Guide to Dropping Out of College
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Does Dropping Out of College Mean?
4 Steps to Consider Taking When Dropping Out
1. Talk to Your Advisor or Counselor
2. Consider Finishing Your Semester
3. Check If Your School Has a Refund Policy
4. Think About Alternatives to College
Getting an apprenticeship Enrolling in a coding boot camp Starting your own business Attending vocational school or trade school Enlisting in the military Getting a job
Can You Go Back to College After Dropping Out?
What Dropping Out of College Means for Your Student Loans
When You Will Need to Start Paying Back Your Loans
Paying Off Student Loans After Dropping Out
Student Loan Deferment
Cancer treatment Economic hardship Military service and post-active duty Rehabilitation training Unemployment deferment
Student Loan Forbearance
Serving in an AmeriCorps position Qualifying for partial loan repayment under the U.S. Department of Defense Student Loan Repayment Program Serving in a medical or dental internship or residency Completing National Guard duty (but you’re not eligible for military deferment) Qualifying through teacher loan forgiveness forbearance If the total amount you owe each month for all the federal student loans you received is 20% or more of your total monthly gross income
Refinancing Student Loans
Employers That Pay Off Student Loans
Federal agencies Medical organizations The automotive industry Law firms The Peace Corps The U.S. Department of Agriculture (for veterinarians)
Is Student Loan Forgiveness an Option for Dropouts?
3 Student Loan Refinance Tips
Refinancing your student loan can lower your monthly payments and help you adjust your loan term. Compare student loan refinancing rates to find a loan that works for you. One pain-free way to pay down your student loan sooner: send in your tax refund to put against the principal balance. Since it’s money that has already been taken out of your pay, you won’t miss it. If you teach full-time for five complete and consecutive academic years in a low-income school, you may be eligible for federal student loan forgiveness.
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