OMEGA INSTITUTE CLOSED ITS DOORS
Options now available for private and federal loan forgiveness
FOR-PROFIT VOCATIONAL SCHOOL CLOSES AFTER NEW REGULATIONS SET BY THE D.O.E.
At a Glance
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.
The end of Omega
After 30 years of schooling, Omega Institute has decided to close its doors December 31st, 2014. Recent changes in the way for-profit schools and their lending practices may operate have been closing many for-profit colleges down so it’s no surprise that Omega closed as well. It’s speculated that a reason for their voluntary closure could be predatory lending practices, meaning that the loans had vague terms and conditions or that the college promised vocational assistance but couldn’t deliver.
Students who attended Omega at the time of its closing could have attended Camden County College to finish their course through a teach out program between the former and latter schools, however, that teach out program ended as of July 30th, 2015. As Omega is closed, its accreditation has also been laid to rest. Loan forgiveness is now available as a result of the closure.
Some tech startups, like GoodbyeLoans.com, work to assist students who’ve experienced issues like this at for-profit institutions like Omega Institute with their federal and private student loans. “We understand exactly how hard it can be to cope with looming debts in the face of a struggling economy, and we’ve taken the time to thoroughly examine the systemic options of optimized repayment and/or loan forgiveness, so that you can take the shortest path to moving forward. This is by no means an intention to slander or defame universities like Omega Institute in any way. There are enough credible sources that we felt prompted to take action and offer our insights to any student faced with overwhelming debt or institutional injustice.”
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 cosolidation, reduction, and even total forgiveness of both federal and for-profit student loans.
Because forgiveness applications can be so complex, services like GoodbyeLoans.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.