must have taken out federal student loans to attend a school that is now closed.
If you’re not sure whether you qualify, you can submit a free claim to the U.S. Department of Education.
The department will review your claim and know if you’re eligible for loan cancellation.
Income-driven repayment plans.
If you can’t afford your monthly student loan payments, you may be able to enroll in an income-driven repayment plan.
There are four different income-driven repayment plans: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR).
Each plan has its eligibility requirements, so you’ll need to check with your loan servicer to see if you qualify.
Generally, you must have a partial financial hardship to qualify for an income-driven repayment plan.
For more information on each of these plans, please click here.
Student loan consolidation
Student loan consolidation is a process that combines all of your federal student loans into one new loan.
This new loan has a new interest rate and repayment term.
You may be able to lower your monthly payments or get a lower interest rate by consolidating your loans.
To qualify, you must have at least one federal student loan, and you must be in default on your loans or have an income below a certain level.
A total and permanent disability (TPD) discharge releases you from having to repay your federal student loans, and your loan servicer is required to tell the credit bureaus to remove the adverse information about the loans from your credit reports.
If you are approved for a TPD discharge, the loans will be discharged, and you will no longer be responsible for repaying them.
To qualify, you must submit documentation from a physician that states that you are totally and permanently disabled.
You must also be unable to work and earn money because of your disability.
For more information, please click here.
Ohio Technical College Reviews
There are a few places online where you can find ratings and reviews of Ohio Technical College.
First, let’s take a look at the school’s Google reviews.
At this writing, Ohio Technical College has a 3.2/5 rating on Google, based on 164 reviews.
Many of the reviewers say they had a positive experience at the school.
Now, let’s take a look at the school’s Yelp reviews.
At this writing, Ohio Technical College has a 3 out of 5 rating on Yelp, based on two reviews.
Ohio Technical College Acceptance Rate.
Ohio Technical College has an open admissions policy, which means that anyone who meets the minimum requirements for admission will be accepted into the school.
The school has a 100% acceptance rate.
Ohio Technical College Tuition and Fees
Ohio Technical College is a relatively affordable school.
The cost of attendance (COA) for an undergraduate degree at the school is $21,874 per year.
This includes tuition and fees, room and board, books and supplies, transportation, and personal expenses.
The school also offers a variety of financial aid options, including grants, loans, and scholarships.
To see a complete list of tuition and fees for OTC, please click here.
How to contact Ohio College?
Telephone: 740-593-2910 (toll free 1-800-444-2910)
Mail: Office of Instructional Innovation. 018 Grosvenor Hall. 1 Ohio University Dr. Athens, OH 45701-2979.
Ohio Technical College Graduation Rate
The graduation rate at Ohio Technical College is 87%.
This means that 87% of students who start at the school finish their degree within six years.
This is a relatively high graduation rate, compared to other schools.
For more information on the graduation rates at Ohio Technical College, please click 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.