Corinthian College Inc. has recently announced that it will be closing the majority of its campuses. This closure is impacting thousands of students. So, how can your college closing its doors actually benefit you? You might be surprised to learn that the federal government offers a closed school discharge that may allow you to eliminate your student loan debt.
As of July 1, 2014, the law changed to provide more protections for student loan borrowers. If you have a federal loan and your college closes while you are enrolled, you may be eligible to have your student loans discharged. You must show that you are not able to complete your program of study for which the loan was intended. Prior to July 1st, a student must have attended the school within 90 days of the date it closed (or was on a leave of absence approved by the school). Now, the change in the law has extended this time period to 120 days of the school closure date.
There are many factors that must be considered in applying for the closed school discharge. If you believe you may be eligible to have your federal student loans discharged, contact us for help. We will review your individual circumstances and help you understand all of your options. Let us work to obtain the relief available to you.
The “defender of the little guy,” DeLadurantey Law Office, LLC, handles student loan debt and bankruptcy matters (Chapter 7 and Chapter 13) in Milwaukee, South Milwaukee, West Milwaukee, and Milwaukee County, including the municipalities of Bayside, Brown Deer, Cudahy, Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Oak Creek, River Hills, Shorewood, St. Francis, Wauwatosa, West Allis, and Whitefish Bay. The firm also can handle your debt negotiations, debt relief, and mortgage loan modifications. Contact DeLadurantey Law Office, LLC by phone: (414) 377-0518. Like us on Facebook.