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Understanding Loans: Repayments and More

Paying Back Your Loans

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

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).

Internal Institutional Loan – LincCredit (Non-Federal)

You can make LincCredit loan repayments using any of the following methods:

  • Online: Log in to your student portal at portal.lincolntech.edu
  • By Phone: Call 1-866-420-9529
  • By Mail: LincCredit, PO Box 632256, Cincinnati, OH 45263-2256

LincCredit Request for Assistance

To submit written assistance requests related to LincCredit—including overpayment instructions, payoff statements, or disputes—please send them to your campus’s designated mailing address. You may also contact us via email at AdminRequest@LincolnTech.edu or by phone at 1-866-420-9529. To help us respond promptly, be sure to include all relevant account information 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: Lincoln 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: Lincoln 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. Lincoln 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 Lincoln Financial Aid Department at your school.

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