Our Mission Is To Help
Student Loan Recovery Group is a resource available to students of closed and for-profit schools. We can assist you with questions regarding your ongoing academic planning, financial aid, transfer credits, and more. We specialize in qualifying students for student loan discharge. If you have been a victim of a closed college, or feel like you were misled by a for-profit school, we will help you.
Being the victim of a closed school doesn t have to be the end of your educational dream. We will guide in getting back on the track to success.
Student Recovery Group
We have a stellar success rate with the Department of Education. Our document preparation services will get you the best results possible! With the best student loan advisers on you side, we’ll help you get enrolled faster, become financial healthy and conquer your student loans!
Our ethical principles are the values that govern all that we do as Members of The Association for Student Loan Relief. As we seek to achieve responsible commercial success, we will be challenged to balance these principles against each other, always mindful of our promises and service to our consumers.
Experts In Academic Loan Discharge.
Borrowers may be eligible for forgiveness of the federal student loans used to attend a school if that school misled them or has been closed.
Some students may be eligible for a tuition refund through a closed school loan discharge or reimbursement.
NOTE: If you are eligible, but you transfer academic credits to another school prior to requesting a loan discharge, you may lose your right to a refund. To learn more about your legal rights, how to apply, and how to connect to local resources, please visit Federal Student Aid (ITT | Corinthian).
Federal Student Aid Office:
Academic Planning Resources
STATE TUITION RECOVERY RESOURCES
School Loan Discharge by the Numbers
Findings Claims Approved for Discharge (through 10/12/16): 8,146
Total Amount of Loans Approved for Discharge (through 10/12/16): $116,874,687
Findings Claims Approved for Discharge (through 10/12/16): 5,490
Total Amount of Loans Approved for Discharge (through 10/12/16): $104,085,830
Findings Claims Approved for Discharge (through 10/12/16): 2,058
Total Amount of Loans Approved for Discharge (through 10/12/16): $26,410,336
About Student Loan Discharge
Two-thirds of students graduating from American colleges and universities are graduating with some level of debt. One in 10 graduates accumulate more than $40,000 worth of debt. If you owe on federal student loans for a college you think defrauded you, the government’s new rules should make it a little easier to sue for relief from those debts.
What is borrower defense?
Under existing borrower defense rules, you can apply to get your federal student loans forgiven if you believe your college defrauded you in some way. Currently, state law determines whether those who make borrower defense claims actually qualify for forgiveness. Effective July 1, 2017, the new rules create a federal standard for those claims.
Although the regulations have existed since 1995, few people applied for borrower defense forgiveness until recently. In the fallout after Corinthian’s collapse, tens of thousands of former students filed borrower defense claims.
So far, about 16,000 former Corinthian students have been approved for borrower defense forgiveness, and almost 8,000 have been approved for forgiveness under another regulation known as “closed school discharge.” With thousands more still awaiting relief and others likely unaware they may qualify for this type of forgiveness, the Education Department elected to overhaul the system for handling more borrower defense claims.
New rules that will help former students
To help former students currently seeking forgiveness, the department aims to implement certain rules before the full regulations take effect next year. They include:
- Eligible borrowers with federal Perkins loans or Federal Family Education Loans can get borrower defense forgiveness if they consolidate their federal debt first; effective Nov. 1 .
- Eligible borrowers who were enrolled in a college that closed in November 2013 or after and who haven’t enrolled in another school within three years will get automatic federal loan forgiveness. This will be implemented “as soon as operationally possible,” according to a department news release.
- Students who used Pell Grants to pay for a school that closed can have their Pell Grant eligibility restored. There are typically limits to the amount of Pell dollars students can get over their lifetime. There’s no timeline on when this will happen; the department said it’s “still exploring the operational changes required to implement this policy.”
The new rules should also provide relief from federal student loans for anyone who attended a college that closed after Nov. 1, 2013. Borrowers from schools such as Corinthian or ITT Tech who did not re-enroll in another college should have their federal student loans automatically discharged, the Department of Education said today. And students from those schools who used federal Pell Grants to pay for their tuition the semester the school closed will see that semester’s eligibility for a Pell Grant reinstated.
Smoother debt relief process for future borrowers
Other parts of the new rules are effective July 1, 2017, but the department believes they may inform the borrower defense process for all borrowers, including:
- A federal standard for providing borrower defense relief. By this standard, you’re eligible for borrower defense forgiveness if your school breaks its contract with you; gets a court judgment against the educational services that your loan paid for; or “substantially misrepresents” information about its services or its graduates’ outcomes.
- A process to give student loan relief to groups of borrowers if the department identifies widespread misrepresentation.
- Regulations that make it easier for students to sue their school. For instance, colleges will not be allowed to forbid students from filing class action lawsuits, nor will they be allowed to require students to pursue an internal process before taking an issue to court.
The new rules also state that federal student loans taken out next year can be cancelled if borrowers can show that they took on federal student debt because of a “substantial misrepresentation” by their college. An example of a “substantial misrepresentation” could be inflated job placement statistics. If you would like to see if you qualify, fill out our online form, or call us directly at (844) 888-3592