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Financial Literacy and Federal Loan Repayment

Federal Loan Repayment

Becker College has teamed up with EdAmerica (formerly called Higher Education Solutions) to help explain the student loan repayment process so you understand all of your options. If you have trouble making your payments, they will offer helpful alternatives so you won’t fall behind.

Covid-19 Loan Repayment and Forbearance

Due to the ongoing situation with Covid-19, payments on federal loans do not need to be made between now and September 30, 2021. EdAmerica is monitoring the situation and is available to answer any questions you may have. They have also put together this worksheet with the five most common questions they received in April 2020: Forbearance FAQs (opens in a new window)

Federal Loan Forgiveness

Students and families may have questions about loan forgiveness in the wake of Becker’s closing. The best resource for students/borrowers for Closed School Discharge is https://studentaid.gov/manage-loans/forgiveness-cancellation/closed-school (opens in new window). This site includes loan discharge criteria/eligibility requirements, information regarding the discharge process, and a list of Q&A’s.

Current Becker students who will be transferring to a new program for Summer 2021 or Fall 2021 will not be eligible for loan forgiveness. From the website listed above:

You are not eligible for discharge of your loans if your school closes and any of the following is true:

  • You are completing a comparable educational program:
    • through a teach-out,
    • by transferring academic credits or hours earned at the closed school to another school, or
    • by any other comparable means.

We will update this information in the coming weeks as more details are finalized.

Financial Literacy

EdAmerica also has general financial tips and tools that will help students and families at Becker and after graduation. You can learn Money Basics with articles about understanding your paycheckchecking and savings accounts, or understanding your credit score.

List of items in a personal budget next to a piggy bank

For more information about Closure Next Steps: Click here