Guide to Architecture Student Loan Forgiveness and Repayment

The first step in applying for student loan forgiveness, is to determine the amount of federal or private student loans you have taken out. You may find this information on your loan agreement or in your student loan’s original application or statement. Then, you should contact the federal or private lender to find out the amount of your loan balance.

In order to graduate from an accredited architecture program, students must complete a lengthy and costly process to obtain an Architecture Degree verification of coursework (ADC). The ADC is the document that proves the students of the program have completed all the education requirements. This document is typically issued by the individual institution where the student received the degree, as well as the state where the student lives. Once this document has been issued, the student must complete a series of steps to obtain Architecture Student Loan Forgiveness (ASLF) and Repayment.

If you graduated from a for-profit college in the past few years and are planning to attend graduate school, this is your chance to get a student loan forgiveness. Many people think that because an undergraduate degree is worth less than an education after you graduate, you will automatically be punished with a higher student loan payment. However, in most cases, a graduate school education is actually worth more than the undergraduate, so you can often lower your monthly student loan payment significantly.. Read more about student loan calculator and let us know what you think.As an architect, your profession plays an important role in society. They help design buildings that matter to everyone and are important to the community. The salary can also be attractive.

According to Glassdoor.com, the average salary for an architect is $86,015. Still, finding a job at this level and paying off student loans for architecture can be challenging. In this guide, we look at student loan forgiveness and repayment options in the context of architecture.

National Development Services Act (NDSA)

According to a study by the American Institute of Architecture Students (AIAS), the average architecture graduate has $40,000 in debt, which is on top of other costs of education, such as materials and technology. In other words: Tuition can rise quickly.

According to the AIAS, the survey shows that the biggest concern of architecture students is the job market and the debt burden that students must take on to pursue their chosen career. The results of the study show that students of architecture have a higher than average student debt.

In fact, the cost of student loans and tuition for architecture schools has become such an issue that in recent years the AIAS and the American Institute of Architects (AIA) have tried to introduce their own version of loan forgiveness for architecture students. In 2012, AIAS and AIA launched a campaign and proposed legislation called the National Design Services Act.

This bill, which was reintroduced in Congress in 2015, would have allowed architects to work with the Department of Housing and Urban Development (HUD) and to work with community design centers. In exchange for their services, the architects received federal loan repayment assistance and private loans for each year of service.

Unfortunately, no progress has been made, so a bill that would help architects with student loans has not yet passed.

Student loan repayment options

What options do architecture graduates have for getting loans while the bill, the National Design Services Act, is not moving forward?

Here are some ways to make your student loans more affordable.

Appropriations for utilities

If you work for a 501(c)3 organization or the government, you may be eligible for Public Service Debt Forgiveness (PSLF). Under the Public Service Loan Forgiveness Program, student loan forgiveness is available if you commit to 10 years of public service.

Once you’ve made 120 payments and submitted the proper paperwork – and, of course, proof that you worked for an eligible organization – you can say: Student loans, down! Unfortunately, private student loans are not suitable for this purpose.

In some cases, forgiven student loans can be treated as taxable income, which can result in a significant tax bill. But the good news is that with the PSLF, any student loan debt that is forgiven will have no tax consequences. This program doesn’t have that perspective, but it will save you 10 years of your life.

For example, the New York Times reported on the case of an architect who was part of a SEAL squadron and was working on government benefits with $108,000 in student loans.

In this article, he says: I get calls and emails from companies asking if I’m interested in better paying jobs, but it doesn’t make sense in the long run. Frankly, government work is boring, there is no creative stimulus, so if it wasn’t for the financial gain, I would never have chosen it. After I complete this education and pay off my debt, I plan to return to the private sector, where not only financial, but creative rewards await me.

So if you are interested in the PSLF program, you have a tough decision to make: choose a low salary and have your architectural student loans forgiven later, or choose a higher salary and pay them off yourself.

