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NON-PROFIT COLLEGE CLOSES DOORS, STUDENTS AT A LOSS FOR WORDS
What is Mountain State University
Mountain State University (MSU) was a private nonsectarian not-for-profit university based in Beckley, West Virginia, United States. The university ceased to operate effective January 1, 2013. MSU was previously listed as one of the best universities in the Southeast by The Princeton Review. The school had also been named a Military Friendly school by G.I. Jobs. The university was founded in 1933 as Beckley College, a junior college, and continued as such until 1991, when it achieved four-year status and was renamed The College of West Virginia. In 2001, the school was renamed Mountain State University. On June 28, 2012, the Higher Learning Commission, the regional accrediting authority for the North Central Association of Colleges and Schools, withdrew the accreditation of Mountain State University, effective August 27, 2012. The date was subsequently extended until December 31, 2012 to allow the university to 'teach out' those students close to graduation.
On August 6, 2012, MSU's Board of Trustees formally appealed the withdrawal of MSU's accreditation with the Higher Learning Commission. On December 18, 2012, the Appeals Panel voted to sustain the Commission's action. MSU's regional accreditation terminated on December 31, 2012. In May 2014, the Mountain State University Board of Trustees filed a lawsuit against the Higher Learning Commission seeking to restore the university's accreditation.
On August 13, 2014, UC announced that a settlement had been reached between itself, MSU, and the plaintiffs in various lawsuits arising out of the loss of MSU's accreditation.nMSU's insurance company will pay $8.5 million, and MSU will liquidate all of its remaining assets. The settlement was given preliminary court approval on October 6, 2014. Final court approval was given on March 9, 2015. MSU’s former Beckley campus was sold to West Virginia University. MSU maintains its suit against the Higher Learning Commission, and maintains its $2 million life insurance policy on Dr. Charles Polk.
How Its Closure Affects Former Students
All degrees conferred on or before December 31, 2012 are valid and were received from an accredited institution. However, due to the closure of the school, former students may qualify for student loan forgiveness. It does not matter when you attended the school, only that you still have student loans remaining (refunds are not available for loans that were paid off). To see if you qualify, call (800) 940-8911.
Some tech startups, like Goodbye Loans, work to assist students who’ve had a poor educational experience at non-profit and for-profit colleges alike with their federal and private student loans. “We understand exactly how hard it can be to cope with looming debts in the face of a struggling economy, and we’ve taken the time to thoroughly examine the systemic options of optimized repayment and/or loan forgiveness, so that you can take the shortest path to moving forward. This is by no means an intention to slander or defame colleges like Mountain State University in any way. There are enough credible sources that we felt prompted to take action and offer our insights to any student faced with overwhelming debt or institutional injustice.”
STUDENT LOAN FORGIVENESS
What is arguably the national crisis of total student loan debt currently exceeds 1 trillion dollars, according to a report by the Consumer Protection Bureau, and there have been widespread government initiatives to provide the opportunity for partial or total student loan forgiveness, as well as entrepreneurial social movement to provide real expediting services (at affordable prices for all), in the interests of restoring the balance of our economy.
Goodbye Loans is one service that helps students navigate the options and programs offered by the Department of Education, and provides real guidance for pursuing consolidation, reduction, and even total forgiveness of both federal and private student loans.
Because forgiveness applications can be so complex, services like Goodbye Loans provide a badly needed service to the thousands of Americans suffering from crippling, and in some cases unjust, student loans. Goodbye Loans’s core staff are dedicated young entrepreneurs, committed to providing a “smart fix” to this national problem, offering “no-strings” consultations, affordable pricing, and swift resolution. With more solutions-oriented services like Goodbye Loans entering the market place, it will be interesting to see what can be done about the national student loan debt.