ITT tech lawsuit hit the student loan forgiveness world like a 500-pound bomb, giving students a chance to eradicate their debts. If you are new to the case and don’t have full information regarding the matter, you have come to the right place. The goal of this article is to inform you about the ITT tech Lawsuit case, and how you can use it to get rid of your student loan debt. If you were enrolled at ITT tech, you should sit even closer to get a comprehensive idea about the whole case. Let’s get to it!
The reason behind the ITT tech lawsuit
Well, what have they done? You might ask. They have done enough to receive a lawsuit; that’s for sure. The story goes that a group of students that were represented by a project conducted by Harvard University regarding predatory student lending, drove the charges against ITT tech. The group sued the university for knowingly pushing them to take on unnecessary student loans. This opened up the chance for these students to file bankruptcy against the loans.
Something of importance to note here is the doors this lawsuit opens up. The biggest door is the Borrower’s Defense Discharge claim students can use to eradicate their loans if a student can prove in court that the university or school took illegal routes to get students to take excessive loans, you’re good to go. This could be actions such as:
- luring students into debts by using misleading and false statements
- employment rates
- credit transfers
- and accreditation.
How to discharge ITT tech student loans
Currently, there are two main ways to release yourself from ITT tech student loans. These are the Borrower’s Defense Against Repayment Program, and the Closed School Student Loan Discharge Program.
Sadly you can only apply for one of the programs. This means you can’t go for both to increase your chance of getting a discharge. Hence, you will need to choose the plan that best fits your situation. By doing so, you will have a higher chance of benefit from any of the programs. As you read further, you will find detailed information about each program, and how you can benefit from it.
Taking the Borrower’s Defence Against Repayment route
The initial goal of the BDAR program was to help students get rid of their debts that came with false advertisement. If you feel like you were tricked into taking a loan out, you are looking at the right program. The place of education you were attending might have taken some shady actions to get you to take a loan.
This program plays fine with the ITT tech lawsuit that is going to cost them more than 560 million dollars in settlement. This settlement was done in response to the violations and illegal actions they have committed to students like yourself in hopes of getting them to take unnecessary loans. In this case, the Borrower’s Defence program is the best way to go.
What many students in debt love about the BDAR program is the fact that it can help you remove your loans once and for all. This means you will not have to pay a single penny for the student loan debt that you have. The benefits do not end here because you might even be eligible for a refund regarding the money you have paid. That’s right, even if you had been paying your loans for months, and won the BDAR program, you could get the initial payments back. Talk about hitting two birds with one stone!
Keep in mind the fact that there are hundreds, if not thousands of students that are suffering due to the deceptive marketing acts of ITT Tech. Everyone suffering from this student debt crisis needs assistance. The fact of the matter is, regardless of the numbers, everyone has a good chance of benefiting from BDAR. All you have to do is follow the guidelines set by the Department of Education for submitting a BDAR application.
Closed School Student Loan Discharge Route
ITT tech student loan forgiveness just got better with this route. Because you also have the Closed School Student Loan Discharge (CSSLD) option if you want to benefit from the ITT tech lawsuit. If you attended the school during the time of its closing or it closed soon after you withdrew from the school, you might already be eligible. In general, if you were not able to complete your education after taking out the loans for any of the reasons mentioned above, you can apply for CSSLD.
The Closed School Program can offer you 100 percent forgiveness on your loans. Especially, if you have:
- Federal Family Education Loans
- Direct Loans from Federal Government
- Federal Perkins Loans
that you might have taken out to pay for ITT Tech and its services.
The good news does not end there. What’s even better is you, in some cases, you could get the money you paid up until forgiveness, paid back to you. This is especially true for the payments you have made towards the Federal Government for services that were provided by ITT Tech. It could also be other schools that are related to ITT tech.
In short, if you qualify for ITT tech student loan forgiveness, you could be in for a treat knowing that thousands of dollars are coming your way.
Are you eligible for Closed School Loan Discharge?
The answer to this question is not as hard as it may seem. The requirements for eligibility are quite simple. In short, you need to have attended one of the schools within ITT tech. More specifically, they attended them during its time of shut down, while it was shutting down. Did you withdraw from the school or transfer right before the schools were closing? No worries, because if you have withdrawn within 120 days before closing, you are good to go!
For tidiness sake, down below, you will find a more organized list of requirements:
- You are required to have attended one of the 132 schools operating under ITT tech, which shut down, lead ITT Tech Lawsuit – What You Should Knowing to you not being able to complete the education you took the loan out for.
- There is a need to have an outstanding student loan debt from Federal Student loan debt forgiveness programs such as FEEL Loans, Perkins Loans, or the FEEL Loans.
- The ITT school you were attending must have closed at the time of your attending or within 120 days of your withdrawing from the program.
If you satisfy the requirements mentioned above, you are eligible for the ITT tech loan discharge.
The ITT tech lawsuit is an excellent chance for many students to get loan debt relief. Especially because ITT tech took advantage of and tricked students into taking excessive loans by giving false promises, this is good news. You should not have to fall prey to greedy businessmen looking to make millions off of your back. Make sure to do your thorough research and choose a program that best suits your situation. With intelligent planning and smart decision making, you too can be relieved from your debts!