On Friday, July 31, for-profit Missouri Tech dutifully informed the Missouri Department of Higher Education that they were bankrupt and going out of business.
But they forgot to warn the students and faculty who showed up for classes the following Tuesday. One student says the lights were turned off and the doors were locked.
By the next morning, the school's website had been taken down.
Now the sixty students face an unpleasant choice: keep their Missouri Tech credits and repay their student loans—or give up the credits, but get forgiveness from the loans. The school did not make any "teach-out" plans for students who want to finish their credentials.
Like many colleges, Missouri Tech has seen enrollment decline in recent years.
The department has moved in to support students through the transition and place them in similar programs elsewhere.
Earlier this year, Corinthian Colleges Inc. also closed abruptly—that move displaced around 16,000 students across five states (Addo, St. Louis Post-Dispatch, 8/5; Jackson, KMOV, 8/4).
Next in Today's Briefing
Is federal aid driving up tuition costs? Economists say so.