The College I Graduated From Is Shutting Down, What Does This Mean For My Degree?

Location: California, San Francisco.

A few days ago the news dropped that California College of the arts is closing down in 2027 and the campus is being taken over by Vanderbilt. Which means current students have to arrange to transfer their credits somewhere else and the Alumni are panicking about having degrees from a dead school.

I don't know whether the context is useful or not, but there used to be two campuses, one in San Fransisco and the other in Oakland. CCA made plans to expand the SF campus, and the plans were finalized right before Covid Hit, apparently the construction had to pause for a good few years which in addition to the dip in enrollment, piled on a ton of debt. They ended up finding Native American burial grounds right under where the new building was being built, but continued construction anyway, eventually closing the Oakland campus because they couldn't afford to keep both open. I ended up spending most of my years at college trying to study next to an active construction zone, the new building was finally finished one semester before I graduated- which was in May of 2025. The news of the closure was dropped three days ago with no prior warnings to students, staff, or government officials apparently. Even Gavin Newsom was shocked to hear about it, especially because he gave CCA a 20 Million state grant last year.

The kicker is that this is an expensive school, with a reputation for being stingy with scholarships, I myself got two of them, only to find out that they were 'honorary' scholarships with no real monetary value. I have a little more than $300,000 of debt, and it may not be the biggest school but it's not tiny either, and most of the people I know are in similar boats of debt.

So where did all that money go?

My first question is what this means for my degree, will it still be valid after CCA closes? Will a degree from a ghost school make getting a job more difficult?

My second question, and I know i'm reaching with this one, is there any legal recourse I can take to get my debt forgiven? I already graduated, and CCA does not officially close until 2027 but I do feel like I wasted four years of my life in this disaster of an establishment just to get a degree from a closing school.