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The current average annual salary for a radiology tech is $83,840, or $38.52 per hour, according to the Bureau of Labor Statistics. This career can be a good option for those who want to work in the medical field but don’t want to attend medical school. This role typically only requires an associate degree, so it can be easy to pursue this career without taking on a ton of student loan debt.

For those who wonder how much a radiology tech makes, read on for details and what else you should know about this career and its earning potential.

What Are Radiology Techs?

A radiologic technologist, also known as a radiographer, is a health care professional responsible for conducting X-rays and other diagnostic imaging procedures on patients. It can offer a medical career path without a college degree or a graduate-level degree. It therefore can sidestep many additional years of training and the expense of that education.

The key duties of radiology techs include:

•   Adjusting and maintaining imaging equipment

•   Adhering to precise instructions from physicians regarding the targeted areas of the body for imaging

•   Preparing patients for procedures by collecting medical histories and shielding unnecessary exposed areas

•   Positioning both the patient and the equipment to obtain accurate images

•   Operating computerized equipment for image capture

•   Collaborating with physicians to assess the images

•   Deciding if further imaging is necessary

•   Helping to maintain patient records

If you’re a “people person” who enjoys interacting with patients and colleagues daily, this position could be a good fit. However, as a job for introverts, it may not be enjoyable due to the social aspect.💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much Do Starting Radiology Techs Make a Year?

When someone is working as an entry-level radiology tech, they can expect to earn less than their more experienced coworkers. The annual wage for the lowest 10% of earners in this role is less than $55,980.

In terms of how much an experienced radiology tech could make, the highest 10% earn more than $118,660. Being able to earn over $100,000 is a good salary for a role that only requires an associate degree.

What Is the Average Salary for a Radiology Tech?

While the average annual wage for a radiology tech is $83,840, where someone lives can greatly impact how much they stand to earn. For example:

•   Florida radiology techs can expect to earn an average salary of $71,665.

•   Those working in Washington earn an annual salary of $108,615.

The following table sheds more light on how radiology tech salaries and hourly wages stack up.

It will give you a detailed look at how earnings vary by state.

What Is the Average Radiology Tech Salary by State for 2026?

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
Washington	$108,615	$9,051	$2,088	$52.22
New York	$104,917	$8,743	$2,017	$50.44
Massachusetts	$104,734	$8,727	$2,014	$50.35
Alaska	$103,278	$8,606	$1,986	$49.65
Vermont	$101,965	$8,497	$1,960	$49.02
North Dakota	$101,469	$8,455	$1,951	$48.78
Oregon	$101,393	$8,449	$1,949	$48.75
Colorado	$100,840	$8,403	$1,939	$48.48
Hawaii	$99,635	$8,302	$1,916	$47.90
Nevada	$97,655	$8,137	$1,877	$46.95
New Jersey	$97,360	$8,113	$1,872	$46.81
Wisconsin	$96,796	$8,066	$1,861	$46.54
Pennsylvania	$96,129	$8,010	$1,848	$46.22
Delaware	$95,982	$7,998	$1,845	$46.15
South Dakota	$95,899	$7,991	$1,844	$46.11
Virginia	$95,076	$7,923	$1,828	$45.71
California	$94,643	$7,886	$1,820	$45.50
Minnesota	$93,925	$7,827	$1,806	$45.16
Rhode Island	$93,915	$7,826	$1,806	$45.15
New Hampshire	$93,263	$7,771	$1,793	$44.84
Maryland	$93,074	$7,756	$1,789	$44.75
New Mexico	$92,933	$7,744	$1,787	$44.68
Illinois	$92,929	$7,744	$1,787	$44.68
Maine	$92,849	$7,737	$1,785	$44.64
Wyoming	$92,180	$7,681	$1,772	$44.32
Nebraska	$91,435	$7,619	$1,758	$43.96
Indiana	$91,254	$7,604	$1,754	$43.87
Connecticut	$91,227	$7,602	$1,754	$43.86
Ohio	$91,171	$7,597	$1,753	$43.83
Mississippi	$90,823	$7,568	$1,746	$43.66
Idaho	$90,231	$7,519	$1,735	$43.38
Iowa	$90,075	$7,506	$1,732	$43.31
Missouri	$89,954	$7,496	$1,729	$43.25
Arizona	$89,367	$7,447	$1,718	$42.96
Texas	$89,345	$7,445	$1,718	$42.95
South Carolina	$88,990	$7,415	$1,711	$42.78
Oklahoma	$88,547	$7,378	$1,702	$42.57
Montana	$88,021	$7,335	$1,692	$42.32
Utah	$87,304	$7,275	$1,678	$41.97
North Carolina	$87,153	$7,262	$1,676	$41.90
Tennessee	$87,040	$7,253	$1,673	$41.85
Alabama	$86,922	$7,243	$1,671	$41.79
Kansas	$85,527	$7,127	$1,644	$41.12
Michigan	$83,585	$6,965	$1,607	$40.19
Kentucky	$83,291	$6,940	$1,601	$40.04
Louisiana	$82,006	$6,833	$1,577	$39.43
Georgia	$80,975	$6,747	$1,557	$38.93
Arkansas	$79,299	$6,608	$1,524	$38.12
West Virginia	$74,242	$6,186	$1,427	$35.69
Florida	$71,665	$5,972	$1,378	$34.45

