The Art Institute Loan Forgiveness & Lawsuits 2022
Want to know about the Art Institute loan forgiveness program? This article will help you understand every detail regarding the art institute lawsuit 2022.
Since the previous owners of The Art Institutes were found guilty of violating consumer protection laws and committing a scam worth more than $9 billion, there was a lot of debate among students regarding paying off the loans.
If you are aware of the art institute student loans, you must know that in most cases, you will be paying off the loans for the rest of your life until you clear all the debt. But since the institutes were found guilty, they agreed to write off more than $105 million student loans apart from a heft fine for violating crucial financial laws.
If you were a part of the Art institute between 2010 to 2016, there is a way to get rid of the loan. All you need to do is to apply for Art Institute Loan Forgiveness program. In this article, I will cover every detail regarding the program and we will discuss what are your options regarding paying off the debts.
So let’s begin.
Art Institute Lawsuit 2022
Education Management Corporation in the USA, the owner of Art Institutes was catching a lot of attention for their false practices to increase the number of admissions in the colleges. They gave false information to students regarding the courses and even offered some courses which were not accredited to find a decent job in the respective fields.
Students were charged heavily for professional programs that were not even certified and the institute misled many students just to make them apply for admission. After the detailed investigation led by the Attorney General of Iowa, Tom Miller, the agencies found the following irregularities:
- Unreasonable costs for professional programs
- Misleading the students regarding courses and fee structure
- Aggressive and fraudulent recruiting and marketing tactics to get admissions.
- Misleading the students regarding the transfer of institutions.
- Offering fewer courses, classes, and degrees than they originally promised.
- Offering non-accredited programs
By the time the investigation was complete, more than 40% of private funding colleges were closed. Although the institutes never admitted to the charges of using false practices, the investigative agencies found them guilty of illegal activities and earning millions of dollars in profit from students.
Ultimately, the Owners agreed to comply with the US court order and decided to waive more than $100 million loan amount. This is where loan forgiveness for art institute students began.
What is Art Institute Loan Forgiveness 2022?
As I mentioned earlier, as a student of Art student, you are entitled to a write-off, but what are your options? Loan forgiveness art institute is a good opportunity to clear all your student loans that was riding on your back ever since.
Here is how you can do this:
- Borrower protection from repayment
- Institute closure loan program
Borrower’s defense against repayment was a program started by the US federal government to help students who took out a loan to study in colleges that were involved in illegal funding. Of course, most of these institutes have been shut down or will be shut down in near future, but this program will not only help you with your loan but will also allow you to continue your education in some other institute.
So if you were associated with any art institute, here is some good news for you. Since the management has been found guilty and agrees to pay off students’ loans, you are automatically eligible for the art institute loan forgiveness program through the borrower’s defense program. This can help you wipe out your entire loan amount at once.
How to Apply?
This is where things get tricky. Although you are completely eligible for loan forgiveness, there are certain procedures you must follow, you can’t just fill out an application and hope that things will move smoothly.
While filling out the application form, pay attention to all the details. Provide every single detail that will prove that you were taken advantage of by the institute and that they used false practices and promises to get you interested.
Always remember that you still need to prove them guilty from your side and a little mistake may result in disapproval of your loan application altogether and you may not get another chance.
According to the art institutes lawsuit, you can also request a discharge from an institute that has been closed due to the court’s order. To do this, you must fill out the application form with all the necessary detail. To find out more, you can go to the student loan aid website from US federal government.
Once you are satisfied with the application, you can submit it directly to the government website and wait for approval.
Please remember that you can choose only one of the above-mentioned methods to apply for the art institute student loan forgiveness program. I suggest you make your own research, find out what you can and if you are eligible, choose the method which is best suitable for you and gives you a higher chance to get rid of your hefty student loans.
