If you attended CollegeAmerica and you currently have student loan debt from that school, it is possible that you can have your loans forgiven. CollegeAmerica was recently in the news since they are under the Center for Excellence in Higher Education, and another school has shut down.
The good news is that if you do have student loan debt from the school, you may qualify for CollegeAmerica closed loan forgiveness options.
This guide will introduce you to CollegeAmerica, the recent news involving the school, and what student loan forgiveness options are available.
Who is CollegeAmerica?
CollegeAmerica was developed in 1964 and is another school that was operated and owned by the Center for Excellence in Higher Education. The main campus was located in Denver, Colorado, and they had multiple locations in Arizona and Colorado.
- This school offered associate’s, bachelor’s, and master’s degrees in 41 different academic areas, including technology, business, healthcare, and graphic art and design.
- The cost of tuition varied depending on the degree program that students were in; however, it ranged from about $17,000 to $27,000.
- The school was accredited by the Accrediting Commission of Career Schools and Colleges and was known to be the training section of Control Data Corporation.
- In 2012, all schools under the Center for Excellence in Higher Education announced they were transferring from being for-profit to non-profit for Title IV funding.
This section introduced you to CollegeAmerica, the locations that they had, the cost to attend their school, and what they had to offer. The next section will introduce you to recent news and scandals involving the school including when and why they are permanently closed.
Recent News About CollegeAmerica Closing
CollegeAmerica has had its share of media exposure for its involvement with deceptive business practices. This is something that most schools under CEHE have been involved in leading to the school losing accreditation and eventually closing their doors.
- CollegeAmerica made promises that it could not deliver and as a result was ordered to pay $3 million in a settlement in August 2020.
- In April 2021, CollegeAmerica lost accreditation for one of its schools and ceased enrollment students before deciding to close all schools under the chain.
- The Department of Education discovered that CollegeAmerica failed to provide students with adequate information about options to transfer to other schools and/or loan discharges.
- After announcing the closing of its locations, CollegeAmerica allegedly was selling enrollments to two institutions as a final effort to profit off students.
After reading this section you should be aware of the different scandals that involved CollegeAmerica and what led them to shut their doors abruptly. The next section will discuss what CollegeAmerica closed loan forgiveness options are available to you and the main way that you can qualify for these options.
CollegeAmerica Closed Loan Forgiveness Options
Initially, the company that owned CollegeAmerica did not want to discuss loan forgiveness options with students and they pushed for students to transfer to a different school. However, if you found yourself in this situation, you are eligible for a number of CollegeAmerica loan forgiveness options.
- Closed school discharge– If you were still enrolled when the school closed and your loans were disbursed after a certain date you can qualify for student loan forgiveness.
- Borrowers’ Defense to repayment– If you were affected by the school’s deceptive business practices, you could be eligible for loan forgiveness under this option.
- Income-driven payment plan– If you signed up for an income-based repayment plan after you complete the payment terms you can receive student loan forgiveness on the remaining balance.
- Public Service Loan Forgiveness– If you work for a qualified employer and you make 120 payments on time, you can qualify for PSLF forgiveness.
This section went over the different options that are available to you to cancel your CollegeAmerica student loan debt and what makes you eligible. The last section will go over the guide and summarize what you have learned and what you should do if you have questions.
This guide gave you the information that you needed to make an informed decision about your CollegeAmerica closed loan forgiveness options. You also learned the different scandals that CollegeAmerica and its affiliates were involved in and the effect it has made on your student loan debt.
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