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Rasmussen College (Now University): Loan Forgiveness and Repayment Options.

rasmussen college loan forgiveness

Are you a former student of Rasmussen College struggling to make your loan payments? You’re not alone. Millions of Americans are in the same boat. But don’t worry; there are a few options available to you that can help make your loan payments more manageable.

If you have federal student loans, you may qualify for loan forgiveness through one of the U.S. Department of Education’s loan forgiveness programs.

The U.S. Department of Education offers different loan forgiveness programs for various types of federal loans. This article will provide an overview of the loan forgiveness and repayment programs available to you.

About Rasmussen College

Rasmussen College is a private, for-profit college with campuses in Minnesota, Illinois, and Florida. The school was founded in 1900, and today, it serves over 10,000 students. The College offers associate’s, bachelor’s, and master’s degrees in various fields, including business, nursing, and technology.

The school also offers online degrees and distance learning programs. The Higher Learning Commission has accredited Rasmussen College since 1963.

Loan Forgiveness Programs for Federal Student Loans

The U.S. Department of Education offers a variety of loan forgiveness programs for federal student loans. These programs are designed to help borrowers struggling to make their loan payments.

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Public Service Loan Forgiveness

The Public Service Loan Forgiveness (PSLF) Program is a loan forgiveness program for borrowers who work in public service jobs. To qualify for this program, you must have made 120 qualifying payments on your federal student loans. You must also be employed full-time by a qualifying employer.

Qualifying employers include:

  • Federal, state, local, or tribal government organization
  • A not-for-profit organization that is tax-exempt under Section 501(c)(3) of the Internal Revenue Code
  • AmeriCorps or Peace Corps volunteer organization

However, thanks to a recent change in the program, some requirements have been eased out. A recent waiver from the Department of Education allows borrowers to 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.

Borrower Defense to Repayment

The Borrower Defense to Repayment program is a loan forgiveness program for borrowers defrauded by their school. To qualify for this program, you must have taken out a federal student loan to attend a school that closed while you were enrolled or within 120 days after you withdrew.

You must also have been enrolled at the school within the last three years.

To learn more about this program and see if you qualify, visit the U.S. Department of Education’s website.

Income-Based Repayment (IBR)

The Income-Based Repayment (IBR) Plan is an income-driven repayment plan for federal student loans. Under this plan, your monthly loan payments will be based on your income and family size.

If your income is low enough, you may be able to have your student loans forgiven after 20 or 25 years of repayment.

To learn more about this plan and see if you qualify, visit the U.S. Department of Education’s website.

Student Loan Consolidation

If you are struggling to make your loan payments, you may want to consider consolidating your loans. Consolidation can help you simplify your loan payments and may lower your monthly payment.

Consolidation also has the potential to lengthen the amount of time it will take you to pay off your loans. But it’s important to remember that you will have to pay more interest on your loans.

Total and Permanent Disability Discharge(TPD)

If you are totally and permanently disabled, you may qualify for a Total and Permanent Disability (TPD) Discharge of your federal student loans. To be eligible for this discharge, you must provide documentation from a physician that states that you cannot work due to your disability.

How soon can you be debt free?

After that, the department will review your application and make a decision. If you are approved, your loans will be discharged, and you will no longer be responsible for making loan payments.

Rasmussen CollegeTuition and Fees

The Rasmussen tuition cost, on average, comes around $10,935. 

The Rasmussen college nursing program costs around $16,030 in tuition while $3,430 for fees and books, summing a total of $19,460. 

Rasmussen College Graduation Rate.

The school’s graduation rate is 28%. This means that out of 100 students who started at Rasmussen College, only 28 earned a degree or completed their program within 150% of the normal time it takes to finish. 

Rasmussen College Acceptance Rate

Rasmussen College has an acceptance rate of 100%.

Rasmussen College Reviews

There are many Rasmussen College reviews on different sites. Niche, Facebook, and GradReports are three popular review sites for students to share their school experiences.

The rating for Rasmussen College on Niche is a 4.3/5, based on 522 reviews.

The rating for Rasmussen College on GradReports is 2.2/5, based on 182 reviews.

The rating for Rasmussen College on Facebook is 4.4/5 and 29 votes.

Overall, the reviews are positive, with students appreciating the smaller class sizes, hands-on learning, and career services offered by Rasmussen.

Acquisition of Rasmussen College

American Public Education, Inc. (APEI) announced on October 2020, that it had entered into a definitive agreement. Under the terms of the agreement, APEI will pay $300 million in cash and $29 million of non-voting preferred stock to Rasmussen.

The acquisition was completed in the fourth quarter of 2021, subject to regulatory approvals and other customary conditions.

The combined entity will now serve over 110,000 students, and it’s expected to generate over $600 million in annual revenue.

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.