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Art Institute Loan Forgiveness Background

Recently, the Department of Justice filed a lawsuit against this university, which resulted in 11 billion federal funding fraud. Parties prescribed 95 million dollars to stop further legal actions against the university. So, this decision paved the way for the art institute student loan forgiveness program that former students were waiting desperately for. The university was the primary one that attempted these unlawful acts. In recent memory, there have been quite 40 individual and chain universities that got closed due to practising these actions. The list includes Le chefs University and its campuses in several states, ITT Tech Institute, Brightwood Career Institute, and more. While considering the very fact that each one of those institutions had several campuses round the country, it’s no brainer that thousands of scholars lost their opportunities to graduate.

We have various guides on the above-mentioned subjects, except for now, our primary goal is to dig deeper into the Art Institute loan forgiveness case and determine options which will assist you . because the Art Institute was a for-profit school, let’s explore more that particular issue first.

In general, for-profit schools, as you’ll guess from the title, are the private universities that students attend by paying considerably high tuition fees. So, on the opposite hand, this suggests that those students are either wealthy or take a high amount of student loans with massive interest rates. we’ll specialise in the second option because it’s more appealing to the context of Art Institute loan forgiveness. For-profit schools take a lot of money from students and operate as a business corporation. While public school tuition fee goes for providing necessary services and giving salary for professors, in for-profit schools the scholar tuition includes the salary of the board of directors, CEO of the school , etc.

The Department of Justice charged Education Management Corp, which also happens to be the former owner of the Art Institutes, a total of $11 billion for federal funding fraud. To prevent further liability and legal actions from various stakeholders, Education Management Corp consented to settle $95 million. The Art Institutes are not the only higher education institutions caught in the net of these lawsuits. Between 2016 and 2019, about 50 chain and individual colleges were made to forcefully shutdown. A good example is the case of ITT Technical Institute, Brightwood Career Institute, and Le Cordon Bleu Colleges.
Like the Art Institute, the closure of these institutes means enrolled students who took student loans are eligible for loan forgiveness. Keep in mind that different eligibility and requirements will apply to different schools and students. Students of the Art Institute, who were affected by the fraudulent dealings and closure of Education Management Corp schools can find vital information concerning art institute loan forgiveness on this page.

There is a glimmer of hope for students whose present and future financial conditions were affected by the recent closure of the Art Institute colleges. A large portion of students are getting loans forgiven under the Art Institute loan forgiveness programs. Students caught in the unfortunate incident of Educational Management Corporation’s demise can apply for loan forgiveness in two ways:
The Closed School Student Loan Program
The Borrower’s Defense against Repayment Program

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.

https://studentloansresolved.com/art-institute/

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