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Lincoln Culinary Institute Student Loan Refinance Options

West Palm Beach, Florida

Is Lincoln Culinary Institute Student Debt Affordable?

Median Salary 6 Years After Enrolling
$23,700
Median Government Student Loan Debt for Graduates
$10,075

56% of Lincoln College of Technology West Palm Beach students graduate with federal student loan debt - with a median balance of $10,075 owed. Shortly after graduating, the median salary of former students in the workforce is $23,700.

Former students owe an average federal student loan payment of $104 per month. {Many/Most} former Lincoln Culinary Institute students {are/are not} able to make their loan payment. Only 26% of former students are making progress repaying their student loans and are not in default. 74% are not paying down their loans and may be in default.

As a rule of thumb, a student loan is considered affordable if your payment is no more than 8% of your monthly salary. Using this check, most Lincoln Culinary Institute grads earn enough to afford their student loans.

Data Sources, U.S. Department of Education College Scorecard / U.S. Department of Treasury.

Options If You Can't Afford Your Loan Payment

If your Lincoln College of Technology West Palm Beach federal student loan payments are too high and you're struggling to make payments, you have some options.

Repayment Plans

The government offers several repayment plans that extend the payoff your federal loans, reduce your monthly payment based on your income or even temporarily allow you to defer payments. If you have government loans, try these options first.

Loan Consolidation

Additionally, if you have multiple government loans, the can be consolidated into a single loan at your average current interest rate, but not a new lower rate.

Loan Refinance

If you want to reduce the interest rate on your loans, federal consolidation will not lower your rate. Refinancing with a private lender may be an option which allows you to reduce monthly payments and pay back less in the long run. Additionally, loan refinancing can consolidate multiple loans, both government and private, into a single loan at a new rate. Before you consider refinancing with a private loan, make sure you understand the differences.

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