My College is Closing

You may have heard some bad news recently: your school is closing. And now you’re not sure where to go or what to do next.

This can be a challenging process, we know. Here are some resources and answers to FAQs that can help you understand where to go from here. 

Do I have to start my degree over from the beginning?

It’s unlikely that you will need to start from scratch. You may not be able to transfer all of your credits, but some schools may have an MOU (memorandum of understanding, or special agreement) in place to help students like you transfer easily in a closing situation.

What happens to my student loans if my school closes?

In some cases, you may be eligible for student loan discharge on your federal loans. Talk with a financial aid counselor to learn more or visit the Federal Student Aid website

I had already graduated when my school announced it was closing. Is my degree still valid?

Yes! Don’t worry—employers won’t toss out your resume if your school closes. However, you should ensure you have a copy of your diploma and consider requesting additional copies of your transcripts before the institution closes.

How do I decide where to finish my degree?

Here are six things to investigate before you decide to transfer:

  1. Teach-out Plans or MOU’s – Agreements like these can make the transition to another school easier and help you stay on track to graduate. Watch for these opportunities.
  2. Cost – Compare the cost per credit hour and opportunities for financial aid. Don’t forget to look for discounts offered to students affected by school closings.
  3. For-Profit or Non-Profit – For-profit institutions are under high levels of scrutiny from the US government, which can mean less stability for students compared to non-profits. Non-profits also tend to have a student-centered structure, resulting in better support systems that focus on student success.
  4. Accreditation – Is the school regionally or nationally accredited? If your existing credits come from a nationally accredited school, you may have a hard time transferring them to a regionally accredited school.
  5. Credit Transfer Policy – Choose a school with a generous transfer policy so you can finish your degree as quickly as possible.
  6. Flexibility and Degree Programs – Look for a learning format that will fit your life and keep you on track for graduation.

I haven’t decided what my next step will be. What should I do in the meantime?

Be sure to get copies of your transcripts from your current institution. You can also read up on more frequently asked questions from the Federal Student Aid website.

 

Have more questions? Tweet us @IWUGlobal or call our team at 866-498-4968.


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