OMEGA INSTITUTE CLOSED ITS DOORSFOR-PROFIT VOCATIONAL SCHOOL CLOSES AFTER NEW REGULATIONS SET BY THE D.O.E.
The induction of new regulatory standards by the U.S. Department of Education have been implemented for the protection of students that attend career colleges from possible burdens of student debt loans.
Over 30 years of schooling, the Omega Institute was established in Haddonfield, New Jersey in 1980 as a private post secondary school. After a change in ownership it moved its location to Pennsauken, New Jersey, and became a vocational school that focused primarily on the medical studies.
In response to the changes, Omega Institute has made the decision to close as of December 31, 2014. It has been speculated the reasons behind the voluntary closure are predatory lending practices.
Meaning that the loans had vague terms and conditions or that the college promised vocational assistance but couldn’t deliver. of the for-profit school. The recent regulatory standards are putting a magnifying glass on all for-profit colleges and their lending practices.
A teach-out program for students attending Omega at the time of closing to choose too attend Camden College to finish their studies and courses. However, the teach-out course program ended as of July 30, 2015. As a result of the closure, the accreditation for Omega is nul in void. Loan forgiveness is available for those students that qualify.
Student Loan Forgiveness
What is arguably the national crisis of total student loan debt currently exceeds 1 trillion dollars, according to a report by the Consumer Protection Bureau, and there have been widespread government initiatives to provide the opportunity for partial or total student loan forgiveness, as well as entrepreneurial social movement to provide real expediting services (at affordable prices for all), in the interests of restoring the balance of our economy.
GoodbyeLoans.com is one service that helps students navigate the options and programs offered by the Department of Education, and provides real guidance for pursuing consolidation, reduction, and even total forgiveness of both federal and for-profit student loans.
Because forgiveness applications can be so complex, services likeGoodbyeLoans.com provide a badly needed service to the thousands of Americans suffering from crippling, and in some cases unjust, student debt.
GoodbyeLoans.com’s core staff are dedicated young entrepreneurs, committed to providing a “smart fix” to this national problem by offering “no-strings” consultations, affordable pricing, and swift resolution.
With more solutions-oriented services like GoodbyeLoans.com entering the market place, it will be interesting to see what can be done about the national student loan debt, as well as the closure of institutions such as Omega Institute.