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Ohio School Closing: Student Loan & Financial Options
Cincinnati Christian University has announced that they intend to cease offering accredited academic programs after the Fall 2019 semester. As a result, many Ohio students are left in a scramble to understand their options.
The decision to pursue a degree is a substantial investment of time and money, and the abrupt closure of an academic institution has lasting effects on the lives of those currently enrolled or recently withdrawn. A student loan lawyer can be an excellent resource to understand your options in this situation.
The primary concerns of many in this situation is the status of the credits they have earned, and the student loans they have borrowed to pursue a degree at the now-defunct institution. Every case is different, but there are multiple programs in place designed to help consumers in this situation.
If your school is closing while you are still enrolled, you may be offered the chance to participate in a Teach-out program to complete your degree. Teach-out programs are partnerships between the closing institution and other academic institutions specifically designed to streamline the process of helping currently enrolled students complete their course of study at a partnering institution. However, students are not limited only to Teach-out partner schools. Affected students may choose to explore on their own other institutions that may accept their credits and allow them to finish their course of study.
However, if students do not choose to complete their course of study or a comparable course of study, they may be eligible for discharge of their Federal Student Loans through the Department of Education’s discharge program. This program is available to students who were currently enrolled when the institution closed, or who withdrew within 120 days of closure from their course of study. More detailed information on this program and its eligibility requirements can be found on the Department of Educations student aid website.