Introduction
Are you one of the thousands of students who attended Heald College and are now struggling with student loan debt? If so, you may be eligible for Heald Loan Forgiveness. Heald College, a for-profit college chain, closed its doors in 2015, leaving many students with high levels of debt and no degree to show for it.
In this article, we will provide you with a comprehensive guide to Heald Loan Forgiveness, including what it is, who is eligible, and how to apply. We will also address common questions and concerns that students have about this program. Read on to learn more!
What is Heald Loan Forgiveness?
Heald Loan Forgiveness is a program that was created to help former students of Heald College who were impacted by the school’s abrupt closure in 2015. The program provides loan forgiveness and refund of payments made on the Federal Direct Loan Program (FDLP), Federal Family Education Loan Program (FFELP), or Federal Perkins Loan Program (Perkins Loan) to eligible borrowers.
The Department of Education began accepting applications for Heald Loan Forgiveness in July 2017, and the program is ongoing.
Eligibility Requirements
To be eligible for Heald Loan Forgiveness, you must meet certain criteria.
Enrollment Status
You must have been enrolled in a Heald College program on the date that the school closed, which was April 27, 2015. If you withdrew from the school before this date, you are not eligible for Heald Loan Forgiveness.
Loan Disbursement
You must have received a Direct Loan, FFELP Loan, or a Perkins Loan disbursement for attendance at Heald College during the period between May 2014 and December 2016.
Loan Status
Your loan must be in good standing at the time of application. If you are in default, you must either make satisfactory repayment arrangements with your loan servicer or agree to repay the loan through one of the Department of Education’s loan rehabilitation programs.
How to Apply for Heald Loan Forgiveness
If you believe that you are eligible for Heald Loan Forgiveness, you can apply through the Department of Education’s Loan Forgiveness Application. You can access the application online or by contacting your loan servicer.
In the application, you will need to provide information about your Heald College program and loan status. You may also need to submit documentation to support your application.
FAQs
Question |
Answer |
|---|---|
What types of loans are eligible for Heald Loan Forgiveness? |
Direct Loans, FFELP Loans, and Perkins Loans |
What is the deadline for applying for Heald Loan Forgiveness? |
There is no deadline. The program is ongoing. |
Do I need to be currently enrolled in school to be eligible for Heald Loan Forgiveness? |
No. However, you must have been enrolled in a Heald College program on the date of the school’s closure in 2015. |
Will I receive a refund of payments I made on my loan? |
Yes, if you are eligible for Heald Loan Forgiveness, you will receive a refund of payments made on your loan. |
What kind of documentation do I need to provide with my application? |
You may need to provide proof of enrollment in a Heald College program and loan disbursement records. |
How long does it take to process an application for Heald Loan Forgiveness? |
Processing times vary, but it can take several weeks to several months. |
Is Heald Loan Forgiveness taxable? |
It depends on your individual circumstances. You should consult with a tax professional for guidance. |
Can I apply for Heald Loan Forgiveness if I have already received loan forgiveness from another program? |
It depends on the program. You should contact your loan servicer for guidance. |
What happens if my application for Heald Loan Forgiveness is denied? |
You may be able to appeal the decision or apply for other loan forgiveness programs. |
Will Heald Loan Forgiveness affect my credit score? |
It should not. However, you should monitor your credit report to ensure that your loans are reported accurately. |
What happens to my loans if I am approved for Heald Loan Forgiveness? |
Your loans will be forgiven, and any payments you made on the loans will be refunded to you. |
Can I apply for Heald Loan Forgiveness if I did not attend Heald College? |
No. Heald Loan Forgiveness is only available to former Heald College students who meet the eligibility requirements. |
Do I need to pay taxes on the loan forgiveness amount? |
The loan forgiveness amount is typically considered taxable income, but there are some exceptions based on your individual circumstances. You should consult with a tax professional for guidance. |
Conclusion
Heald Loan Forgiveness is an important program that can help former Heald College students who are struggling with student loan debt. If you believe that you are eligible for this program, we encourage you to apply.
Remember, the application process can take several weeks to several months, so be patient and persistent. If you have questions or concerns, reach out to your loan servicer for guidance.
Thank you for reading this comprehensive guide to Heald Loan Forgiveness. We hope that it has been helpful to you!
Closing or Disclaimer
This article is intended for informational purposes only and should not be construed as legal, financial, or tax advice. The information in this article is accurate to the best of our knowledge, but regulations and programs may change over time.
If you are considering applying for Heald Loan Forgiveness or any other loan forgiveness program, we encourage you to consult with a qualified professional who can advise you on your individual circumstances.