If you are a cash paying student. DO NOT PAY any additional payments. Stop your automatic payments. You are NOT protected when the institution closes/files for bankruptcy. I just found this out and I've stopped my automatic payments.
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If it’s cash payments, you’re not getting it back from a bankrupt company when they go under. People have stopped paying at my school & I definitely wouldn’t pay them either after realizing 13 million in stipends is currently unaccounted for & they’re most likely going to close. Spring semester federal loans are being forgiven now, but those paying out of pocket are in an even worse predicament.
You might want to cite a source to verify this. If you stop payments you DEFINITELY won't be eligible for any kind of protection. That's you deciding to end your education. However you're paying, continuing in good faith is how you'll show the school closed on you and might have standing for loan forgiveness or any others student perfection that might be available. If you stop paying, they can terminate your enrollment and that's on you. You won't be a student when the closure officially happens to be part of the group that was harmed by the closure.