Huge Student Loan Forgiveness News in Michigan: Are You Eligible?
The Federal Trade Commission's (FTC) website just dropped a bombshell that cold be a life changer for some Michigan residents dealing with significant student loan debt. It seems a certain university's deceptive loan practices may mean your entire loan may be forgiven. If you're wondering if you qualify, read on.
This decision, coming directly from the Department of Education (ED), follows the FTC's 2019 with the University of Phoenix. The University was accused by the FTC of using shady ad tactics to lure in new students:
...the University of Phoenix relied on deceptive advertising to attract students, falsely claiming to work with employers such as Microsoft, Twitter, Adobe, and Yahoo to create job opportunities for University of Phoenix students and tailoring its curriculum for the job needs of such companies.
What does that mean? They lied in their marketing and that means the college has to pay for it. What does that mean for you?
Michigan Loan Forgiveness for Many University of Phoenix Students
If you attended the University of Phoenix between September 21, 2012, and December 31, 2014, and you feel you were taken advantage of by their misleading marketing, your loan may be completely erased.
The ED has declared that they're granting loan forgiveness to anyone who was deceived by any bogus claims during that timeframe, but you must submit a valid application through the ED's Borrower Defense Program, link provided here.
If you've already filled out the form and you want to check on the status of your loan forgiveness under the "Manage My Applications" tab on the Borrower Defense page. Even if you've already received a refund from the FTC's settlement, you are still in the running for loan forgiveness under this program.