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Paying Back Your Loans

Loan repayments are typically made to a loan servicer. Each servicer has their own payment process, so check with them to set up payments.

Repayment plans are based on your income, and can be extended. Although you might have set up a plan initially when you agreed to the loan, many allow you to change repayment plans at any time. This does not mean you won’t be paying the loan back but rather, you will arrange a new way to pay them back.

What's The Difference Between Deferment and Forbearance?

Under special circumstances, you might be able to receive a deferment or forbearance on paying back your loan. But what’s the difference?

Deferment

• A period of time in which repayment on the principal balance on your loan is temporarily delayed.
• You must request a deferment to your loan servicer.

Forbearance

• Permission to postpone or reduce repayments on loans.
• Forbearance is granted in cases when one does not qualify for a deferment.
• It’s possible to be granted permission to stop making payments or reduce your monthly payment for up to 12 months.
• Interest will continue to accrue on your subsidized and unsubsidized loans (including all PLUS loans).

LincCredit Request for Assistance

For any LincCredit written assistance requests, instructions for overpayment, payoff statements or disputes, please refer to your campus address. Alternatively, you can reach us via email at AdminRequest@ºÃÉ«µ¼º½Tech.edu or by phone at 1-866-420-9529. To ensure we can address your request promptly, please include all relevant account details and any supporting documentation. We're here to help and look forward to assisting you!

LincCredit Cosigner Release Information

For LincCredit loans, we offer eligible borrowers the opportunity to release their cosigner from their loan under certain conditions. Below are the criteria and steps required for cosigner release:

Eligibility Criteria

To be eligible for cosigner release, the following conditions must be met:

• The borrower must be current on all payments at the time of the cosigner release request.
• At least 75% of the principal amount must have been paid.
• The borrower must be of legal age to enter into a binding contract in their state of residence (18 years or older in all states).
• The borrower must be a U.S. citizen or a permanent resident at the time of the request.

Application Process

1. Borrowers may request a cosigner release application by:
   • Phone: 1-866-420-9529
   • Email: Linccreditcosigner@lincolntech.edu
   • Mail: ºÃÉ«µ¼º½ Technical Institute, 14 Sylvan Way, Suite A, Parsippany, NJ 07054, Attention: LincCredit
2. The borrower must complete and sign the cosigner release application form.
3. The completed application and required documentation must be submitted via one of the following methods:
   • Mail to: ºÃÉ«µ¼º½ Technical Institute, 14 Sylvan Way, Suite A, Parsippany, NJ 07054, Attention: LincCredit
   • Email to: Linccreditcosigner@lincolntech.edu
4. The borrower should retain a copy of the application for their records.
5. ºÃÉ«µ¼º½ Tech will process the application within 30 days of receipt.
6. Borrowers will be notified of approved or denied applications. All applications that are denied can be appealed to in writing.

For more information on loan repayment and options, contact the ºÃÉ«µ¼º½ Financial Aid Department at your school.