How to Qualify for a Green Mountain College Student Debt Discharge
NEWS ALERT: On January 23rd, 2019, Green Mountain College announced that it would be shutting down at the end of the 2019 academic year, following the end of the spring semester.
The school then closed officially in May, but I can’t find the exact date, unfortunately that it shut it’s doors, which will become important in just a minute.
Since the college shut down, that means that anyone who was still attending, but hadn’t yet graduated, now has access to a Federal Student Loan Forgiveness Program called the Closed School Discharge Program.
If you’re able to qualify for a Closed School Discharge, then you can eliminate your federal loans, as long as you don’t care about retaining the credits you earned from Green Mountain College.
This Guide will explain how to apply for a Green Mountain College Closed School Discharge.
But Before I Explain How the Closed School Discharge Program Works…
Let me first give you some advice – if you want to keep your Green Mountain College credits, or if you don’t qualify for the Closed School Discharge, then you may want to consider hiring an expert to help with your debt.If you're truly struggling with student debt, then you should also consider paying a Student Loan Debt Relief Agency for help. Why? Because the people working at these companies deal with student loans all day, every day, and they're your best chance at figuring out how to get your loans back under control.
I've interviewed all sorts of debt relief agencies over the past 10 years, talking to all sorts of so-called "experts", and I can tell you that in all honesty I've only found two companies I trust to offer actual financial relief to people struggling with student loans.
For help with FEDERAL Student Loans: Call the Student Loan Relief Helpline at 1-888-906-3065. They will review your case, evaluate your options for switching repayment plans, consolidating your loans, or pursuing forgiveness benefits, then set you up to get rid of the debt as quickly as possible.
For help with PRIVATE Student Loans: Call McCarthy Law PLC at 1-877-317-0455. They will negotiate with your lender to settle your private loans for much less than you owe, then get you a new loan for the much lower, settled amount. NOTE: McCarthy Law can ONLY help with Private student loans.
If you do decide to call one of these companies and you have a bad experience with either of them, PLEASE make sure to come back and let me know about it in the Comments!
Who Qualifies for a Green Mountain College Closed School Discharge?
According to the rules of the Closed School Discharge Program, you must not have completed all coursework required for graduation when Green Mountain closed, and you have to have been actively enrolled in the school (or on an approved Leave of Absence) within 120 days of the closure.
As I mentioned earlier, I know the school officially shut down in May, but I can’t find the exact date, which means that you must have been still enrolled at Green Mountain in January 2019 in order to qualify for the Closed School Discharge.
Remember, only Federal student loans are eligible for Closed School Discharges, but the good news is that if you do have Federal loans, and you were enrolled in January, then you’re almost certainly going to qualify for and receive the discharge, if you want it.
And that’s a very different situation compared to the other Federal Student Loan Relief Programs on offer, like the Borrower’s Defense to Repayment Program, which requires convincing someone at the Department of Education that the school committed fraud against you in order to receive forgiveness.
In this program’s case, there’s no subjectivity involved, which makes it way easier to get the benefit.
Conditions That Prevent a Closed School Discharge
Before I explain how to apply for a Closed School Discharge, let me explain a couple situations that could prevent you from getting approved for the benefit.
If any of these apply to you, then don’t try for the Closed School Discharge, because your application will simply be denied:
- Don’t apply if you withdrew from courses more than 120 days before Green Mountain closed
- Don’t apply if you’ve already transferred your Green Mountain credits to a similar program at another school
- Don’t apply if you completed all the coursework required to graduate from your program before Green Mountain closed (even if you didn’t get your actual diploma)
If any of these apply to your situation, then the Department of Education will simply deny your Discharge application, and it’ll be a waste of time.
The condition above that usually causes issues for people is the credit transfer one, again, because a Closed School Discharge means you have to sacrifice the credits you earned from Green Mountain.
How to Apply for the Closed School Discharge
Fortunately, this part is really easy. To apply for a Green Mountain Closed School Discharge, simply:
- Contact your Federal Student Loan Servicing Company and let them know that you want to apply for the Closed School Discharge
- Once they tell you what their process is for applying for the Discharge (each Servicer has different requirements), do whatever they tell you to do and then you’ll be all set
To find out who your Federal student loan servicer is, visit my Guide on Federal Student Loan Servicers here.
Make sure to keep sending your monthly student loan payments to the servicing company UNTIL you’ve been told that your Closed School Discharge was officially approved!
State Tuition Recovery Fund Refunds
Closed School Discharges are offered by the Federal Government, but many State Governments also offer benefits to students whose schools closed before they graduated.
These benefits are called State Tuition Recovery Fund Refunds, and if you’re lucky enough to live in a state that offers them, then you may be eligible for additional assistance.
To find out if you can take advantage of them, you’ll need to contact your state’s Postsecondary Education Agency.
This is the Agency who sets the rules for higher education in your state, monitoring school compliance, enforcing regulations, etc.
To find out who to call, go to Google and search “YOURSTATE Postsecondary Education Agency”, then just call or email the group that comes up and ask them if you’re eligible for a State Tuition Recovery Fund Refund.
Other Federal Student Loan Assistance Programs
If you don’t want to use the Closed School Discharge because you want to keep your Green Mountain credits, or if you don’t qualify for the Discharge, then don’t give up quite yet.
There are tons of other benefits programs available to people with Federal student loans, and I’ve spent the past 10 years writing up Guides on each of these programs here on ForgetStudentLoanDebt.com.
For Help with Federal Student Loans, check out my Guides on:
- Federal Student Loan Forgiveness
- Federal Student Loan Bankruptcy
- Federal Student Loan Consolidation
- Federal Student Loan Delinquency & Default
- The Federal Student Loan Rehabilitation Program
- Federal Student Loan Wage Garnishment
- Federal Student Loan Deferment
- Federal Student Loan Forbearance
- Federal Student Loan Repayment Plans
Help With Private Student Loans
And if you have private student loans, you won’t have access to as many benefits programs, but you still may be able to qualify for some form of relief.
For Help with your Private Student Loans, take a look at my Guides on:
- Private Student Loan Forgiveness Programs
- Private Student Loan Consolidation
- Private Student Loan Bankruptcy
- Private Student Loan Defaults
If you have any other questions about student loans, please feel free post them in the Comments section below.
I’ll do my best to get you a response within 24 hours!
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Disclaimer:Information obtained from Forget Student Loan Debt is for educational purposes only. You should consult a licensed financial professional before making any financial decisions. This site receives some compensation through affiliate relationships. This site is not endorsed or affiliated with the U.S. Department of Education.