These “teach-out” programs may not be the best choice for students — if students walk away after the first school closes, they can usually get their federal student loans forgiven. But once students accept the teach-out, they are responsible for all their loans, and there’s no guarantee the second school will do a good job teaching the rest of their program.
Read more here: http://www.miamiherald.com/news/local/education/article19196226.html#storylink=cpy