EDMC Settlement Loan Forgiveness
For profit education company Education Management Corporation (“EDMC”) has agreed to forgive $102 million in outstanding debt to more than 80,000 former students as part of a settlement agreement filed with the district court on November 16, 2015. EDMC operates 110 schools in 32 states and online, including Argosy University, The Art Institutes, Brown Mackie College and South University. Please read our press release for additional information about the settlement.
519 former students from Idaho will be eligible for $504,000 total in loan forgiveness. Qualifying former students includes former students who meet the following criteria: (a) enrolled in a program of study with fewer than 24 hours of transfer credit, (b) withdrew from the program of study within 45 days of the first day of their first term, and (c) whose final day of attendance at an EDMC school was between January 1, 2006 and December 31, 2014. Former students who are eligible for loan forgiveness will be sent notices from EDMC after January 1, 2016. Federal student loans are not included in this settlement.
(Last updated 4/28/2016)