ATTN: Fellow Masters Institute Student,

As a fellow student, I too am frustrated by what has just transpired.

I have previously worked in student loans and below is information you should know!!!

1.  If a school closes its door before you finish your education, then the loans will be forgiven.  BUT
    A.  Your loans must be Stafford's
    B.  Not Private.

Call your lending institution and notify them of the situation.

Sallie Mae is:
888/2-SALLIE (272-5543) during the following hours of operation: Monday -
Friday 8:00 a.m. - 8:00 p.m. Closed Saturday and Sunday.  www.salliemae.com

William D Ford Federal Direct Loan Program is:
Phone Numbers: (800) 848-0979
Hearing Impaired Borrowers: (800) 848-0983
Hours unknown 
www.eduservices.com

Now here is what will happen.  Masters Institute will contact the DOE stating that they have closed their doors.

DOE will then relay that information to our lenders, we will eventually receive a Forgiveness Packet to fill out.

FILL IT OUT.  Only by Filling It Out and Returning It will the United States Federal Government forgive your student loans for Masters Institute.  IE, All disbursements, All origination fees, and all Interest will be forgiven.
 
This does not, effect any other student loans you may have.  It is your responsibility to contact all of your lending institutions and notify them of the situation.
 
If you are currently on In-School deferment from you other lending institutions, you need to contact them and relay this information and go back into repayment status.  If the lending institution chooses to give you 6 months, then that is their choice.

I have setup a conversation @ alt.education.distance for further information.  If we could all kindly move our discussion there it would be greatly appreciated.
 
We could post alternate schools we are looking at and I will continue to post information regarding Student Loans and how they pertain to our situation.

You may contact me privately at [email protected] if you need further
assistance.  Or need help in setting up your news reader.
 
If you have Outlook Express, or Netscape, then you already have a news reader.
 
You can also contact your ISPs help desk and they will walk you through it.
 
At least we didn't show up at 8 am this morning like the other 2000 students in San Jose did to find out they were locked out.
 
Imagine logging in to find out your job is gone.
 
see http://sanjose.bcentral.com/sanjose/stories/2001/03/05/daily26.html for more on the story.
 
Larry Rouse.