If you’re an Academy of Art University student who took out loans to pay for school, you may be wondering about your repayment and forgiveness options.
In this post, we’ll take a look at the different options available to you so that you can make the best decision for your situation.
So, whether you’re just starting in school or are almost ready to graduate, keep reading for information on loan repayment and forgiveness programs available.
What is Academy of Art University’s
The Academy of Art University is a privately owned for-profit university in San Francisco, California. It was founded in 1929 as the Academy of Advertising Art by Richard S. Stephens. In 1991, it became a for-profit institution and changed its name to the Academy of Art University.
It offers associate’s, bachelor’s, and master’s degrees in various subjects, including advertising, animation, fashion design, illustration, interior design, and photography.
The Academy of Art University is accredited by the Western Association of Schools and Colleges (WASC). The Academy is also a member of the National Association of Schools of Art and Design (NASAD) and the Council for Interior Design Accreditation (CIDA).
Academy of Art University acceptance rate
The acceptance rate at the Academy of Art University is reported to be around 60%. However, the actual acceptance rate may be lower because many accepted students do not enroll. Additionally, applicants are not accepted until all application materials (including portfolio and audition) have been received.
Academy of Art University tuition
The Academy of Art University tuition is $32,000 for full-time students and around $22,400 per year for part-time students. Additionally, a one-time nonrefundable fee of $100 must be paid upon applying to the Academy.
How to contact Academy of Art University
Address: 180 New Montgomery St, San Francisco, CA 94105
Academy of Art University contact number: (800) 544-2787
Academy of Art University Portal to log in: https://my.academyart.edu/login
Academy of Art University Lawsuit
On October 12, 2017, the Academy of Art University was sued by current and former students. The lawsuit alleges that the Academy misled students about their job prospects after graduation, failed to deliver on promises of affordable education, and pressured students into taking out loans they couldn’t afford.
The Academy of Art University in San Francisco has settled a 12-year-old federal fraud lawsuit with four former recruiters whose case had threatened to cripple the vast for-profit school if it had lost in court.
The amount of the settlement was not disclosed. The Academy of Art’s lawsuit against it has been ongoing for over a decade, and it even asked the U.S. Supreme Court to intervene in 2019. The court denied the request.
Academy of Art University loan forgiveness and repayment options
There are a few different ways to go about getting your student loans forgiven or repaid.
You could see if you qualify for one of the government’s loan forgiveness programs, like Public Service Loan Forgiveness (PSLF) or Borrowers defense to repayment. Alternatively, you could look into student loan consolidation or income-based repayment plans.
Public Service Loan Forgiveness (PSLF)
Public Service Loan Forgiveness (PSLF) is a government program created to encourage people to enter into public service careers. The program forgives the remaining balance on your Direct Loans after you have made 120 qualifying payments while working full-time for a qualifying public service organization.
Borrowers defense to repayment
Borrowers defense to repayment is a provision in federal law that allows borrowers defrauded or misled by a college to have their student loans forgiven. The borrower needs to be eligible, the school must have committed fraud, and the borrower must not be “at fault” for what happened.
Income-based repayment plans
Income-based repayment plans are a type of federal student loan repayment plan that bases your monthly payment amount on your income and family size. There are four different income-based repayment plans:
• Income-Based Repayment Plan (IBR)
• Income-Contingent Repayment Plan (ICR)
• Pay As You Earn Repayment Plan (PAYE)
• Revised Pay As You Earn Repayment Plan (REPAYE)
Student loan consolidation
Student loan consolidation is combining one or more student loans into a new loan. The new loan has a new interest rate and repayment term. You may be able to lower your monthly payment or get a lower interest rate. You can consolidate a federal student loan and a private student loan together.
Whatever route you decide to take, make sure to do your research and talk to a financial advisor to figure out which option is best for your unique situation. And don’t forget to keep up with your student loan payments, even if it means making some sacrifices elsewhere in your budget. Falling behind on your payments can have serious consequences, including wage garnishment.
Need help with student loans?
If you’re having trouble keeping up with your student loan payments, or you just have questions about your options, please don’t hesitate to reach out for help.