What Happened? ECA, which is the parent company behind 70 for-profit schools, has shut down. By all accounts this was due to a number of its programs losing accreditation. No accreditation = no federal student loan money. No federal student loan money = no revenue for the school. This is basically the same thing that killed ITT Tech.

What's this mean for my classes? Schools that close abruptly like this often conduct a "teachout," in which they shutter but finish existing programs, or to coordinate with another school to transfer credits. Unfortunately it appears that ECA has done neither of these.

That does not mean students can't attempt to transfer on their own. No, that isn't something we can help with. The end result of a transfer is going to be up to the body you transfer your credits into and how they accept them.

I'm thousands of dollars in debt what the hell? Yes, that's the problem when this happens. The Dept. of Education does have a potential remedy for this if your debt is from federal student loans. In situations like this it is possible for loans to be discharged. You can read up on that here.

Bear in mind, if you successfully transfer you will not be able to discharge your loan debt.

Unfortunately there's less recourse if you paid in cash or were using alternate financing.

But what about bankruptcy? Private student loans can be discharged via bankruptcy, though the standard to do so is higher than other debts.

What about my transcripts/diploma/educational records? Department of Ed will appoint a custodian for these. Who that is will depend on which of the 70-odd ECA schools you attended. Often it's a state department of education.

Can I sue ECA? While yes, in that folks can sue for anything, and some students saw mixed success legally during ITT Tech's closing, looking for the Department of Education's response is probably a better bet at the moment.

And bear in mind, a school shuttering because it has no more revenue may not have assets to pursue.

Things to avoid "Debt fixer" services. These are virtually always scammy and in the case of federal loans doing nothing you can't do by filling out some forms.