What would happen if your school has lain you? Let us assume their commercials guarantee that 90 percent of their graduated find jobs; however, it turns out that only 20% of graduates actually do. In this case, you may qualify for borrower defense to repayment which means that you can apply for loan cancellation or seek a refund for the amount you have already paid. In this post, we will try to find out if you are eligible and how to apply. Are you a former student and üant to get American InterContinental student loan discharge? If yes, then we have good news. According to a lawsuit which 49 States Attorney Generals have settled with the school’s parent company – The Career Education Corporation, any student who took part in American InterContinental University, perhaps qualify for a student loan discharge or even a full rebate via American InterContinental Student Loan Discharge program.
2019,3 January, Career Education Corporation eventually agreed to sign a settlement of a lawsuit against the company which began way back in 2014 and was led by the US Senate by stimulation of student complaints. On January 13, terms and conditions of the Lawsuit Settlement about Career Education Corporation were released.
The results look fantastic for borrowers who attended American InterContinental University because they get a chance to receive student loan discharge. American InterContinental Loan Discharge will be provided to about 179000 borrowers from the three school, but only on loans offered directly from Career Education Corporation itself. Unfortunately, it means that this forgiveness program covers so-called “institutional student loans,” and does not provide relief for Federal or other Private student loan debt. Generally, in case of you take loans out from Career Corporation itself, your debt will be entirely canceled. However, if you have Federal or other private loans for American InterContinental University, then you will have to search for other ways for realizing debt relief.
Terms of the Lawsuit Settlement
According to the Lawsuit Settlement, Career Education Corporation is being forced to stop attempting to collect money for any loans they offered American InterContinental University students. Besides, they have also been ordered to contact the Credit Bureaus and demand them to exclude all AIU debt from the credit reports of the borrowers. It is no doubt that this is a big deal because it means that if you owe Career Education Corporation money for attending American InterContinental University, it will literally be disappearing from your credit report, which should boost your credit score.
Especially, if your debts were in delinquency, default or having any other sorts of problems with making timely repayments. It worth to notify that American InterContinental University is not shutting down (at least that it has not been announced as of yet). However, they are obliged to start being more transparent about the value they offer to potential new students because the lawsuit also lays down as a condition they are going to be forced to describe several essential metrics to anyone considering registering in the school. Unfortunately, details have not yet been announced about the loans if it will be forgiven or not.
Lack of settlement
On the other hand, this agreement has a significant disadvantage as it only covers those institutional debts which we mentioned above in this post. It means that if you only owe to Career Education Corporation, just, in this case, you can take benefit of this Loan Discharge program. Or if you have Federal student loans or Private student loans, then you will need to find out other alternatives for financial relief. Currently, no one yet knows how this Loan Discharge program will all play out since the details of the lawsuit were just released. And we have not yet been told when the loans will be discharged, whether rebates will be offered or not, or even how borrowers will be reported that their loans are being forgiven.
Thus you need to follow this article for being aware of updates. Any newly announced information will be posted on this website. So make sure to bookmark this post and check it every couple days, or at least weekly.
What about Federal Students Loans from
If you have Federal Student Loans from AIU, then you will not receive forgiveness or discharge benefits from this settlement of lawsuit through American InterContinental Student Loan Discharge Program. However, the good news for you is that you qualify for getting one via the Borrower’s Defense To Repayment Program.
BDAR (in detail, The Borrower’s Defense To Repayment Program) is a type of the Federal Student Forgiveness Program which allows people to eliminate loans that should never have been created in the first place. It is because they were manipulated by a school or lender who persuades them to borrow money they really did not need.
In order to take advantage from Loan Discharge through BDAR program, you have to persuade the Department of Education that you only have taken money to attend AIU since you were offered misleading promises. Otherwise, you were tricked into thinking that the school was going to help you get ahead in life. You should definitely prove that if the school had not committed some illegal activity against you, you would never have agreed to take out the loans.
Lawsuit settlement of American InterContinental University
The positive thing about this lawsuit settlement of American InterContinental Student Loan Discharge is that AIU’s parent company has already admitted to committing several types of illegal manners against its students. For example, they make false statements about graduates’ employment rates, an average salary of graduates, and the value of their education programs. Each of these points can be used as evidence for why you deserve to qualify for a Loan Discharge through BDAR application.
We recommend to any American InterContinental University student who has the Federal student loan debts to submit a BDAR discharge application. You can receive the entire forgiveness for your debt through American InterContinental Student Loan Discharge. All you need is using the details of this lawsuit, and the ruling against American InterContinental University as the evidence that fraud was committed against you, and clearly prove what sorts of misleading or fraudulent statements the school has made in the purpose of persuading you to take money to cover your tuition. To be aware of that your application was accepted or denied, keep an eye on contact with the US Department of Education or your lender. Also, you can monitor your student loan balance in case you never receive communication from the Department of Education.
What about the student loans from the other schools?
If you have taken loans from other schools including the educational institution which are not considered part of the Career Education Corporation network, then you are not eligible for American InterContinental student Loan Discharge program. It is better to seek out other options for getting relief for your student loans. But currently, it would be better to check out for any possible alternatives you can benefit through Borrower’s Defense To Repayment Program. In order to see if any of these programs could help with eliminating or at least reducing your student debt, also, one of your best options could be to look into the other loan forgiveness, discharge and refund programs.