Art Institute Student Loan Forgiveness
Iowa Student Loan, based in Des Moines , may be a private, nonprofit aid organization established in 1981 to assist Iowa students and families obtain the cash they have to buy college. The organization also provides benefits within the sort of discounted college loan products and college loan forgiveness programs, and it supports free college planning services for college kids and their families. One main concern that the majority parents have from the day their child is born is their future education. The apprehension is to the extent that they start a university fund early in order that they will be assured that when their child graduates from highschool , they’re going to be financially situated to travel to the school of their choice. Today, however, the worldwide recession has taken the enjoyment out of graduating for many college students due to the poor market and lack of job opportunities. Students are now marching across the stage at graduation with their excitement being replaced by anxiety and fear, burdened with the difficulties of seeking solutions for future employment.
Type of Art Institute Loan ForgivenessThere 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
Closed School Student Loan Discharge
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.These are the two general eligibility criteria for students under this program. Former students can obtain the art institute loan forgiveness under these provisions.
Who Is Eligible?
There is a lot of information online about the Closed Program. Students can, at times feel overwhelmed with an avalanche of information. Hence, we have simplified the information so you know what to look out for and determine if you can benefit from the art institute loan forgiveness program. To make the best of this information, please take your time to review it before carefully applying for the program.As explained earlier, students get loans that they took during your study at The Art Institute written off if you meet two essential criteria.
- If you happen to be a student at The Art Institute before its closure.
- If you completed or left the school less than 120 days before the day it closed.
Apart from these two, there are two other minor requirements that you need to meet before you apply for an art institute loan forgiveness program. These are :
- Students currently enrolled in another institution after the transfer of their credit do not qualify
- Students who have completed their coursework prior to the closure of the school but are this Discharge program.