If you were a student at Mount Washington College and had loans through the school, you may be wondering about loan forgiveness and repayment options.
When a school closes, it can be difficult for the students. They may have to scramble to find new schools or figure out how to continue their education. Worse still, if they had loans through that school, they may have to worry about how they will repay those loans.
Mount Washington College, a for-profit college in New Hampshire, was closed in 2016 due to low enrollment. This left lot of student loan borrowers with a problem.
This article will discuss the loan forgiveness and repayment options available to Mount Washington College students.
Mount Washington College Student Loan Forgiveness Options
If you are a student who attended Mount Washington College, a few loan forgiveness options are available.
1. Borrower Defense Loan Discharge
Suppose the school you attended was engaged in fraudulent or deceptive practices that violate specific state laws. In that case, you might be able to have your loans forgiven through the Borrower Defense Loan Discharge.
2. Income-Driven Repayment Plans
If you cannot have your loans discharged, you may be able to reduce your monthly payments through an income-driven repayment plan.
There are four different income-driven repayment plans: Income-Based Repayment Plan (IBR), Pay As You Earn Repayment Plan (PAYE), Revised Pay As You Earn Repayment Plan (REPAYE), and Income-Contingent Repayment Plan (ICR).
3. Public Service Loan Forgiveness (PSLF)
If you work in public service and make 120 qualifying monthly payments on your federal student loans, you may be able to have the remaining balance of your loans forgiven through the PSLF program.
You can learn more about the PSLF program here: Who Qualifies for Public Service Loan Forgiveness (PSLF)
4. Closed School Loan Discharge
The Closed School Loan Discharge is a federal program that allows borrowers to have their loans forgiven if the school they attended closed while they were enrolled or within 120 days of their enrollment.
To be eligible for this discharge, you must have attended the school when it closed or withdrew within 120 days of the school closing.
5. TPD Discharge (Total and Permanent Disability Discharge)
If you cannot work because of a total and permanent disability, you may be able to have your loans forgiven through the TPD Discharge program.
To qualify for the TPD Discharge program, you must provide documentation of your total and permanent disability from a qualified physician.
Student loan consolidation
Student loan consolidation combines multiple student loans into one loan with a new interest rate and repayment term.
There are two main reasons to consolidate your student loans: to get a lower interest rate or to extend your repayment term. You can consolidate multiple federal student loans or a federal loan and a private student loan.
If you’re struggling to make your monthly payments, consolidating your loans may be a good option for you.
Speak to a qualified student loan Advisor
These are the six primary loan forgiveness and repayment options available to College students.
If you’re unsure which option is best for you, you can speak to a qualified student loan advisor.
However, while you are waiting for your application to be processed and approved by any of these options, It’s important to note that it’s still your responsibility to make your loan payments. If you cannot make your loan payments, you should contact your loan servicer to discuss alternative repayment options.
About Mount Washington College?
Mount Washington College, formerly known as Hesser Business College, was a private for-profit college located in New Hampshire. Joel H. Hesser founded it in 1900. Till its closure, Mount Washington College was owned by Kaplan Inc.
The College had five Manchester, Nashua, Portsmouth, Salem, and Concord campuses. The college offered associate and bachelor’s degrees in business, information technology, digital media, criminal justice, liberal studies, healthcare management, psychology, and paralegal studies.
Furthermore, the school expanded its national presence via its online education programs to obtain both degrees in business and information technology.
Mount Washington College acceptance rate
Mount Washington College’s acceptance rate stood at 57%, while the yield (enrollment rate) was 82%.
Obtaining Mount Washington College Transcripts
If you attended Mount Washington College and would like to obtain a copy of your transcripts, you can contact one of the following agencies.
- Arkansas Department of Education
- New Mexico Higher Education Department
- Texas Higher Education Coordinating Board
Alternatively, you can order them from the National Student Clearinghouse.
The National Student Clearinghouse is a third-party company that provides transcript and enrollment verification services for colleges and universities.
To order your transcripts visit the National Student Clearinghouse website.
Mount Washington College Main Campus
3 Sundial Ave
Manchester, NH 03103
Tel: (603) 668-6660
Mount Washington College Tuition Cost and Average Debt
According to the College Scorecard, the average annual cost of tuition for a bachelor’s program at Mount Washington College was $15,428. The average graduate owed $16,445 in student loans. The median debt for dropouts was $5 399.
Closure of Mount Washington College
In October 2013, Kaplan Inc., the parent company of Mount Washington College, announced that the college would be closing. The decision took effect in January 2014 and affected around 900 students and 50 employees.
The college’s closure was primarily attributed to low enrollment, where the college recorded about a 30% decline in student 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, do not hesitate to contact us. You can call or fill out a form and speak to one of our student loan advisors.
We have several resources that can help you make the best decision for your financial future.