Sanford-Brown College has ceased enrolling incipient students. Parent company the Vocation Edification Corporation (CEC) verbally expressed they will shift focus to their online universities, Colorado Technical University and American InterContinental University. The decision to close all of their schools, and have Sanford-Brown College will undergo a “teach out” with current students until they graduate. The colleges are gradually discontinuing operations and program; the process is expected to take anywhere from 18 months to about 3 years to consummate.
Chairman and interim CEO of CEC, Ron McCray, incriminated the decision on financial losses, declining enrollment numbers, and rigorous regulations implemented on for-profit colleges. Last fall, the Department of Inculcation promulgated incipient “gainful employment” regulations, which predicate a college’s access to federal loans on whether the estimated loan payment of a typical graduate exceeds 20% of the borrower’s discretionary income, or 8% of total income. According to the DOE, programs that exceed the aforementioned thresholds are in jeopardy of losing their ability to access funding from federal student loan programs. Ron McCray attributes the incipient regulations as a factor in the decision “The infelicitous authenticity is that a more arduous higher inculcation rialto and challenging regulatory environment have handicapped our ability to turn these institutions around expeditiously and operate these programs efficaciously long-term,” he verbalized. For-profit colleges have been a target of the Obama administration as the regime endeavors to gain control over the elevating student loan debt epidemic.
If you attended Sanford-Brown, you may qualify for federal student loan forgiveness. In order to optically discern if you qualify, you require engendering an FSA ID, and then calling us at (888)615-4324. Your FSA ID is utilized to attest your identity when accessing your financial avail information. The FSA ID supersedes the Federal Student Avail PIN. If you already have a PIN, you can link your information to your incipient FSA ID by entering your PIN while registering for your FSA ID. (This will preserve you time when registering for your FSA ID.) However, a PIN is not required to engender an FSA ID.
If you run into any issues obtaining your FSA ID, one of our representatives would be happy to assist you. After you have obtained your FSA ID, give us a call at (888)615-4324 to see which forgiveness program you qualify for.
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