Heald College has been one of those leaving a wrong impression on people towards for-profit schools. The college has put many low-income students under financial risks to increase its profit. It has committed unethical and illegal activities at the expense of losing its reputation and facing huge lawsuits. Since it has achieved to deceive its students and put high pressure on them to take out a student loan, many students are struggling with their crushing debts. Fortunately, there is still a way or more to get rid of the debt entirely, even getting a refund for the previously paid installments. If you are one of the victims of Heald College, you can apply for the Heald College Student Loan Forgiveness program. The advantage of this forgiveness program is that once you meet the criterion, the application procedure is quite easy to follow. Moreover, within the Heald College Student Loan Forgiveness Program, you can go completely debt-free.
Right below you can get information on the ways of getting forgiveness on your student loan and the application procedure.
The Heald College Lawsuit
As mentioned above, during its existence the Heald College involved in various illegal activities by risking its reputation and got a lawsuit against its misbehavior. As a result, the college withdrew from the education market and closed its doors forever. As a result, students found themselves in an unpleasant situation without any accredited diplomas or qualifications. That is the reason why the Department of Education gave a chance to the Heald College students by announcing that they are ready to forgive $150 million on the student loans. The amount is divided among some other college loan forgiveness programs.
Today the former Heald College students can get forgiveness on their student loans in two ways:
- The Borrower’s Defense Against Repayment Program
- The Closed School Student Loan Discharge Program
The Borrower’s Defense Against Repayment Program
Since the eligibility requirements are reasonable enough, the number of students who apply for the Heald College Student Loan Forgiveness within the Borrower’s Defense Against Repayment Program is quite high. However, while filing your application, you must be very careful and convincing. You need to explicitly state that you have been misinformed and deceived to take out the student loan, and you should demonstrate that if they did not put the pressure on you, you would never prefer going under this debt.
It is all crystal clear that the college was involved in some actions which are not acceptable by law and this fact will make your work smoother than normally expected. They already know what the college has done, but you need to be more precise and take the problem to an individual scale. You should introduce some facts and claim how the college has misinterpreted the reality to get you enrolled. If you successfully link your case to the Heald College Lawsuit, then you will quickly get the forgiveness.
Writing The Borrower’s Defense Claim
While filing your Borrower’s Defense Claim, you should not make an argument with the Department of Education bringing the fact that there has been a judgment against the Corinthian Colleges (parent college to the Heald College) and relatively consider the Heald college guilty. Most importantly, you need to find the reason for your claim from your own experience with the Heald College and include it in your Borrower’s Defense Claim application. In your form, you need to show how they have influenced you and your decision and changed the situation in favor of themselves. Before filing your claim, make sure you have familiarized yourself with all the illegal acts by the Heald College. All these facts will help you a lot to achieve the Heald College Student Loan Forgiveness.
Heald College Illegal Marketing Strategy
During the investigation process, the Department of Education found out the fraudulent marketing strategy of Heald College. It includes misinterpreting job replacement rates, such as stating that all graduates from specific programs get full employment after completing their study at Heald College. Making a promise on the licensure and again artificially increasing the number of students who passed the exams successfully are also some of the lies told by the college to attract more students. It is also clear that they have put pressure on the students to take out student loans even if they were unqualified or unable to pay back in the following years.
Application and Post Application
If you have decided to apply for the Heald College Student Loan Forgiveness program, the best way is filing your application directly through the official website. Since many scammers are trying to cheat people by getting their personal information, you must be cautious to stay away from any scam. The application process is quite easy to follow, step by step the website directs you to fill in the form. It means that there is nothing that the scammers can do but you cannot.
When it comes to the processing time, be informed that it can take more or less than a year. However, there is no point at feeling discouraged or worry that your application has been denied. There are already many students who have got their Heald College Student Loan Forgiveness after waiting for quite an extended period.
The Closed School Loan Discharge Program
If you do not find the program challenging to apply or you do not want to wait for such a long period, there is another option which can make you debt-free. If you are one of the students who could not see graduation because the school closed, you can consider the Closed School Loan Discharge program as an alternative to the Heald College Student Loan Forgiveness.
The Closed School Loan Discharge Program Requirements
The requirements are quite reasonable. If the school got closed before you graduated or not later than 120 days after your graduation, you could be eligible for this program. The main thing is not transferring your credits to another school. If you already have, it means that you have missed your chance for the Closed School Loan Discharge program.
The Closed School Loan Discharge Program Application
If you are determined that the best way of getting rid of your loan is the closed school discharge program, then you only need to fill in the application form and submit it to your loan servicer. After this level, your servicer will tell you what steps to follow. The path followed by each loan servicer can be moderately different. However, they must keep the student informed about the procedures.
Taxation after Forgiveness
The only negative point about the forgiveness programs is that you will encounter with higher tax after they forgive you for your student loan. For example, if they forgive you for $100,000, they will charge you $30,000 on your income tax. Considering the $70,000 difference, we can say that the forgiveness programs are still awardable.
Which Program Is Better?
If you are still in two minds about which program to choose, we would advise you to go for the closed school discharge program in the first place, since the processing period can take longer for the Heald College Student Loan Forgiveness program. However, keep in your mind that it is impossible to apply for both programs simultaneously.