2007-10-16 07:31:36 · 6 answers · asked by angel 6 in Education & Reference ➔ Financial Aid
Yes, you may apply to have your loan discharged due to the closure of the instiution, BUT (and this is a big "but") there are very specific restrictions:
You must have been actively enrolled at the institution at the time it closed OR have withdrawn from the institution not more than 90 days before it closed. You must also prove that you were not able to complete your education as a result of the schoo closing. So this means that you cannot have already obtained a degree from this school.
If you believe that you qualify, then follow the link from "dawncs"'s answer and click on the "Discharge for School Closure" link for the application.
2007-10-16 11:59:33 · answer #1 · answered by superstar_81882 5 · 3⤊ 0⤋
Superstar and Daniel are correct. If the school closed after you graduated, well there is absolutely nothing you can do. If it closed while you were enrolled, then you may qualify for a Closed School discharge... this applies mainly to ffelp loans I believe... private loans I don't think you have the option of a closed school discharge.
2007-10-16 13:27:45 · answer #2 · answered by TheJay300 1 · 0⤊ 0⤋
The other two are incorrect because there is a program out there for those effected by a school closure. It is a program out of the U.S. Department of Education. I have included a link from the Federal Student Aid website. Good luck!
2007-10-16 07:43:47 · answer #3 · answered by dawncs 7 · 2⤊ 1⤋
the only way you can get out of it is if the school closed before you got the certification or whatever you were working towards.
if they closed after you graduated or dropped out, then you are stuck.
2007-10-16 12:02:38 · answer #4 · answered by Daniel 5 · 0⤊ 0⤋
No, if it's a federal student loan, there's no way out. You signed a contract when you got it. The only way to get out of paying it is death (besides deferrments and such). You can't even get out of them now with bankruptcy.
2007-10-16 07:34:42 · answer #5 · answered by Annie 3 · 0⤊ 3⤋
I don't understand. The loan isn't with the school, it's with the bank. Did you not borrow money from the bank? Borrowed money has to be repaid.
2007-10-16 07:39:09 · answer #6 · answered by Anonymous · 0⤊ 3⤋