Source: ZipRecruiter

Radiology Tech Job Considerations for Pay and Benefits

Most radiologic and MRI technologists work full time. Because imaging is sometimes needed in emergency situations, some technologists work evenings, weekends, or overnight.

Almost 6 out of 10 radiology techs work in hospitals, and about 17% work in medical offices. One thing to note is that, as you would expect, the job involves working with potentially dangerous radiation, so appropriate protective clothing may be worn and safety practices followed.

Recommended: What Trade Job Makes the Most Money?

Pros and Cons of Radiology Tech Salary

Because radiology techs stand to earn a solid average income without having to pursue higher education, there aren’t any real disadvantages to their salary. The main disadvantage of the job, though, is being exposed to infectious diseases through patient interaction and to equipment that uses radiation. Safety procedures are in place to help offset these risks, but some people may not find the salary worth it in light of the risks.

Benefits will, of course, vary depending on where a radiology tech works. Packages may include health insurance, paid sick days and vacations, retirement account matching contributions, and more.

Recommended: Best Jobs with Little Human Interaction

The Takeaway

Working as a radiology tech can be a great way to earn a living in the medical field without having to commit to the major time and expense that comes with pursuing careers such as nursing or with becoming a doctor. It can offer a solid salary, benefits, and the satisfying work of helping people with their health care.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

Can you make 100k a year as a radiology tech?

It is possible to earn $100,000 a year as a radiology tech, but being able to do so depends on what state someone works in, as well as other factors, such as experience. For example, the average annual salary of a radiology tech in Washington, New York, and Massachusetts is well over $100,000.

Do people like being a radiology tech?

Being a radiology tech can be very enjoyable if someone finds the work interesting and if they enjoy interacting with patients. However, for those who don’t like being in a health care setting, repeating procedures, or working with potentially dangerous radiation, it may not be a good fit.

Is it hard to get hired as a radiology tech?

Those who want to work as a radiology tech and who have the required credentials should have no problem doing so. The job outlook for radiology techs is positive, with a projected 4%-7% growth from 2024 to 2034, which is faster than the average for all occupations. Each year, approximately 15,400 job openings for these roles are expected to be available.

Is becoming a radiology tech worth it?

Becoming a radiologic technologist can be worthwhile for someone who wants a stable health care career that combines patient care and technology. It offers solid earning potential and typically requires only a two-year associate degree. However, it can also include shift work and physical demands, which may not be suitable for everyone.

What specialties are available in radiology technology?

Radiology techs are trained to use a variety of diagnostic equipment, but they might also choose to specialize in certain types of imaging. Radiography specialties include areas such as mammograms, X-rays, and MRIs.

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To open a bank account, you’ll typically need a government-issued photo ID, your Social Security number (SSN) or another accepted identification number, proof of residential address, and possibly an opening deposit. Requirements can vary by financial institution, account type, and whether you apply online or in person.

Below, we explain exactly what documents and information you may need, how to open a bank account step by step, and what to do after your account is approved.

Documents and Information Needed to Open a Bank Account

When you apply for a bank account, such as a checking or savings account, the bank must verify your identity. While specific requirements vary by institution, the following documents and information are commonly requested.

What You May Need	Examples
Government-issued photo ID	Driver’s license, state-issued ID, passport, military ID, tribal ID
Personal information	Full name, date of birth, phone number, email address, residential address
Identification number	SSN or another accepted identification number, such as ITIN
Proof of address	Utility bill, lease agreement, mortgage statement, bank statement, credit card statement, government-issued document
Opening deposit (if required)	Cash, check, debit card, or ACH transfer
Co-owner information (if applicable)	Identification and personal information for joint account holders, parents/guardians, or minors

A Valid Government-Issued Photo ID

You’ll generally need to provide a current, valid government-issued photo ID such as a:

•   Driver’s license

•   State-issued ID

•   Passport

•   Military ID

•   Tribal ID

If you’re applying online, you may need to enter information from your ID or upload photos of the front and back. If you apply in person, you’ll typically bring the physical ID with you.

