Offering $500 million to over 18,000 students, the U.S. Department of Education has been
working overtime to right institutional wrongdoings. If you are one of the many students who
have been affected by predatory lending practices at an ITT Technical Institute, you will need to
learn how to apply for ITT Tech Loan forgiveness. By applying to this program, you can eliminate
your federal student loan debt and save up to two years of college. This repayment plan is
available to all students who attended ITT Technical Institute for at least five years out of ten.
Although closed, there are still other ways to get ITT Tech Loan forgiveness.
To apply for federal aid programs, you will need to complete and submit an application to the Federal Family Education Loan Program ( FFELP) along with your school records. To determine if you qualify
for ITT Tech Loan forgiveness, visit the Catalog of Government Domestic Assistance (CFDA).
Eligibility criteria change year-round so you may want to check back for updated eligibility
What Does This Mean for Forgiveness of Student Loans?
In addition to the ITT Tech news, DeVry University was ordered to pay nearly $24 million by the Department of Education due to borrower defense claims that it misled students. For comparable reasons, the Department of Education also authorized student loan discharges for those who attended Kaplan Career Institute. Only a few months have passed since the $5.8 billion discharge of student loans for Corinthian Colleges’ borrowers and the $1.85 billion Navient student loan settlement.
Does this imply that everyone will have their student loans forgiven? Not exactly. Only because of something called “borrower defense” to loan repayment under the current federal student loan forgiveness programs have full cancellations like the ITT Tech case been feasible. While more and more lenders are being exposed as dishonest, this type of forgiveness is reserved for particular schools or borrowers.
How can I get my ITT Tech loan forgiven?
If you were forced to withdraw from a post-secondary institution, contact the institution that handled your loan. Most schools have special “closed” departments that handle such circumstances. Find out if you can speak with a counselor within your school’s loan department. You can also find out how to apply to other federal education department programs. ITT Technology Loan forgiveness may be available for you if your school closed its financial aid department because of budget cuts.
The first step toward obtaining ITT Tech Loan forgiveness is filing a claim with the U.S. Department of Education. Before you do that, make sure you know which grants or student loans you are ineligible for and what must be done to receive forgiveness. To receive federal assistance to help in your lawsuit, the fastest and most reliable method is to arrange an interview with an experienced attorney. They can tell you whether or not your school closed your grant opportunities or if there are outstanding federal court judgments against your school. An attorney can also advise you about ITT Tech Loan forgiveness as well as other forms of federal assistance for your school’s debt.
Who Will Have Their Student Loans Cancelled?
All federal student loans that were specifically taken out to attend ITT Tech between January 2005 and September 2016, when ITT Tech closed, will be forgiven. This indicates that the student loans of about 208,000 borrowers will be cancelled. If you’re one of the 208,000, there’s nothing you need to do to get your debts forgiven. Even if you haven’t submitted a borrower defense application, your remaining loans will be discharged automatically. You can speak with your loan servicer or sign into your federal student loan account if you have any concerns about whether your loans are eligible.
Is my ITT Tech degree worthless?
Some people falsely believe they have been defrauded when they have been found to be eligible
for ITT Tech Loan forgiveness. In most cases, ITT Tech was not defrauded. This is because a
Corinthian School contract was signed in error. The error did not defraud the government but
was instead an attempt to defraud the government by misleading them into believing that
Corinthian schools were providing quality education while in fact, they were not.
As a result, the federal government ordered Corinthians to pay back the student loans and forgive any defraudments.
Many people falsely believe that they are being defrauded when their school has closed its
doors but that is not the case. Only schools that closed for legitimate reasons can qualify for ITT
Tech Loan forgiveness. Corinthian closed its doors because it was unable to provide quality
education to students who were signing up for a four-year college degree.
If Your Student Loans Have Not Been Forgiven, What Should You Do?
Student loan forgiveness will continue to be a topic of discussion because it is a significant issue that many people want resolved. However, you don’t have to count on the White House to come to your rescue. Controlling your student loans is something you can do right now. Because you can reclaim your life faster if you act quickly.
You might believe that getting your student loans forgiven is the only way you will ever feel better. However, putting that much trust in an uncertain situation is unreasonable. There is good news if student loan debt is keeping you down: you don’t have to carry it around forever. Here are some steps you can take right away to finally pay off your student loans.
If you don’t know where your money is going, you can’t make progress on your student loans or any other financial objective. However, a budget fixes that issue. You’ll see that you can pay your student loan payment and eliminate your debt more quickly by creating a plan for your money each month. Regardless of how much debt you have from student loans, having a budget gives you control and confidence.
The debt snowball method is the most effective way to pay off your student loan debt by not relying on the government to bail you out. This is how it goes: you arrange your debts in order of smallest to largest and pay the minimum amount due on all but the smallest of them. You pay off your debt with any extra cash you can find by adjusting your spending or starting a side business. That level of focus and drive will quickly enable you to wipe out even the smallest debt. Next, use the funds you were using to pay off that debt to pay off your next-smallest debt. Continue doing this until you are debt-free.