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What will happen to my student loans now Virginia College closed?

AUGUSTA, Ga. (WJBF) - With 70 Virginia College campus, including one in Augusta, shut down, it's the largest closure since two other for-profit colleges collapsed. Now local students are facing similar questions as Corinthian College and ITT Tech students what will happen to my student loans and what about my educational future.

"I took out a loan and paying monthly am I getting my loan back," Karson Foster.

Students, many of whom took out thousands of dollars in loans, are left with little information about how to continue forward. 

"Now you find out that the school that you've invested your time in to make a better career for yourself is gone," Kwashenda Gillespie said.

Questions about credit hours transferring, graduating, and financial aid are on the tops of former Virginia College student's minds.

"We done got these loans out, it's like crazy like, what are we gonna do next? What are we gonna do next," Sh'kera Dennis asked?

If you have federal student loans, you may be able to cancel your loans if you apply for a loan discharge. Keep in mind, if your loans are canceled and then you transfer credits to a similar program, you may have to pay to be those loans that were forgiven. Also, you may have to pay income taxes if you get your loans discharged.

On the other hand, private student loans, for the most part, you will still be responsible for paying your loan holder(s) back.  Some lenders may offer options to help you out.  Reach out to them to find out what options you have available to you. 

You may be able to complete your program and receive your degree or certificate with something called a "teach-out" arrangement.  Accept the arrangement to complete your program-work at another school, you'll be responsible for replaying all of your loans. Decline the offer, you may not have to pay back federal loans.

"Now we have to go find another school and hopefully pray that we can finish our extern hours and get our certification because we won't be able to do it here," Kwashenda Gillespie added.

With similar closures across the United States in recent years, thousands of students like Karson Foster were left wondering how to move forward investing her resources into an education that with a blink of an eye disappeared.

"We have a life, too. Some of us don't have a job to go to school and I pay for my daughter to go to daycare for me to go to school so for you to just say school is canceled and we are like but this is our life," she added.


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