Following lawsuits brought by former students of the Art Institute of Colorado, the Illinois Institute of Art, and therefore the Art Institute of Michigan, the Department of Education recently agreed to expand eligibility for cancellation of federal student loans for former students of those schools. It did so by extending the period of time that students would be eligible for a “closed school discharge.”
This post offers information on closed school discharge eligibility for college kids who attended Dream Center-owned schools, also as Parent PLUS borrowers who took out loans for such students. The Department of Education extended the eligibility date to qualify for closed school relief counting on which school the scholar attended. this is often the present lay of the land:
Illinois Institute of Art, Art Institute of Colorado, and Art Institute of Michigan: If you (or your child) attended any of these schools after they lost accreditation on January 20, 2018 — and if you otherwise meet the standards to receive a closed school discharge (including that the scholar didn’t graduate or complete a comparable program by transferring credits) —you are eligible for an entire discharge of your federal loans taken bent attend the varsity and a refund of payments made. you’ll apply today by filling out this type and sending it to your student loan servicer.
All other Dream Center-owned schools: If you attended the other Dream Center-owned school on or after Saints Peter and Paul , 2018 — and if you otherwise meet the standards to receive a closed school discharge (including that the scholar didn’t graduate or complete a comparable program by transferring credits) —you are eligible for an entire discharge of your federal loans taken bent attend the varsity and a refund of payments made. you’ll apply today by filling out this type and sending it to your student loan servicer.
The first student loan forgiveness program (The Closed program) is operational under the federal government’s long-standing intervention in the case of students from colleges that were closed down due to one reason or the other. Therefore, if your college closed down before you get the chance to finish your education, you may be eligible for this discharge program. Under this program, you must have left the school no more than 120 days before its closure, or you were still a student at the art institute before its close down.
These are the two general eligibility criteria for students under this program. Former students can obtain the art institute loan forgiveness under these provisions.
Who Is Eligible?
There is a lot of information online about the Closed Program. Students can, at times feel overwhelmed with an avalanche of information. Hence, we have simplified the information so you know what to look out for and determine if you can benefit from the art institute loan forgiveness program. To make the best of this information, please take your time to review it before carefully applying for the program.
As explained earlier, students get loans that they took during your study at The Art Institute written off if you meet two essential criteria.
If you happen to be a student at The Art Institute before its closure.
If you completed or left the school less than 120 days before the day it closed.
Apart from these two, there are two other minor requirements that you need to meet before you apply for an art institute loan forgiveness program. These are :
Students currently enrolled in another institution after the transfer of their credit do not qualify
Students who have completed their coursework prior to the closure of the school but are this Discharge program.
With these three requirements in mind, you can confidently determine your full eligibility if you happen to qualify for the program. We strongly encourage you to apply at the earliest and benefit from the loan forgiveness. Keep reading to know how to apply for forgiveness.