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Refund including income

If your architecture degree debt seems overwhelming, but you can’t be held hostage by the Treasury for ten years either, there is another option for forgiving student loans.

Borrowers of federal student loans can take advantage of a low-cost income-driven repayment program, which provides student loan repayment assistance and ensures that monthly payments are affordable. If there are any balances remaining after the due date, they will be cancelled.

However, there is one important caveat: you may approach Uncle Sam and receive a tax bill for the amount of the credit awarded. When repaid with income, the federal government considers your loans taxable income.

There are four income-based repayment options available:

Income Driven Repayment (IDR) – the monthly payments are 10-15% of your disposable income, with a repayment period of 20-25 years, depending on when you took out the loan.
Income Driven Repayment (IDR) – Monthly payments are 20% of your disposable income or the amount you would pay under a 12-year plan, whichever is less, with a 25-year term.
Pay As You Earn (PAYE) – monthly payments of 10% of your disposable income with a 20 year term.
Revised Pay As You Earn (REPAYE) – monthly payments are 10% of your discretionary income with a repayment period of 20 or 25 years, depending on whether you obtained your loans during university or graduate school.

Different requirements apply to each type of reimbursement. Ask your loan officer what the best repayment plan is. If you’re having trouble keeping up with your payments, you can ask your credit bureau for a payment deferral or repayment plan.

Refinancing of student loans

Is the interest on your student loan a source of stress? You can lower your interest rate by refinancing. Refinancing involves setting a new interest rate for a refinanced loan that pays off your current loans.

After that, all you have to do is repay a loan at a better interest rate. However, refinancing should be approached with caution because you will lose valuable government protections, such as loan forgiveness.

But if you have a job with a good salary and a good credit history, you may be eligible to refinance your student loans. Find out if you can get money back in a refinance.

Payment of architectural training credits

While there are currently no programs to waive or refund student loans, don’t give up hope. You can still manage your monthly payments with an income-based repayment plan, work in the public sector and take advantage of a PSLF, or lower your interest rate by refinancing.

If you’re still trying to find your way through the fog of student loan repayment and forgiveness options, find out how one of our student loan counselors can help.

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Frequently Asked Questions

What repayment plans qualify for student loan forgiveness?

The following repayment plans qualify for student loan forgiveness: Pay As You Earn (PAYE) Plan Income-Based Repayment (IBR) Plan Revised Pay As You Earn (REPAYE) Plan Income-Contingent Repayment (ICR) Plan Pay As You Earn (PAYE) Plan Graduated, Extended, and Modified Repayment Plans Income-Based Repayment (IBR) Plan Revised Pay As You Earn (REPAYE) Plan Income-Contingent Repayment (ICR) Plan Pay As You Earn (PAYE) Plan Graduated, Extended, and Modified Repayment Plans The following repayment plans qualify for student loan forgiveness: Pay As You Earn (PAYE) Plan Income-Based Repayment (IBR) Plan Revised Pay As You Earn (REPAYE) Plan Income-Contingent Repayment (ICR) Plan Pay As You Earn (PAYE) Plan Graduated, Extended, and Modified Repayment Plans Income-Based Repayment (IBR) Plan Revised Pay As You Earn (REPAYE) Plan Income-Contingent Repayment (ICR) Plan

What qualifies for student loan forgiveness?

Student loan forgiveness is a program that forgives the remaining balance of your student loans after you meet certain requirements. For example, if you have $50,000 in student loans and are employed full-time for 10 years, the remaining balance would be forgiven. What are the requirements for student loan forgiveness? The requirements for student loan forgiveness vary depending on the type of loans you have. For example, if you have federal loans, you must be employed full-time for 10 years and make 120 monthly payments. If you have private loans, your employer must match your contributions to a qualifying repayment plan. What are the benefits of student loan forgiveness? Student loan forgiveness can help you save money on interest and reduce your monthly payments.