Victory University closes after announcement of financial hardship
Just a short five years after the acquisition and name change, Victory University closed citing financial troubles. Crichton College, as the school was formally known. was founded in 1941 as a Christian-based liberal arts school which eventually grew to offer 16 majors in total. In 2008, Crichton cut its budget, jobs and administrators proclaiming the school was over it's head in financial indebtedness.
The announcement of the Victory's closure came as a shock to students and faculty along with students as they discovered monies were still owed , an unable obtain their transcripts until the debts are satisfied.
Student Josh Beaver, a business major, stated classes ran about $1,000 each with only a maximum of 90 credits that were transferrable to another school. He was hit with more charges than originally told and went onto state:
"They said I owe them $500," Beaver said. "I pay in full every semester so I don't know what they are talking about."
These charges, Beaver stated, must be paid before obtaining transcripts causing even more distress to students.
This university was supposed to be the affordable option for many students per Kenneth Kinney, director of marketing communications at Victory University.
Just as in the other closures of for-profit schools, loan forgiveness is now an option for students that attended Victory University.
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.
GoodbyeLoans.com 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 for-profit student loans.
Because forgiveness applications can be so complex, services like GoodbyeLoans.com provide a badly needed service to the thousands of Americans suffering from crippling, and in some cases unjust, student debt.
GoodbyeLoans.com’s core staff are dedicated young entrepreneurs, committed to providing a “smart fix” to this national problem by offering “no-strings” consultations, affordable pricing, and swift resolution.
With more solutions-oriented services like GoodbyeLoans.com entering the market place, it will be interesting to see what can be done about the national student loan debt, as well as the closure of institutions such as Victory University.