I Owe $40,000 on Student Loans. My School Closed And I Just Found Out They Were Not Accredited. – Tenisha

Tenisha

“Dear Steve,

I graduated from a school which stated they were accredited and I find out 3 years later that it wasn’t accredited and has been closed down. For loans, I know that I our roughly $40,000. Another school has taking over, but they claim that my credits can be transfered.

I need to know what should I do in order to get this problem resolved.

Tenisha”

Dear Tenisha,

If you had federal student loans you might be eligible for some loan relief. You can used the closed school search page for more details about your school. And then you can contact your closed school contact person and ask for assistance to see if the loans can be eliminated.

It sounds like the school that is taking over is really accredited and I can see where the transfer of credits from the closed school can be a problem. Non-accredited credits would not be recognized.

Your best approach here is that hopefully your loans were federal student loans, you can get the loans discharged and you can start over again in a school that is truly accredited and not a fraud.

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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