Everyone needs to do their due diligence when selecting any provider of services. Unfortunately, you, along with many others, assumed that risk when you contracted for the services.
You are in a tough spot because the lender who gave you the money likely had nothing to do with the school closing. You could investigate whether or not the lender knew of the problems with the school, but this could be very challenging. Yes you may be able to sue the school, but they are probably in bankruptcy themselves. If the school is still operating, you may consider a lawsuit. Of course this can be expensive. If no legal recourse seems to make sense for you, I would stop talking about the school losing it's accreditation to others and use the credentials you received from them as valid. If they were properly credentialed when they gave you your degree, then your degree is valid. Keep in communication with the student loan people and never just ignore them. There are deferments, forbearances etc. available.
The answers offered by this attorney are for general information purposes only and you should not take action based on these answers without first speaking with an attorney who can go over all the facts of your case in person. Every case is different; a change in facts results in a different answer.
There is something called a "Closed School Discharge" that you need to investigate. Here is a starting point: http://studentaid.ed.gov/repay-loans/forgiveness-cancellation#closed-school
The qualifications for this relief are narrow, but dig in to the subject matter for all the info.
Then, if necessary, contact the student loan ombudsman program:
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