The government will grant $600 M for the former ITT Tech students as debt relief as a result of ITT Tech Class Action Lawsuit. According to the Federal Reserve, the total amount of student loan has reached $1.5 trillion. And based on current statistics, there are 44 million borrowers of student loan in the United States. 38% of these borrowers find it difficult to make repayment on their debts. If you are one of those who has been facing a challenge to repay their student loan debts, then you might seek some way out. Then, take an in-depth look at this post, because we have some good news that might be interesting for you. If you are one of the former students of ITT Tech College, then you will get a great chance to take the benefit of the case known as ITT Tech Class Action Lawsuit.
Before getting into details
As probably you know there a wide range of student loan forgiveness and discharge programs which you can eliminate your outstanding debt with the help of them. The most popular and forefront one of such programs is student loan relief for the students of ITT Tech College which has been a subject that has been generated a lot of heated discussions by now.
Although this program is an excellent opportunity for a specific group of students to wipe out their massive amount of debts, there is something you have to be aware before applying. Currently, there is a lot of student loan forgiveness scams, and there is no doubt that you can face with them while asking for ITT Tech forgiveness. That is why we recommend you only to use the official sources that we will provide on the further paragraphs.
ITT Tech Class Action Lawsuit
ITT Tech college is one of the largest education companies all around the US. The college has been operating in 38 states with over a hundred campuses. In 2016, September, the US Department of Education restricted ITT Tech to accept new students. After that, the college announces bankruptcy and declare that it will shut down all of its campuses.
As a result of ITT Tech Class Action Lawsuit, in 2016, a Federal Bankruptcy Court Judge finally approved a settlement against the college. According to this settlement, there is $600 M debt relief for the students who have borrowed student loan to attend ITT college. Through this settlement, more than 750 000 ITT Tech students can wipe out their student loan debts.
How to qualify for ITT Tech Student loan forgiveness?
First of all, it worth to note that in 2018, the US Department of Education declared that they were allocating $150 M for the student loan discharge. This discharge is called Borrowers Defense to Repayment program, and it also includes ITT Tech. If you have been attending to ITT Tech colleges for ten years, then the borrower got a great chance to be eligible for the ITT Tech forgiveness program. In reality, you can have two different alternative ways in order to apply for the loan forgiveness program for ITT Tech students.
The first way is sending an application for Borrowers Defense to Repayment program which may take some the hard work, and a little bit long time to get approved. The second alternative is to apply for Student loan Discharge for Closed School. On the other hand, unfortunately, you are not able to use for both of them at the same time, you can only take advantage of just one of these options.
Each of these programs has its requirements and conditions to be eligible. Although it may take time and effort to file an application form, when you take into account the result which could save you ten thousands of dollars, it worth to apply it right now. It is better to take a closer look at each of these programs separately to know more about the required conditions,
ITT Tech student loan forgiveness via Borrowers Defense program
BDR program is considered one of the most popular student loan forgiveness program which could provide a considerable contribution to you for eliminating your massive loan debts. To qualify for this program, all you are going to need is proving that you have experienced a defrauded activity by the school you have attended. In our case, you are going to need to show that you have been deceived or mislead by the ITT Tech college which that caused you to take a student loan to attend the college.
If we take into consideration, the fact keeps in mind that ITT Tech alleged for deceptive business practices such as releasing false statements and misleading reports about students. If we take into consideration of these facts which is directly from the ITT Tech Class Action Lawsuit, from you, have a significant advantage to use them against the college to support your ITT Tech BDAR application.
Remember, application for Borrowing Defense to Repayment program is strictly regulated legal process. That is why if you think that you do not meet the requirements of eligibility criteria, don’t waste your time for just trying it out your chance. However, if you think you cover the conditions to qualify, then there is no need to lose time on the way of sending your application. It is because, as we mentioned earlier, getting approval from the Department of Education may take a long time.
ITT Tech Student loan forgiveness via Closed School Student Loan Discharge
Another way to get rid of your outstanding student loan debts is applying for Closed School Student Loan Discharge. Through this program, the borrower has a great chance to eliminate your debts fully or partially. Even if you get lucky, you can receive specific reimbursement on the amount that you have already paid to the college.
Closed School Student Loan Discharge provides the full amount of forgiveness for the different types of credits such as Direct Loans, Perkins Loans, and Family Education loan. To be eligible, you are required to be attending to the ITT Tech college before the school shut down. Otherwise, if you have withdrawn from the school within four months after the college closed, then you might qualify for the ITT Tech loan forgiveness through the Closed School Discharge program.
You can download the application form through the link of the official website of Federal Student Aid. After you complete the application, you need to send it to your lender and wait for a response. It may take time to get approval but when your request gets received, you will a very long shot by wiping out thousands of dollars on your debt balance.
What are the illegal activities that ITT Tech has done?
We can classify the general claims and complaints against the college in the following way. Pay attention whether you have personally experienced any of them, and if you have, then use it to support your claim on your ITT Tech BDAR application.
- Telling lies about ITT Tech Accreditation
- Releasing false reports about job placement rates
- Inaccurate information about credits to be transferred
According to the ITT Tech Class Action Lawsuit, the company alleged for using unlawful acts to attract more students and increase its revenues.