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Fri June 27, 2014
Shutting Down: MCU Attempts to Ease Former Students' Debt with Interest Free Loans
Mid-Continent University is offering interest free loans to students who received funds between August 2013 and June 2014 that can be paid off over the next ten years on their education debts.
MCU announced its closure this Spring and on June 30 instruction ends at the University for good.
MCU blames what it calls a “difficult financial situation,” largely on the U.S. Department of Education’s refusal to pay on loans and grants intended to defray MCU education costs.
MCU calculates repayment at $8.33 per $1,000 of loan and offers students a website that will calculate their savings by forgoing the interest on their loans. If these loan agreement forms are not returned by students, MCU will assume other arrangements have been made to pay.
This announcement comes as Mid-Continent approved a Strategic Action Team to explore uses for the campus, including the possibility of a theological training program there. Board member Mike Rose was named Chairman of the Strategic Planning Team and will appoint other team members
MCU says amounts collected on outstanding loans to students are used to continue the institution's mission and don’t go to any individual or entity.