Brooks Institute Is Closing – Loan Forgiveness Available

By August 15, 2016News, Student Loan News
Brooks Institute

Brooks Institute Is Shutting Its’ Doors For Good

Brooks Institute, an arts college founded in 1945 as Brooks Institute of Photography in Ventura, California, has officially announced its closure effective October 1st, 2016. Yet another for-profit college to close not long after stricter regulations cut the snake that is predatory lending off at its head; as we’ve seen with so many for-profit colleges before. Usually, however, these for-profit colleges offer a teach-out program for current students. This is not the case for students of Brooks Institute.

 

The Brook’s Run Dry

Brooks Institute ran strong from 1945 until about 2005. The speculation is that after it was purchased by the Career Education Corporation in 2001, it was turned into a “cash cow” like so many other for-profit colleges. The school blames their closure on the economy, saying poor financial conditions halted the flow of new students. One can plainly see, however, that the decline started directly after regulations on for-profit colleges started.

 

The college has frustrated students, staff, and the entire city alike by this abrupt news. They reportedly owe over $70,000 in back rent and an unpaid security deposit for a new campus they had initially planned on opening in a more busy part of Ventura. The city was looking forward to this as it opened up avenues for more commerce and growth. City officials are further frustrated by their inability to contact Brooks Institute leaders. No one though has been hurt by the closure more than the students.

 

Don’t pay for useless credits

 

Current students of Brooks Institutes are rightfully concerned about the closure of the school; they can’t transfer their credits which means that all of the time and money invested thus far is ultimately wasted. What should these students do? What about former students? There’s one simple answer for both: Student loan forgiveness. The federal government created these forgiveness programs with the goal of helping students easier pay off — and in some cases entirely abolish — their student loans. Many former students qualify to not ever have to make a payment on their student loans again, the loans being paid off entirely by the government. If you’re concerned about your student loans and attended or are attending Brooks Institute, please don’t hesitate to give us a call at (844) 778-3906 to speak with one of our qualified specialists about what your options are. Alternatively, fill out the form below and one of the aforementioned student loan specialists will contact you as soon as possible.

Loan Forgiveness Eligibility

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