Keiser University Loan Forgiveness is renowned for its commitment to helping students overcome financial challenges related to their student loans. If you’re currently struggling to make loan payments, there are options available to alleviate your debt burden. In 2023, the Biden administration introduced changes to the loan forgiveness process, making it easier for students to have their university loans waived and cancellations processed. In this article, we’ll delve into the details of Keiser University, its history, and the steps you can take to eliminate your debt.
What is Keiser University?
Arthur and Evelyn Kaiser founded Keiser University in 1977 in Fort Lauderdale, Florida, originally naming it the Emperor School. Later, the institution adopted its current name, inspired by the founders’ names. Over the years, Keiser University has undergone several name changes before settling on its permanent moniker. The university gained accreditation from the Southern Association of Colleges and Schools and the Commission for Independence Education.
Student loan debt is an increasing burden for many college graduates. If you attended Keiser University and took out loans, you may be wondering about forgiveness options. This comprehensive guide answers common questions about qualifying for loan forgiveness as a Keiser student.
Does Keiser University Qualify for Student Loan Forgiveness Programs?
Yes, Keiser University is an accredited, not-for-profit institution, so loans taken out to attend can qualify for federal student loan forgiveness programs. The main options are Income-Driven Repayment and Public Service Loan Forgiveness. Private student loans are generally not eligible for forgiveness unless the lender offers special hardship programs.
How Will I Know If My Student Loans Can Be Forgiven?
To qualify for federal forgiveness programs, you need to have federal Direct Loans. These include Direct Subsidized, Unsubsidized, PLUS, and Consolidation Loans. Federal Perkins Loans and FFEL Loans can potentially qualify through consolidation. Check with your loan servicer to verify your loan types. You’ll also need to submit applications and certify employment as required.
Who Is Eligible for Federal Student Loan Forgiveness?
The main eligibility requirements are:
- Having federal Direct Loans
- For PSLF, working full-time for a qualifying public service employer
- Making on-time income-driven or PSLF-qualifying payments
Specifics depend on each program. Private loan forgiveness eligibility varies by lender.
Keiser University Loan Forgiveness Application Process
Here are the steps to apply for student loan forgiveness if you attended Keiser University:
- Determine if you have federal Direct Loans. These are required for forgiveness programs like Income-Driven Repayment and Public Service Loan Forgiveness. FFEL and Perkins loans can qualify through federal consolidation. Private loans do not qualify.
- Contact your loan servicer(s) and ask about applying for an income-driven repayment plan, such as REPAYE, PAYE, IBR, or ICR. Complete and submit the application along with the required income documentation.
- To apply specifically for Public Service Loan Forgiveness, complete the PSLF Employment Certification form each year or when changing jobs, verifying you work full-time for a qualifying public service employer.
- Make sure to recertify your income and employment annually on time under the repayment plan you choose. This is required to maintain eligibility as your payments count toward forgiveness.
- After making 120 qualifying payments for PSLF or 240-300 payments (20-25 years) on an income-driven plan, your remaining balance will be forgiven.
- Keiser University itself does not offer loan forgiveness. Follow the federal requirements through the Department of Education for any forgiveness programs. Maintain detailed records and strict payment diligence.
What Happens When Your Student Loans Are Forgiven?
Here’s an overview of what happens when your federal student loans are forgiven through a program like Income-Driven Repayment or Public Service Loan Forgiveness:
- After making the required number of qualifying monthly payments (20-25 years for IDR, 10 years for PSLF), any remaining balance on your federal Direct Loans will be forgiven.
- This means the government excuses the remaining amount you owe. You are no longer responsible for making any more payments on those loans.
- The forgiven debt will not show as income on your tax return if you qualify for PSLF. But for now, debt forgiven under IDR plans is treated as taxable income.
- Your loan servicer will notify you when your forgiveness is processed and provide documentation. Follow up with them to confirm your loans show a $0 balance.
- Loan forgiveness does not automatically refund you for previous payments. It cancels the remaining debt after making qualifying payments for the set term.