Your Social Security Number or Another Accepted Identification Number

Many banks require your SSN when you apply for a bank account. If you don’t have an SSN, some financial institutions accept another identification number, such as an Individual Taxpayer Identification Number (ITIN) or other approved documentation.

Requirements vary by bank and account type, so it’s a good idea to confirm eligibility before applying.

Proof of a Physical Address

Banks often require proof of your residential address. Documents generally must show both your name and current address.

Common examples include:

•   Utility bill

•   Lease agreement

•   Mortgage document

•   Bank statement

•   Credit card statement

•   Paystub

•   Government document showing your name and current address

Your Contact Information

You’ll typically need to provide basic contact information, including your:

•   Phone number

•   Email address

•   Mailing address

Banks use this information to communicate with you, deliver account materials, and verify account activity when necessary.

Funds for an Opening Deposit

Some banks require a certain minimum initial deposit to open a new account. If a deposit is required, you can usually make it using cash, a check, a debit card, or an electronic transfer from another account.

Not all accounts require an opening deposit, so be sure to review the account’s requirements beforehand.

Information for Joint Account Owners, Children, or Teens

If you’re opening a joint account, the bank will typically need identifying information for each account owner, including each person’s:

•   Full name

•   Date of birth

•   Contact information

•   Government-issued ID

•   SSN (or another accepted identification number)

If you’re opening an account for a child or teen, a parent or legal guardian may need to be listed as a co-owner. The bank may require the adult to be present and provide identification and contact information. The minor may need to present identification documents such as a Social Security card, birth certificate, passport, or student ID.

Do You Need a Social Security Number to Open a Bank Account?

Not necessarily. While many banks ask for an SSN, some financial institutions may allow applicants to open accounts using another accepted identification number, such as an ITIN.

Federal customer identification rules require banks to verify a customer’s identity, but financial institutions may have different policies regarding acceptable forms of identification. If you don’t have an SSN, contact the bank before applying to learn what alternatives may be accepted.

How to Open a Bank Account in 5 Simple Steps

Once you know what you need, opening a bank account is usually a straightforward process.

Step 1: Choose the Right Bank and Account for Your Needs

Start by deciding what kind of account you want to open.

A checking account is designed for everyday spending, bill payments, debit card purchases, ATM withdrawals, and direct deposit. A savings account is intended for money you want to set aside for future goals, emergencies, or larger purchases.

Many people benefit from having both types of accounts, especially if they’re held at the same financial institution. This can make transfers easy and may provide benefits such as overdraft protection or fee waivers.

Before opening an account, it’s wise to compare offerings from different banks and credit unions, looking at fees, minimum balance requirements, ATM access, mobile banking features, and interest rates. Online-only banks generally offer lower fees and higher rates on savings accounts than traditional brick-and-mortar institutions.

Finally, make sure your chosen institution is federally insured. FDIC-insured banks and NCUA-insured credit unions protect deposits up to $250,000 per depositor, per account ownership category (such as a single, joint, or trust account), per insured institution, in case of institution failure.

Recommended: Checking vs Savings Accounts: Key Differences

Step 2: Gather Your Documents and Personal Information

Before applying, collect your identification, personal information, SSN or other identification number, proof of address (if required), and any funds needed for an opening deposit.

If you’re opening a joint account or an account for a child or teen, make sure you have all the required information for the other account holder as well.

Step 3: Complete the Application Online or in Person

Banks typically allow you to apply either online or at a branch.

The application will typically ask for your name, date of birth, address, contact information, identification number, and information from your government-issued ID. If you apply online, you may need to upload photos of your ID and verify your identity electronically.

Step 4: Fund Your New Account, If Required

Depending on the bank, your account may be approved immediately. In some cases, additional verification may be required, which can delay approval for several business days.

If the account requires an opening deposit, you’ll need to fund it before or shortly after the account is opened. Depending on the bank, you may be able to use cash, a check, a debit card, Automated Clearing House (ACH) transfer, or wire transfer.

Be sure to review both the minimum opening deposit requirement and any ongoing minimum balance requirements that may apply.

