PEAKS Loan Forgiveness
For Private Student Loans
Timeline of Events
PEAKS private loans are to launched to provide funding for ITT tech service students.
First Associates Loan Servicing announces it will service the PEAKS private student loan program.
PEAKS loan program ends at ITT Technical Institute.
ITT Technical Institutes guaranteed obligations being to ballon due to PEAK loans performing so abysmally, with extremely high default rates.
PEAKS loans start to become problematic. ITT Technical Institute projects default rates in PEAKS and a similar pool of loans to be as high as 59%.
The Consumer Financial Protection Bureau (CFPB) sues ITT Technical Institute over PEAK loans.
ITT Technical Institute could be forced to make additional payments of PEAKS liabilities of over $100 million.
ITT Technical Institute CEO, Kevin Modnay, and chief financial officer Daniel Fitzpatrick announce they will step down, but ultimately stay on board with the institute.
ITT Technical Institute is sued for deceiving students.
In cases of for-profit school closures: You may qualify for one of the private student loan forgiveness programs.
If you attended ITT Technical Institutes and took out a PEAKS private loan, you may qualify to have your PEAKS loan invalidated.