closedMost students put a great deal of effort into choosing the educational institution that best suits their educational plans. They do their research to determine if the courses offered are going to meet their needs. They look at the past track record for the school based on student graduation. What they don’t contemplate is that the school may end up closing during the course of their education.

Do I Still Owe?

Here the student is now debt laden with student loans and no hope of continuing in their chosen educational institution. Fortunately there is a solution for this albeit it doesn’t include the solution for re-opening the school. It does mean that the student loan may be eligible for student loan forgiveness meaning it doesn’t have to be paid back. You may still be eligible for this even if you were on an approved leave of absence. This is a very important situation and one that you need to act upon quickly. Speak with a student loan debt attorney who specializes in student loans to see if your situation is applicable. If this turns out not to be the case in your particular circumstance this professional may be able to discuss other options that may be available to help you with your student loan situation if the financial burden has become too much for you.

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