7/13/15 6:30 PM
In accordance with an “Assurance of Voluntary Compliance (AVC)” entered into with the Attorney General Jack Conway and approved today by the Franklin County Circuit Court, Mid-Continent University will begin sending letters to former students with remaining obligations to the school informing them of their options to settle their accounts. These options are available to the more than 90% of former Mid-Continent students who did not previously sign up for private institutional loans.
The options, which have been approved by the Federal Bankruptcy Court in Louisville to facilitate recovering obligations owed the University, offer the alternative of either receiving a thirty percent reduction in the amount owed if payment is made in full, or a ten year, zero-interest loan to pay the balance, reduced by 20%. Students who anticipated receiving a federal student loan also will have the option of receiving a replacement loan that is identical in all respects to the federal loan they would have received, including in-school deferment, forbearance, flexible repayment options and the offering of closed-school discharges for students who qualify.
Students with questions regarding their records, outstanding obligations or their options are encouraged to contact MCU by phone at (270) 251-8900 or by e-mail at email@example.com. Additional important information and the full text of the AVC is posted on the University’s website www.midcontinent.edu. The full text of the AVC is also available on the KYOAG website at www.ag.ky.gov/mcu.