Step 5: Set Up Online Access, Direct Deposit, and Your Debit Card

Once your account is approved, it’s wise to take a few minutes to set up the tools and features that can help you manage your money more efficiently.

First, it’s a good idea to enroll in online and mobile banking if you haven’t already. This allows you to check balances, review transactions, transfer funds, deposit checks remotely, pay bills, and receive account notifications from your computer or smartphone.

If your account includes a debit card, you’ll want to activate it as soon as it arrives. You may need to create or change your PIN before using the card for purchases or ATM withdrawal.

Next, consider setting up direct deposit through your employer, government benefits provider, or other income source. Direct deposit can help ensure your money arrives quickly and may even help you qualify for fee waivers or other account perks.

You may also want to:

•   Turn on account alerts for low balances, large transactions, or suspicious activity.

•   Set up automatic bill payments for recurring expenses such as utilities, rent, insurance, or subscriptions.

•   Link your checking and savings accounts to make transfers easier and potentially provide overdraft protection.

•   Connect payment apps or digital wallets you use regularly.

•   Review your overdraft settings so you understand how transactions will be handled if you don’t have enough money in your account.

Taking these steps early can help you avoid missed payments, reduce fees, and stay on top of your finances from day one.

What to Look for Before Opening a Bank Account

Not all bank accounts are created equal. To make the right choice, it’s a good idea to compare the following features and costs:

•   Monthly fees: Some accounts charge monthly maintenance fees. Others waive the fee if you meet certain requirements, such as maintaining a minimum balance or receiving qualifying direct deposits.

•   Minimum balance requirements: Some accounts require you to maintain a certain balance to avoid fees or keep the account open. Others have no minimum balance requirement.

•   Minimum opening deposit: Some banks require money to open the account, while others allow you to open an account with no initial deposit.

•   ATM Access: Consider the size of the bank’s ATM network, whether it charges out-of-network ATM fees, and whether it reimburses fees charged by other ATM operators.

•   Overdraft fees and policies: Overdraft policies vary by bank. An overdraft occurs when you spend more money than is available in your account. Some banks charge overdraft fees when they cover a transaction that exceeds your balance, while others offer fee-free overdraft programs or simply decline the transaction.

•   Interest rate or APY: If you’re opening a savings account or interest-bearing checking account, compare the annual percentage yield (APY). A higher APY can help your money grow faster over time.

What If You’re Denied a Bank Account?

Although many applications are approved, banks can deny account requirements in certain situations.

A bank may deny an application if it cannot verify your identity or if your banking history shows issues such as unpaid fees, repeated overdrafts, suspected fraud, or previously closed accounts.

If your application is denied, ask the bank why and whether another account type may be available. Some financial institutions offer second-chance checking accounts designed for customers who have experienced banking challenges in the past.

The Takeaway

Opening a bank account is usually a quick and straightforward process when you have the necessary information ready. Banks typically require personal information, a government-issued photo ID, a Social Security number or another accepted identification number, proof of address, and sometimes an opening deposit.

Before opening an account, compare fees, minimum balance requirements, ATM access, overdraft policies, and digital banking features. Taking time to find the right account can help you avoid unnecessary costs and make managing your money easier.

Once your account is open, you may want to set up online banking, direct deposit, account alerts, and automatic bill payments to get the most value from your new account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, named the #1 Bank in the U.S. for the fourth year in a row by Forbes (2026).* Enjoy up to 3.10% APY on SoFi Checking and Savings.

FAQ

Can I open a bank account online?

Yes, many banks and credit unions allow eligible applicants to open a checking or savings account online. You’ll typically need the same information you would need for an in-person application, including identification, personal information, and possibly an opening deposit.

Do I need a Social Security number to open a bank account?

Many banks require a Social Security number (SSN), but some may accept another identification number, such as an individual taxpayer identification number (ITIN). Requirements vary by institution, so it’s best to verify eligibility before applying.

Can I open a bank account without a deposit?

Some banks allow you to open a checking or savings account without an opening deposit. Others may require a minimum initial deposit to activate the account. You may be able to fund the account with cash, a check, a debit card, or an electronic funds transfer from another account.

What counts as proof of address for a bank account?

Accepted documents may include utility bills, lease agreements, mortgage statements, bank statements, credit card statements, paystubs, or government-issued documents that show your name and current address.

What do I need to open a joint bank account?

You’ll generally need identifying information for each account owner, including a government-issued ID, contact information, date of birth, and a Social Security number or another accepted identification number.

