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How to Forgive 100% of Your Student Loans Through the Borrower Defense Program

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last week, President Biden announces Millions of Americans could qualify for federal student loan forgiveness of up to $10,000, Pell Grant recipients up to $20,000, future borrowers and more debt. Additional support is provided in the form of reduced monthly payments for a person and compensation for unpaid interest. their loan.

However, there is actually a sizeable group of borrowers who may be fully forgiven of their federal student loans in the next year or so. or engage in any other fraudulent activity.

A recent example: a school owned by the for-profit Corinthian College Turns out he lied about student employment rates Offer employment guarantees. His 560,000 borrowers who attended these schools had their loans repaid in June 2022.

Although the borrower’s defense has been in place for some time, the Department of Education now states that students deceived by such fraudulent Sweet v. CardonaHere’s how to find out if you’re eligible for debt forgiveness and how to apply for debt forgiveness.

What is Sweet v. Cardona?

of challenge class action lawsuit The Department of Education’s handling of borrower defense applications, including delays and denials of processing certain applications. The settlement was agreed on June 22, 2022 and provisionally approved on August 4, 2022. A final approval hearing is scheduled for November 3.

The proposed settlement resolves pending borrower defense applications and provides full relief to eligible borrowers who attend the schools named in the lawsuit. It also provides a clear timeline for application decisions for those whose school is not specified or who apply later.

Who is Eligible for Settlement Relief?

there is Long list of schools named in class action lawsuitThese include the University of Phoenix, Le Cordon Bleu (and several other culinary institutes), the ITT Technical Institute, the Art Institute, Walden University, and DeVry University.

Borrowers who have paid to attend one of these institutions may be eligible for “Full Settlement Relief.” This means that all federal student loans will be forgiven, amounts paid to the Department of Education will be refunded, and credit lines will be cleared from the borrower’s credit report. .

To qualify, you must apply for Borrower Defense, and the waiver process depends on when you submit your application.

  • If you apply for borrower defense Before June 22, 2022, is eligible for full settlement relief provided within one year from the final effective date of the settlement. In the meantime, the Department of Education will not attempt to collect the outstanding portion of these loans.
  • If you have not yet applied for borrower defense, Until November 3, 2022 to do so. Those who filed between June 22 and she November 3 will receive a decision on their application within 36 months after the settlement is finalized. If no determination is made within that period, full settlement relief will be available.
  • If you attended a school not named in the settlement and applied for tenant defense before June 22, the Department of Education will review your documents. according to the timeline described hereIf no decision is reached, full settlement remedies are available.
  • If your application is denied after December 2019, your application will be reconsidered.

This is a little confusing, but predatory student loan project have A handy flow chart guide to the process.

How to Apply for Borrower Defense

To apply for relief: fill out the application This can be done by creating an online account (or downloading a PDF and filling it out manually). This process takes about 30 minutes. Part of the Settlement Agreement simplifies the application and review process so that you are not required to provide evidence of wrongdoing outside of a written application (although you can, but that’s okay). If your application is denied, you have six months to resubmit your application for additional review, following guidance from the Department of Education.

How to Forgive 100% of Your Student Loans Through the Borrower Defense Program

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