Are you a Platt College student worried about how you’re going to repay your loans? Have no fear! There are many loan forgiveness and repayment options available to you.
As the cost of college continues to rise, more and more students are taking out loans to finance their education. According to the Institute for College Access & Success, the average student loan debt in the United States is now over $38,792.
That’s a lot of money to owe, and it can be difficult to repay loans on a limited income. Fortunately, several options are available to help Platt College students with loan repayment.
This article will provide an overview of the different loan forgiveness and repayment options available to Platt College students.
About Platt College
Platt College is a private, for-profit college with locations in Ontario, Alhambra, and Riverside, California. The college offers associate’s and bachelor’s degrees in various subjects, including business, healthcare, and graphics.
Platt College is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC).
Loan Forgiveness Programs
The U.S. Department of Education offers several loan forgiveness programs for students who have taken out loans to finance their education.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) program is available to Platt College students who work in public service jobs.
To qualify for PSLF, you must make 120 qualifying payments on your Direct Loans while working full-time for a qualifying public service organization.
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 making 120 monthly payments, 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 Defense to Repayment
The Borrower Defense to Repayment (BDR) program is available to students who have been defrauded by their school.
To qualify for BDR, you must file a borrower defense claim against your school.
If your claim is approved, the Department of Education will forgive the loans you took out to attend that school.
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.
Income-Based Repayment
The Income-Based Repayment (IBR) program is available to students with a high debt-to-income ratio. Under IBR, you will pay 15% of your discretionary income towards your loans each month.
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)
To be eligible for IBR, you must have no outstanding balance on your Direct Loans as of October 1, 2007. Also. You must have received a Direct Loan disbursement on or after October 1, 2011.
Student Loan Consolidation
Student loan consolidation is another option available to Platt College students.
Under this option, you can combine all of your federal student loans into one new loan with a single monthly payment. There are several benefits of consolidation, including;
- You can lower your monthly payment by stretching out your loan term over a longer period.
- You can save money on interest by consolidating your loans into a new lower interest rate loan.
- You can simplify your loan repayment by having just one monthly payment.
To be eligible for consolidation, you must have at least one Direct Loan or FFELP loan.
TPD Discharge
The Total and Permanent Disability (TPD) discharge program is available to students who cannot work due to a disability.
To qualify for TPD, you must submit proof of your disability to the Department of Education.
If your application is approved, the Department of Education will forgive the loans you took out to attend school.
The TPD discharge program is available to students with Direct Loans, FFELP Loans, and Perkins Loans.
Platt College Graduation Rate
The Platt College graduation rate is 66%. This is the percentage of students who graduate from Platt College within 150% of the normal time it would take to complete their program.
Platt College Tuition and Average Debt.
For the 2020-2021 academic year, the annual tuition at Platt College are as follows:
In-State $13,794
Out-of-State $13,794
This does not include room and board, which can add an additional $7,000 to $10,000 per year.
The median debt for students who completed a four-year degree at Platt College was $18,873.
Please visit the Platt College website for more information on tuition and fees.
Platt College Acceptance Rate
The Platt College acceptance rate is 45.5%.
Platt College Reviews
Mercy College has a 3.8-star rating on Niche and a 3.5-star rating on Yelp.
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.
