Options now available for private and federal loan forgiveness
FOR-PROFIT COLLEGE CLOSES DOORS, MUCH TO THE SHOCK OF STUDENTS, TEACHERS, AND TRUSTEES
Chester College of New England was a bachelor’s degree-granting college that provided a foundation in the liberal arts and the fine arts, complemented by majors in the professional arts. It opened in 1965 and closed at the end of the 2011-2012 academic year for financial reasons.
The name of the school was changed in 2002, under the leadership of Dr. William Nevious, third president of the college. Around this time, the college expanded from a 2-year program to a 4-year college with an emphasis on the arts. Nevious was credited with unprecedented growth and transformation of the College during his presidency.
In April 2012 the college disclosed an operating deficit. Despite fundraising efforts, in May 2012, the college’s Board of Trustees announced that they had voted to close the college.
Too often we see colleges like this shut down abruptly. Students receive the short end of the stick when this happens, so it’s no surprise that they panic and even speculate Predatory Lending Practices. Thankfully, the Obama Administration has been fighting tooth and nail to bring students like this some peace in their financial life.
Some tech startups, like Goodbye Loans, work to assist students who’ve had a poor educational experience at non-profit and for-profit colleges alike with their federal and private student loans. “We understand exactly how hard it can be to cope with looming debts in the face of a struggling economy, and we’ve taken the time to thoroughly examine the systemic options of optimized repayment and/or loan forgiveness, so that you can take the shortest path to moving forward. This is by no means an intention to slander or defame colleges like Chester College of New England in any way. There are enough credible sources that we felt prompted to take action and offer our insights to any student faced with overwhelming debt or institutional injustice.”
STUDENT LOAN FORGIVENESS
What is arguably the national crisis of total student loan debt currently exceeds 1 trillion dollars, according to a report by the Consumer Protection Bureau, and there have been widespread government initiatives to provide the opportunity for partial or total student loan forgiveness, as well as entrepreneurial social movement to provide real expediting services (at affordable prices for all), in the interests of restoring the balance of our economy.
Goodbye Loans is one service that helps students navigate the options and programs offered by the Department of Education, and provides real guidance for pursuing consolidation, reduction, and even total forgiveness of both federal and private student loans.
Because forgiveness applications can be so complex, services like Goodbye Loans provide a badly needed service to the thousands of Americans suffering from crippling, and in some cases unjust, student loans. Goodbye Loans’s core staff are dedicated young entrepreneurs, committed to providing a “smart fix” to this national problem, offering “no-strings” consultations, affordable pricing, and swift resolution. With more solutions-oriented services like Goodbye Loans entering the market place, it will be interesting to see what can be done about the national student loan debt, as well as the closure of colleges like Barat College, accused by students of predatory practices and facing increasing transparency.