[Nabeel76]

Quick Question,

I had obtained a student load about 3 years ago for attendance to a school's technical program which consisted of 4 courses. The school start date was delayed by about 6 months due to lack of enrollment in the program. Meanwhile the loan had started and I was in repayment. Finally, the program started 6 months late and the first course was completed. Then the 2nd course was delayed due to the lack of lab equipment. This was delayed for about 6-8 months, in which they kept telling us that the equipment would arrive. Well some of the equipment arrived and we started the 2nd class - two days after this class started the school puts the whole program on hold and cancels the class and tells the students nothing but to standby for a couple of weeks. A couple of months later we learn that the school went bankrupt and classes where done. I in the meantime had been paying the student loan off - The school really wasn't being helpful in refunding any money back towards the loan, and I really didn't persist because I was under the impression that my company would reimburse me. Well about another year passes by and my company never reimburses me for the classes. I am still paying for the loan which is held by Sallie Mae. Is there any way out of this? Especially when I didnt even complete even half of the program promised!

[Anonymous]

The lender is not likely to forgive your loan on the basis that the school you picked went bankrupt - after all, while they may be sympathetic, but that's not their fault.

Arguably the students who had paid tuition for classes which were canceled without completion would be owed a refund by the school, and should have been treated as creditors in the bankruptcy. It doesn't sound like this was done, but if the company was liquidated there's probably no longer a realistic opportunity to pursue a claim through the bankruptcy court. And whatever the situation, there may no longer be any money to recover.

Still you may wish to speak with a lawyer in the area about whether any remedy exists, whether against the school's successor or former principals. A lawyer may be interested in checking out your situation, particularly if there are a number of similarly situated former students who might still have valid claims despite the bankruptcy.

[Nabeel76]

Thanks for the info. Yeah, I thought that their was probarbly not much that I can do. But I will go ahead and take your advice and contact a lawyer to see if there is any chance left. What kind of lawyer specializes in this and what would be the best way to find one?

Thanks

[Anonymous]

It's difficult to point to a particular specialty. You might want to try a multidisciplinary firm with some experience in bankruptcy and collections, or a smaller firm or solo practitioner with some experience with collections.

[Nabeel76]

Will do - Thanks,


Nabeel