Is ICDC Closing?
ICDC is a for-profit college, well known for its daytime television ads featuring Master P and Lil Romeo. But, as they are seeing now, it takes more than a catchy beat to run a college. The Obama administration has been particularly hard on for-profit colleges in the last couple of years, as demonstrated by the colassal downfall of for-profit mega chain Corinthian Colleges. It appears now that ICDC is on the same path. ICDC College was founded on November 13, 1995 as International Career Development Center, Inc., by Anna Berger, an educator and CPA. The school specializes in providing entry-level training programs for students of all ages and career phases.
A few days ago, we received a tip from a current employee of ICDC that the school is going to soon announce its closure. We quickly looked up ICDC College, and found the following statement on their website: “WE ARE NO LONGER ACCEPTING NEW APPLICATIONS FOR ENROLLMENT.” This seems to be a good indicator that the rumors are true about ICDC closing.
This is potentially great news for former students from ICDC College. As with Corinthian Colleges, when a large for-profit college closes, many students are able to get their loans forgiven due to the false promises made by the college. However, as we are currently seeing with students from Corinthian’s Everest, WyoTech, and Heald Colleges, this is a long, drawn out process. It can take years for students’ debt to actually be wiped clean. In the meantime, however, there are programs available through the federal government allowing loan forgiveness. In this case, it is in the best interest of all former ICDC students to pay as little as they can on their student loans until those loans are forgiven. That is not to say that you should stop paying your student loans, that would land you in default, harm your credit, and potentially lead to wage garnishment. However, depending on your circumstances, you may be eligible to enroll in a student loan forgiveness program, during which time your student loan payments could drop to as low as $0/month, with the rest of your loan forgiven after a certain period of time. This is a win-win situation for students. If the government steps in and decides to completely wipe the slate clean for former ICDC students, which may take a few years, you will have paid $0/month the entire time waiting for the decision to be made. If the government does not decide to clear former students’ debt, which is entirely possible, you will still be at a low or $0/month payment plan with the rest of the loans slated for forgiveness at the end of the term.
New programs have been made available under Obama’s student loan forgiveness guidelines, but you must act quickly, as spaces are limited. If you attended ICDC, give us a call at (866) 823-5649 if you have any questions, and to see if you qualify for student loan forgiveness. ICDC will be announcing their closure in the near future, and you will have a much easier time entering one of these programs before the situation gets too hairy. If you would rather, you can also leave your information on the form below this article and one of our student loan advocates will get in touch with you within 24 hours. Grad Loan Resolution is a Christian organization dedicated to assisting students in finding relief from the burden of student debt.
Update 4/6/16: After speaking with ICDC’s legal counsel, Marc Polansky of ZipEdTech, I have removed portions of this article deemed defamatory by Mr. Polansky. We have been told since releasing this article that ICDC is being sold to another online college, Trident. Mr. Polansky declined to comment on whether or not that is true. If anyone has any more information on this story, please email me.