Question:
Hi Steve,
My son attended Tribeca Flashpoint Academy from 2011 – 2014. Prior to enrollment both he and I sat down with the college founder and were told that the school was in the accreditation process and assured us that by my son’s second semester in attendance. When this did not occur we called and were told it was in the process.
Each semester, we were given the same story. Shame on me as a parent, for not being better informed. My son did not have assistance from the school following graduation but did obtain some skill set. He is now 27 and active military. He is unable to get assistance on his massive debt from Tribeca Flashpoint Academy due to the loan being processed before accreditation.
I feel that we were sorely misled and poorly informed. I have been trying to work with the school and Sallie Mae (loan provider) to see he can receive assistance for even a portion of this loan being that the school became accredited prior to his graduation.
If we are unable to do this, I think we will need to consider other loan options as his interest rate on these loans are out of hand. Do you have any advice of helpful knowledge to assist us?
Thanks for any knowledge or help you can provide.
Tracy
Answer:
Dear Tracy,
Since Tribeca Flashpoint Academy was not accredited at the time of the student loans it feels like these would have been private student loans.
Unlike federal student loans, private student loans don’t have any allowance for consideration or reductions if you were misled.
Private student loans also don’t have any forgiveness provision for public service employees like federal loans say they have.
It’s not clear if the loan received after the school became accredited was still a private loan. Given the murkiness of the situation, I really think you would benefit by talking to my friend Damon Day and discussing the exact timing of events.
You do have some options for dealing with the loan. None are a magic wand. But once you talk with Damon and he can get to some underlying issues, I’m confident he will share those options with you.
Ultimately the primary issue that has to be dealt with is if your son received the education that he was promised at the cost that he was told.
I have this past post on Tribeca Flashpoint that deals with similar issues.
People never assume going into the college experience that they have to be as on guard as they need to be, but ultimately buying education is still a caveat emptor (“Let the Buyer Beware”) situation.
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