If You Are Fooled by a Business School, Use This Form to Dispute Your Debt.

There are several reasons for the student loan crisis. Many experts blame nonprofit colleges in part , many of which cheat students into taking huge debts and lie about employment rates. If this sounds familiar, a group called Debt Collective has an online form where you can dispute student loan debt. This is unlikely, but worth checking out.

Recently, the US Department of Education agreed to write off debts owed to 1,300 students at the now defunct Corinth College. According to the entrepreneur , this was helped by the 1994 loophole:

After the decision of the Department officials indicated that more students are also likely to be forgiven … The legal dispute is a direct result of the law, included in the version of the Law on Higher Education 1994 the year that introduced the ” protection of the borrower .” While it was supposed to be temporary, it was ultimately forgotten and left untouched by legislators.

“Notwithstanding any other provision of state or federal law, the secretary must specify in the rules what actions or omissions by the institution of higher education the borrower can claim as protection against the repayment of the loan provided in accordance with this part,” the legislation says.

You can read about it here , but some expect it to close soon. Meanwhile, Debt Collective, an organization dedicated to raising awareness of student debt, has a Protect to Repayment form that allows you to “legally challenge your debt to the Department of Education.”

Again, this isn’t guaranteed, but if you feel like the commercial school is cheating on you, this could be a start. For more details please follow the link below.

Maturity Protection | Debt collective

Update : As a reader from Debt Collective pointed out, this is not the traditional government student loan forgiveness and the use of the term “loophole” can be misleading as the original legislation was designed to protect students from this very issue.


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