Are you one of the defrauded ITT Technical Institute students? If the answer to the question is yes, you might be interested in applying for the student loan forgiveness program. To be able to apply, you are encouraged to read this post to be guided.
In 2016, a profit college named ITT Tech announced it was closing its schools and filing for Chapter 7 bankruptcy. Before this happened, the Obama administration gave a numerous sanction to this college due to its fraudulent marketing. Apparently, the college claimed its graduates had certain success care in finding jobs after graduating from the college. Unfortunately, everything was proven to be faked and it was just a nonsense claim. Not only that, what makes the college worst is the fact that it lied to the students about its ability to transfer credits to the other colleges. Due to having a hard time transferring most of their credits when in ITT Tech to the other colleges, the progress that they made in academic is far from good.
From the statements above, there is no doubt that ITT Tech makes it to the list of one of the most problematic for profit colleges. If you are wondering about the others, one of the examples is Corinthian Colleges, the one that was closed in 2015. This one was proven to collect money from federal student loans that its students took out to attend its expensive colleges.
For every defrauded former ITT Tech student, you are able to apply for loan forgiveness through a closed school discharge application. There are a total of two ways to complete the closed school discharge application. Here is every step to follow for the first method:
- For those who received a closed school loan discharge application from your loan servicer, the first thing that you have to do is to complete and return the form as you are directed.
- After that, fill out the application from Federal Student Aid. Here is the link that will take you to find the application tap here.
- Once you are done filling out everything, it is time for you to send it to your loan servicer.
Talking about the application from the Federal Student Aid, the form has a total of 8 sections. Do you know what are these 8? Find out every single section below:
- Section 1: Borrower Identification: In this section, you will have to enter or correct the information such as Social Security Number (SSN), name, address, city, state, zip code, telephone, and email.
- Section 2: School Closure Information: In this section, you will have to complete some information about school closure. This one consists of 22 questions. Before completing it, do not forget to carefully read the whole application.
- Section 3: Borrower Certifications, Assignment, and Authorization: This section consists of borrower certifications, assignment, and authorization.
- Section 4: Instructions for Completing the Application: This section consists of the instructions for completing the application.
- Section 5: Definitions: In this section, you will be able to see the definitions about a few things, including about the William D. Ford Federal Direct Loan (direct Loan), the Federal Family Education Loan (FFEL) Program, the Federal Perkins Loan (Perkins Loan) Program, and so on.
- Section 6: Terms and Conditions for Loan Discharge based on School Closure: In this section, you will be able to find the terms and conditions for loan discharge based on school closure.
- Section 7: Where to Send the Completed Application: In this section, you will be able to find the address to return the complete the application and any documentation and the phone number to call if you need help completing the application. Please return to your loan holder if no address is shown and please call your loan holder if there is no number shown.
- Section 8: Important Notices: In this section, you will be able to find a number of notices. Since all of them are important, you are encouraged to read every single thing well.
Aside from the method above, you can also contact your loan servicer directly and ask for assistance in the application process. For those who have no idea who your loan servicer is, you can find it out by logging in to your Federal Student Aid account. In addition to that, another thing that you can do is to call 1-800-4-FED-AID.
Feel free to send the application for the ITT Tech loan forgiveness whenever you want as there is no deadline for your closed school loan discharge application. However, knowing that the government has set a limit to the number of loans it can forgive, you are suggested to send it as soon as possible.
Before applying for ITT Tech student loan forgiveness, make sure that you eligible for it. There are a few criteria for the closed school discharge, including you were enrolled when the school closed, you were on an approved leave of absence when the school closed, you withdrew from school no more than 120 days before the school closing or if your loans were disbursed before July 1, 2020, and you withdrew from school no more than 180 days before the school closing or if your loans were disbursed on or after July 1, 2020.
Another thing to keep in mind before applying for ITT Tech student loan forgiveness is that loan forgiveness only applies to federal loans. With that being said, anyone with a private loan will have to contact the lender directly. The possibility for the closed for profit schools to have loan forgiveness is still 50-50.
For those who have successfully applied for the student loan relief, you might be wondering when will you hear back about your ITT Tech student loan relief. According to some sources, the Department of Education of the United States will take a few weeks to catch up with the backlog. When they are done with their things, you will be notified individually upon approval of forgiveness.