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f you’ve got Federal student loans related to one of the Art Institute schools that has now closed down, you’ll be able to qualify for having your loans forgiven, maybe even entirely.
The Department of Education has agreed to expand the quantity of eligibility under the Closed School Student Loan Discharge Program.
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.
Type of Art Institute Loan Forgiveness
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.