Information for ITT Technical InstituteOn January 10, 2021 by Huseynali Huseynov
ITT Technical Institute closed its doors Tuesday September 6, 2016. The office of Federal Student Aid at the US Department of Education has posted additional information on how former ITT students can continue education, apply for federal loan discharges, and retrieve records. There are informative webinars available for ITT Technical Institute Students. If you’re a former student of ITT Technical Institute, more information is out there here.
Our office proactively worked with the 2 local ITT Technical Institute campuses to get student records.
For students who are suffering from the recent closure of ITT Technical Institutes and therefore the verdict against Minnesota School of Business and Globe University, please note:
Please remember that neither the Office of Federal Student Aid at the US Department of Education nor the Minnesota Office of upper Education is making outgoing calls regarding tuition recovery, federal loan discharges, or private loan discharges. If you receive a call from someone claiming they’re from our office or the Office of Federal Student Aid, or claiming they will assist you with filing paperwork for loan discharge or tuition recovery, please don’t provide your personal information or make a payment for services. The services that are available to affected students are available at no cost.
For students who had a Federal credit balance on their student account upon the closure of ITT Technical Institutes, you’ll have received a check from ITT for that unpaid loan balance. Since ITT Technical Institutes has filed for bankruptcy and every one assets are ceased, those checks won’t be honored by your bank.
How to Determine Eligibility?
If you want to benefit from ITT Tech loan forgiveness in the form of closed school discharge, you need to meet several requirements. First, you should be studying at the time of the closure or withdrawal a maximum of 120 days before. You should not pursue a similar degree program in another school by transferring credits or through a teach-out agreement. In these cases, you will not receive the forgiveness opportunity.
What is the Impact of Discharge on my Debt?
In case of approval for closed school discharge, you will get 100% elimination for your ITT Tech student loans. Besides, you can be eligible for a refund for the payments you made previously. Lastly, the officials will contact the credit agencies to delete any negative records associated with this debt from your credit history.
How to Apply Closed School Discharge?
Debtors who have not received ITT student loan forgiveness can easily apply to the school closure discharge program. One way for application is filling and returning the form sent to debtors by the loan servicer. Alternatively, it is possible to find the application form online and fill it. If you cannot find the form, contact your loan servicer and ask for guidance to get your loan discharged. In all cases, the application form should be sent to the loan servicer.
Is Closed School Discharge Taxable?
Receiving ITT tech student loan forgiveness through closed school discharge is not taxable. It means the borrower who benefits from this opportunity does not need to report the amount as income and pay tax.
I believe the School Misled Me. What are My Options?
In case of school misconduct, you can apply to the Borrowers’ Defense to a Repayment program. If you can prove that the school misled you and without misconduct, you would not have chosen this institute, you can get full or partial cancellation of the debt. Besides, even if you were not eligible for an ITT Tech student loan refund from the settlement, you can get a reimbursement with the Borrowers’ Defense program’s help.
What is the Chance to Get Forgiveness through Borrowers’ Defense?
Your probability of receiving cancellation through Borrowers’ Defense depends on how you will support your case. An essential element of selection is proving misconduct. Try to be clear and collect as much information as possible regarding the misleading activities of the school. When you apply, submit the documents as facts to support your arguments. These documents can be communication proofs, false ads, etc.