- Be sure to submit all required paperwork on time so you successfully reach forgiveness. Check-in annually with your servicer.
- If you have private student loans, these are generally not eligible for forgiveness, only options offered by the lender.
What Is Keiser University’s Refund Policy?
Here are the key details on Keiser University’s refund policy:
- If you withdraw from a course or program at Keiser, you may be eligible for a tuition refund based on the university’s published policy.
- The refund policy outlines the percentage of tuition and fees you are eligible to have reimbursed if you withdraw, depending on the time of the semester.
- For example, if you withdraw during the first week of a semester, you may qualify for a 90% refund. The refund percentage declines each week after that.
- To receive a refund, you must officially withdraw and submit the required paperwork within the published deadlines outlined in the policy.
- Refunds reimburse you for tuition and fees you paid out of pocket which are now eligible for refund due to your withdrawal.
- This is separate from student loan forgiveness. Loan forgiveness cancels remaining debt after making qualifying payments over an extended term.
- Check Keiser University’s exact refund policy guidelines before withdrawing to understand the amount you could be reimbursed.
The refund policy provides an opportunity to recover some costs if you withdraw. But be sure to review the details so there are no surprises. For more details Visit their Official Website
Is Student Loan Forgiveness Available for Private Loans?
Unfortunately, private student loans do not qualify for the federal government’s loan forgiveness programs like Income-Driven Repayment or Public Service Loan Forgiveness. These programs are only for federal Direct Loans.
Lenders of private student loans are not required to offer any type of loan forgiveness. Any forgiveness programs are offered at the sole discretion of the lender. These are very rare and limited compared to federal options.
If you have private loans from a lender like Sallie Mae, Wells Fargo, or Discover, here are some tips:
- Contact your lender to ask if they offer any hardship-based forgiveness or settlement programs. The options will be limited and eligibility stringent.
- Refinance your private loans to a lower interest rate to reduce the overall amount you repay. Check rates from online lenders like Earnest, SoFi, and LendKey.
- Make extra payments when possible to pay off the loans faster and reduce total interest costs. Target high-interest-rate loans first.
- Manage your budget carefully so you can afford the required private loan payments each month. Reduce expenses where possible.
While federal loan borrowers have more access to forgiveness, carefully managing the payment of private student loans is very important. Work closely with your lender if you are struggling to make payments. Explore refinancing and accelerate payoff.
Why Do I Not Qualify for Loan Forgiveness Programs?
If you don’t qualify for forgiveness, common reasons include:
- Having the wrong loan types (i.e. private loans, FFEL, Perkins)
- Not on an income-driven repayment plan for federal loans
- Not properly submitting required applications and certifications
- Not meeting full-time employment requirements for PSLF
- Not yet making enough qualifying payments
Are Student Loans Forgiven After 20 Years?
For federal Income-Driven Repayment plans, remaining loan balances are forgiven after 20-25 years of qualifying payments, depending on the plan. PSLF forgives loans after 10 years, but you must be in qualifying public service employment. Private loans are not required to offer forgiveness.
What Types of Loans Count Towards Forgiveness?
Only federal Direct Loans are eligible (Direct Subsidized, Unsubsidized, PLUS, Consolidation). FFEL and Perkins Loans can qualify through federal consolidation. Private student loans and alternative loans do not qualify for federal forgiveness, only lender-specific options.
Hope this guide provides useful answers as you explore ways to seek student loan forgiveness from Keiser University or other schools. Let me know if you have any other questions!
 Conclusion
Managing your student loan debt requires careful consideration and informed decision-making. Keiser University stands ready to assist you in your pursuit of financial freedom. By understanding the loan forgiveness options available, you can take proactive steps to alleviate the burden of student loans. Remember, education is an investment in your future, and with the right resources and guidance, you can navigate the path toward loan forgiveness and a brighter financial outlook. If you need assistance in determining the best approach for your situation, don’t hesitate to reach out to our knowledgeable specialists who are dedicated to helping students like you. Take charge of your financial well-being today and embark on a journey toward a debt-free future.
