If you are an American Intercontinental University student, we have some news for you. The good news is that every student of the university could be eligible for American Intercontinental University loan forgiveness program. Or you could qualify for a full student debt discharge program, thanks to the 49 States Attorney General’s lawsuit. According to January 3rd, 2019 trial new rules will apply for all students who took classes from any universities of Career Education Company. Forgiveness program is available for approximately 180.000 borrowers from three universities. However, you could benefit from this loan forgiveness program only if you have taken the debt directly from Career Education Corporation. It means the forgiveness program will be beneficial for institutional student loans. So if you have a Private student loan or Federal student loan, you need to search for other ways to delete your debt.
According to an American Intercontinental University lawsuit against the university, Career Education Corporation should stop to collect money for any student loan they offered to their students. Additionally, the parent company needs to contact the Credit Bureaus to remove all debts of AIU borrowers. It is an excellent opportunity for students who owe a loan from American Intercontinental University. Especially as an AIU student, if you are having problems while making repayments, you will be able to delete all your debt on your account.
We want to mention that American Intercontinental University is not going to close down. The new changes are only about student loans. From now on, the university is going to work more transparently and be careful about the promises they made. At the same time, the lawsuit states that AIU should report some essential metrics to any potential student who is going to enroll in the school.
How will the lawsuit affect the general student loan debt crisis?
As we have mentioned, the university needs to report metrics to its potential students. The parameter will be a one-page document which will contain detailed information about the university. For example, students could find information about job placement rates or the average salary of students after graduation. It will help students to have a clear picture of the university and the program they are going to study. If you are struggling with your American Intercontinental University loan forgiveness, you could ask for help from one of the agencies. You could ask why you need to do it? Because those agencies have a team of professionals who deal with student loans every day. Initially, they will investigate your case and will offer you the best way to eliminate your student loans.
The lawsuit against American Intercontinental University is a big step toward student loan problems. We think that it will be an excellent example for other universities as well. Now other institutions will also try to comply with rules in order not to face the same kind of problems. Therefore, the whole student loan crisis could go in the right direction. The best part of this lawsuit was that it is about not just one university and also it is about a parent company that owns the university. Generally, after these kinds of trials, universities close down. However, parent companies do not get any warnings because of their actions. Additionally, they continue their operation under the name of different institutions. The parent company, Career Education Company, will not be able to maintain its scam operations and will be more transparent in its working style.
What downsides the settlement has?
We could not mention the enormous downsides of settlement. However, there are several things we would like to say about the lawsuit. The most significant disadvantage is that the agreement covers only institutional loans. It means if you have a student loan from Federal student loans or private student loans, you will not be able to erase your debt. Also, no one knows when the settlement is going to delete your credit as there is no accurate information about it. Or how you will get a notification about the time of your debt cancel. Therefore, you need to follow all updates about the American Intercontinental University loan forgiveness program.
Federal Student Loans
If you own debt from Federal student loans, you will not be able to receive forgiveness or benefit from this settlement. But there is also good news for you. Students who took Federal student loan will be able to apply for Borrower’s Defense to Repayment Plan. This repayment plan is part of a Federal student loan forgiveness program. If your university has scammed you, then you could apply for this repayment program. But the hardest part here is that you need to convince the Department of Education that you borrowed money because your university has lied to you. Additionally, you could mention that you did not have the intention to take a student loan. But because your university tricked you, you are obliged to take that loan.
What if you own student loan from different schools?
The best thing about American Intercontinental University loan forgiveness is that the university has admitted its illegal actions. The university has accepted that they made false advertisements, lied about graduate students’ average salary, etc. You could use that information for your benefit and convince the Department of Education about the false claims of your university. We recommend students who took Federal student loans to apply for the BDAR program. If you suffer to fulfill your repayment plan, you should immediately apply for the student debt discharge program using the details of the American Intercontinental University lawsuit. Do not forget to mention what kind of false claims university has made and how they impacted you to take the student loan.
If you have taken student loan debt from different institutions, you need to consider other options to erase your loan. Fortunately, there is a massive list of forgiveness programs you could benefit. We are sure that you will find at least one application to eliminate your debt.
How can you apply for American Intercontinental University loan forgiveness?
You can find the student loan forgiveness application online. You need to fill out the form with all the required documents and send it online. Graduates can start the preparation of documents before the application process. It will help you to organize things quickly and be ready before the form open. Additional materials may include the ones which show your program of study.
Additionally, you may need to submit enrollment agreements, registration proof, your transcript, school email, and course catalog. Not that you could only apply for a loan and related educational services. For example, you could use if you have a personal injury, which does not relate to a student loan.
Eligibility for American Intercontinental University loan forgiveness applies only for loans taken from Career Education Company. And remission may be partial or complete. In the case of partial indulgence, you will need to repay a specific amount of credit. The government will not discharge that amount which includes any interest that comes with a student loan. As you could get from its name, complete forgiveness means you will be able to erase all your student loan related to AIU.