Can a minor open a bank account?

Many banks require a parent or legal guardian to open a joint, custodial, teen, or student account for a minor. Requirements vary by institution and state.

Why would a bank deny my application?

A bank may deny an application if it cannot verify your identity or if your banking history shows issues such as unpaid fees, suspected fraud, repeated overdrafts, or previously closed accounts. You can ask the bank why and whether another account type, such as a second-chance checking account, may be available.

What should I do after opening a new bank account?

Smart next steps include setting up online and mobile banking, activating your debit card, enrolling in direct deposit, turning on account alerts, and updating any automatic payments or payment apps linked to your old account.

Is it better to open a checking account or savings account first?

It depends on your goals. A checking account is generally best for everyday spending, and receiving income, while a savings account is better for setting aside money for emergencies and future goals. Many people benefit from having both.

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SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet. ^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
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When you enroll in college, the last thing you expect is for your college to close. College closures are a real possibility, however. According to BestColleges.com, at least 89 public and nonprofit colleges have closed or merged since March 2020, with private nonprofit school closures impacting nearly 53,400 students.

If your college closes, there are steps you can take to transfer to another school or apply for a student loan discharge. Here’s what to do and how to handle your student loans if your college closes.

Understanding the Impact of College Closure

A college closure can affect your educational progress and your student loans. Here’s what to expect.

Immediate Effects on Your Education

If your college closes, you’ll no longer be making progress toward your degree. Classes may be canceled mid-semester, and you won’t earn the credits you were working toward. If you’re interested in continuing your education, you’ll have to see if your college has a teach-out agreement with another school, which is a contract that allows students to finish their program of study with the other school, or if you can transfer your credits to another institution.

Potential Consequences for Your Student Loans

If your college closes, do you still have to pay off your student loans? That depends.

You may be eligible for federal student loan discharge through the closed school discharge or borrower defense to repayment programs. However, if you accept a teach-out plan to complete your degree at another school, you won’t be able to discharge your student loan debt.

There’s also no guarantee that you’ll qualify for a closed school discharge or borrower defense, and the process may take a while. While you’re waiting, you’ll have to start paying back your student loans once the six-month grace period is over.

If you have private student loans, there is no universal closed school discharge for these loans. Contact your lender to see how they might be able to help you.

Steps to Take Immediately After College Closure

Having your school close unexpectedly can feel like a nightmare, but there are steps you can take to get back on track.

•   Gather your school records: Request your school records as soon as possible, especially if you’d like to transfer to another school. These include your transcript, a record of your credits and degree progress, financial aid information, and any other relevant communications you’ve received from your school.

•   Find out about teach-out options: Some colleges offer a teach-out option, which lets you immediately transfer to a different school and pick up where you left off. Make sure to research the new school before you accept this agreement, however, to ensure it has a good reputation and fits your academic and financial needs. Be wary of unaccredited programs, as they may not offer a high-quality education or strong student outcomes.

•   Research credit transfers to other schools: You can also explore alternative colleges for finishing up your degree. Consider prioritizing accredited programs, since accreditation suggests that a college meets high standards for quality and is eligible for federal financial aid. Find out if your credits will transfer to the new college so that you don’t have to start from scratch.

•   Contact your loan servicers: If you took out student loans, reach out to your loan servicers to notify them about the school closure and find out about next steps. You might find that your loans will enter repayment in six months unless you enroll at least half-time in another school.

•   Explore student loan discharge options: You may be eligible for a discharge of your federal student loans if your school closes and you don’t accept a teach-out transfer. As previously mentioned, private student loans don’t have as many options, but it’s worth contacting your lender to find out.

Recommended: Federal Student Loan Interest Rates Explained

Student Loan Discharge Options

Borrowers who experience a college closure may be eligible to have their federal student loans discharged through two programs:

•   Closed school discharge: With this program, you may be able to have your federal student loans discharged if you were enrolled when (or withdrew shortly before) your college closed. New rules to streamline the discharge program were scheduled to go into effect in mid-2023, but due to legal challenges, the Department of Education will process closed school discharge applications under pre-2023 rules.

•   Borrower defense to repayment: This program offers federal student loan discharge to borrowers who were misled or defrauded by their schools. Qualifying borrowers could also get reimbursed for amounts they already paid toward the loan and request a removal of negative marks from their credit report. Similar to the closed school discharge program, however, the latest borrower defense rules have been blocked by a court injunction. Borrowers can still apply online for borrower defense discharge, but the Department of Education will use old rules to determine eligibility.

