Art Institutes were founded in 1969 and at the peak of their for profit college existence they had over 50 campuses throughout the US. The remaining eight Art Institutes, now run by Education Principle Foundation, may soon also be defunct if EPF cannot properly coordinate their separation from their predecessors.
There are a lot of forgiveness programs available for federal student loan borrowers many of which do not require you to be Art Institute alumni. However, the U.S. Department of Education has ruled in favor of former students of the Art Institutes in several ways that make it easier to acquire debt forgiveness.
We’ll show you how you can get your student loans forgiven using the different programs provided by the DOE. There is a forgiveness program available for almost any situation and we’ll help you determine which program will benefit your personal finances the most.
If you were actively enrolled in the Art Institutes within 120 days of your Art Institute campuses closing, you may qualify to have your loan discharged by the US Department of Education. Through a special school closure discharge program you can have the entire balance of your loan forgiven and removed from your credit report if you attended schools that closed. Find out if you are qualified for this federal student loan forgiveness program and how to get your Art Institutes debt discharged by the federal government.
Educational Management Corporation and Dream Center Education Holdings, the companies that own the Art Institutes among other for profit schools such as Argosy University, have been ordered to pay restitution by the US Department of Education. The cases involved violating consumer protection laws and engaging in a recruitment process that violated federal laws.
Through filing a Borrower’s Defense application alumni may be able to get their student loans cancelled if they win their defense claim. Loan servicers are now fighting the ruling because they claim to have had no part in the alleged fraud.
EDMC business practices were so heavily scrutinized that in 2014 the Department of Education actually subjected the company to cash monitoring. Monitoring occurred at more than one Art Institute including the Art Institute of Pittsburgh, where the Art Institutes are headquartered. Learn more about the borrower’s defense to repayment process and what you’ll need to prove you were a victim of a for profit college scam. Hopefully you can get the student debt relief that you deserve.
What if you weren’t actively enrolled during the closure or a victim of fraudulent practices? Can you still get your student loans forgiven?
There are plenty of other options for your art school debts. Many federal student loans qualify for forgiveness programs that can get your loans immediately discharged or forgiven over a period of time. Federal student aid and forgiveness programs exist for people with permanent disabilities, public servants, low income earners and quite a few other debt forgiveness programs.
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Everyone qualifies for a forgiveness program. Let a student loan advisor help you make the right financial decision and end your art school student debt.
If your student loan debt is private and not federal, there are less ways to have your loans forgiven. You can only get your private student loans discharged if you were part of the school closure or a victim of the Art Institutes illegal business activities. Filing for bankruptcy may not even get your private loans discharged.
If you don’t fall into either of these categories there are some financial decisions you can make to lower your monthly payments and make your student loans more manageable. Refinance your student loans for a lower rate or to get out of a loan with variable interest rates. If your credit score has improved since college you may want to investigate loan programs with a lower, fixed interest rate that could save you quite a bit over the life of the loan.
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We’ll review your information and respond with all of your student loan forgiveness options.