Are you a former Missouri College student struggling to repay your student loans? You’re not alone. The closure of the school has left many students scrambling for a plan. But don’t worry, there are loan forgiveness and repayment options available to you.
As the cost of higher education skyrockets, there has been a growing demand for solutions to the student loan crisis. In response, the government has created several loan forgiveness and repayment programs to help students struggling with debt.
This article will explore the different loan forgiveness and repayment options available to Missouri College students.
What is Missouri College?
Missouri College was a for-profit college located in St. Louis, Missouri. The school offered associate’s and bachelor’s degrees in various subjects.
The college closed in April 2018 after facing that offered associate’s and bachelor’s degrees in business, criminal justice, health sciences, information technology,
Missouri College was a subsidiary of Weston Educational Inc.
Missouri College Loan Forgiveness and Repayment Options.
The Department of Education has several loan forgiveness and repayment programs available to students who have been affected by the closure of Missouri College. Let’s take a look at each of them.
School Closure Discharge
The School Closure Discharge Program is available to students attending Missouri College or who withdrew within 120 days of the closure. To qualify for this program, you must meet all of the following criteria:
- You were enrolled when your school closed;
- Your school must be closed within 120 days after you withdrew (if your loans were first disbursed before July 1, 2020); or
- Your school must be closed within 180 days after you withdrew (if your loans were first disbursed) on or after July 1, 2020.
If you meet all of these criteria, you may be eligible for your federal student loan full discharge.
Student Loan Consolidation
The Federal Student Loan Consolidation Program is available to students with multiple federal student loans. This program allows you to combine all of your loans into a single loan with a lower monthly payment.
To qualify for loan consolidation, you must meet the following criteria:
- You must have at least one federal student loan.
- The loans you consolidate must be in repayment or the grace period.
- You must be a U.S. citizen or permanent resident.
The Income-Based Repayment Plan
The Income-Based Repayment Plan is available to students who have high debt levels relative to their income. This plan allows you to make monthly payments based on your income and family size. If your monthly payment is lower than the amount you would pay under the Standard Repayment Plan, your loan will be forgiven after 20 or 25 years of payments.
There are four different Income-Based Repayment Plans:
- Pay as You Earn Repayment Plan(PAYE)
- Revised Pay as You Earn Repayment Plan(REPAYE)
- Income-Based Repayment Plan(IBR)
- Income-Contingent Repayment Plan (ICR).
Borrowers defense to repayment
The Borrowers defense to repayment program is available to students who have been defrauded or misled by their school. If you can prove that your school violated certain laws, you may be eligible for a full discharge of your federal student loans.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness Program is available to students who work in public service jobs. This program allows you to receive loan forgiveness after 10 years of qualifying payments.
To qualify for Public Service Loan Forgiveness, you must meet the following criteria:
- You must have Direct Loans.
- You must work full-time for a qualifying public service organization.
- You must repay your loan payments under an Income-Based Repayment Plan.
TPD Discharge (Total and Permanent Disability Discharge)
The TPD Discharge is available to students who have been medically certified as totally and permanently disabled. You must provide documentation from a qualified physician that confirms your disability to qualify for this discharge.
Missouri College Transcript.
If you transfer to another school to continue your education, you may be asked to provide a copy of your Missouri College transcript.
Your transcript will indicate which courses you completed and the grades you received. It will also include your degree or certificate information. The records also may be useful in verifying your claim for a closed school loan discharge.
According to Missouri College, all enrolled students, including those who withdraw on or after July 4, 2016, can expect to receive an official and unofficial transcript.
Alternatively, you can also visit parchment.com to request that an electronic copy of your transcript be transferred to another school.
If you have any questions about your transcript or other records, send an email to firstname.lastname@example.org. If you do not receive a transcript or withdraw before July 4, 2016, visit your applicable state agency’s website listed above to get the most updated information about how to obtain one.
Closure of Missouri College
On Nov. 1, 2016, officials representing Missouri College alerted the U.S. Department of Education that the school would cease operations and no longer offer instruction at its only location in Missouri. The closure was attributed to financial difficulties and a decline in enrollment.
Need Help with student loans.
If you’re having difficulty keeping up with your student loan payments or want to learn more about your alternatives, don’t hesitate to contact us.
Our student loan advisors are available to answer any of your questions and help you find the best solution for your unique situation.
You can also check out our website for more information on student loans and repayment options. We want to make sure that you have all the information you need to make the best decision for your future.