Contents
If you’re one of the many students who were left stranded when ITT Tech closed its doors, you may be wondering what to do about your student loans. Luckily, there are options available to get your itt tech loans forgiven Here’s everything you need to know.
Checkout this video:
Introduction
If you’re one of the many people who took out loans to attend ITT Tech, you may be wondering what your options are now that the school has closed. The good news is that there are a few different ways to get your ITT Tech loans forgiven.
The first option is to apply for a discharge through the Department of Education. You can do this if you believe that ITT Tech misled you about the programs they offered, or if you were unable to complete your program because the school closed.
The second option is to apply for loan forgiveness through your lender. This is an option if you have private loans, or if you have federal loans but don’t qualify for a discharge.
You may also be able to negotiate a lower payment with your lender, or even get your loans forgiven entirely. If you’re struggling to make your payments, it’s worth reaching out to your lender to see what options are available to you.
If you have any questions about getting your ITT Tech loans forgiven, please don’t hesitate to reach out to us. We’re here to help!
What is ITT Tech?
ITT Technical Institute (often shortened to ITT Tech) was a for-profit technical institute. Founded in 1969 and with approximately 130 locations across 38 states of the united states ITT Tech was the largest provider of technical education in the country. It offered programs in various technical fields, including engineering, electronics, computer science, drafting, and business management.
In 2016, the company faced numerous state and federal investigations relating to its recruiting and business practices, as well as accreditation problems. These problems led to the cessation of new student enrollment in August 2016, followed by the closure of all ITT Tech campuses in September 2016. This left approximately 35,000 students without access to education and caused many of them to default on their student loans.
What happened to ITT Tech?
ITT Tech was one of the largest for-profit college chains in the United States. But in 2016, the school suddenly closed all of its campuses, leaving tens of thousands of students stranded with debt and no degree.
The closure left many students wondering what would happen to their ITT Tech loans. If you’re one of those students, you may be able to get your loans forgiven through a process called borrower defense to repayment.
Borrower defense to repayment is a federal program that forgives student loans if you can prove that your school misled you or engaged in other illegal behavior. To qualify, you must have taken out loans to attend a school that closed while you were enrolled or within 120 days of withdrawing.
If you qualify for borrower defense to repayment, your ITT Tech loans will be forgiven and you will not have to pay back any money that you have already borrowed. You may also be eligible for a refund of any payments that you have made on your loans.
If you’re not sure whether you qualify for borrower defense to repayment, the best way to find out is to submit an application. You can do this by filing a complaint with the Department of Education or by contacting your loan servicer.
What are my options if I have ITT Tech loans?
If you have ITT Tech loans, you have a few different options for dealing with them. You can try to negotiate with your lender to get a lower monthly payment, or you can try to get your loans forgiven.
If you want to try to get your loans forgiven, you can either apply for public service loan forgiveness or Perkins loan cancellation. To be eligible for public service loan forgiveness, you must work full-time for a government or non-profit organization. To be eligible for Perkins loan cancellation, you must have worked in a high-needs field such as teaching or healthcare.
If you are not eligible for either of these programs, you can still try to negotiate with your lender. You can negotiate for a lower monthly payment, a longer repayment period, or a lower interest rate. If you are having trouble making your payments, you can also ask your lender for a forbearance or deferment.
How do I get my ITT Tech loans forgiven?
There are a few different ways that you may be able to get your ITT Tech loans forgiven. One way is if you are able to get your school to agree to refund your loan. Another way is if you can prove that the school misled you into taking out the loan.
The best way to try to get your ITT Tech loans forgiven is to contact your school and ask them if they are willing to refund your loan. If they are not willing to do this, then you may want to consider filing a complaint with the Consumer Financial Protection Bureau. You can also try to negotiate with your lender to have them agree to forgive the loan.
Conclusion
While there is no guarantee that your ITT Tech loans will be forgiven, there are a few options available that may help. You can try to negotiate with your lender, consolidate your loans, or file for hardship forbearance. You may also be eligible for loan forgiveness programs like Public Service Loan Forgiveness or Teacher Loan Forgiveness. Talk to your lender or a financial advisor to discuss which option may be best for you.