Eligibility Criteria for Loan Discharge

To be eligible for the closed school discharge program, you must meet the following requirements:

•   Your school closed while you were enrolled, on an approved leave of absence, or had withdrawn less than 180 days prior.

•   You will not be accepting a teach-out agreement or transferring your credits to a new school.

•   You did not already graduate or complete your program.

For borrower defense to repayment, you might qualify if you can prove one of the following about your college:

•   Substantial misrepresentation: Your school misled you about its educational services, costs, or another important factor.

•   Substantial omission of fact: Your school concealed important information that would have impacted your decision to enroll.

•   Breach of contract: Your school did not do what it promised to do in its agreement with you.

•   Aggressive and deceptive recruitment: The college pressured you to act immediately on an enrollment or student loan decision or engaged in other aggressive recruitment practices.

•   Judgment: A court ruled that your school violated the law.

•   Prior secretarial action: The Department of Education revoked a participation agreement or financial aid recertification with your school.

Application Process for Loan Discharge

If you qualify for closed school discharge, your loan holder should send you an application that you can submit to your loan servicer. Alternatively, you can contact your servicer directly about how to apply.

If your grace period ends and your application is still under review, it’s a good idea to start making student loan payments. Otherwise, you risk damaging your credit and racking up late fees.

For the borrower defense program, you can apply online on the Federal Student Aid (FSA) website. The application takes about three hours to complete.

You’ll need to sign in with your FSA ID and provide your school name, program of study, and enrollment dates. You’ll also have to give documentation to support your application for borrower defense.

But be aware that the process to get a student loan discharge from borrower defense is lengthy. According to the Department of Education, it can take up to three years to process and make a decision on your application.

Recommended: Student Debt Analysis by Major

Alternatives to Loan Discharge

Student loan discharge is not guaranteed, especially with the various legal challenges that have cropped up in recent years. Some alternatives to consider include:

•   Transferring to another school: You could accept a teach-out plan or transfer credits to another school of your choice to complete your program and earn your degree.

•   Paying back your student loans: Explore your options for repayment plans, such as the standard 10-year plan and income-driven repayment, along with these strategies for paying back federal student loans.

•   Pursuing loan forgiveness or repayment assistance: You may be eligible for student loan forgiveness or repayment assistance, depending on your profession and where you work.

•   Refinancing student loans: Through student loan refinancing, you might qualify for a better interest rate or more favorable loan terms than you have now. Avoid refinancing federal student loans if you’re pursuing closed school discharge or another federal program, however, as doing so would make them ineligible for federal loan cancellation programs and other benefits.

Long-Term Considerations

Having your school close its doors is an extremely stressful situation, and it’s important to act quickly to obtain your transcript and other academic records. Once you’ve gotten your documents in order, though, take a deep breath and consider what comes next.

You can finish up your degree at another college and continue working toward your academic and professional goals. Rather than accepting a teach-out plan right away, do your own research on colleges and credit transfers to find the best place for you.

If you’d rather press pause on your education or your credits won’t transfer, explore your options for federal student loan discharge. You’ll need to pay your student loans once your grace period ends, however, or you could end up with damage to your credit score. This student loan payment calculator can help you estimate your monthly and long-term costs.

The Takeaway

If your college closes while you’re enrolled, you may not have to pay your federal student loans thanks to the closed school discharge program. Alternatively, you can consider transferring your credits to a new school to finish up your education there.

If neither of these options is right for you, you can pursue loan forgiveness, repay your loans, or opt for student loan refinancing if you can qualify for favorable terms. Review all the alternatives to determine the best path forward for you, your education, and your financial situation.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Can I transfer my credits to another institution if my college closes?

You may be able to transfer your credits to another institution if your college closes, but it depends on the requirements of the school and program. For instance, some colleges may only accept credits from accredited colleges. Check with your target school to see if the credits you’ve earned so far would be transferable.

Am I eligible for student loan discharge if my school closes?

You may be eligible for federal student loan discharge through the closed school discharge program if your school closes. To qualify for this program, your school must have closed while you were enrolled, on an approved leave of absence, or within 180 days after you withdrew.

How do I obtain my academic records from a closed college?

If your college closes, contact school administrators as soon as possible to obtain your academic records. If this isn’t possible, reach out to your state’s agency that oversees higher education for help locating your records. Some schools allow you to order transcripts through the National Student Clearinghouse, so that might be another option for you.

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Photo credit: iStock/Unaihuiziphotography

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