Short Course on Funds – Getting to Square 1

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Your Ultimate Guide to Student Loan Forgiveness

If you have borrowed money when you were still studying, you need to repay your loans even if you have not completed your education, cannot find a work related to your course, or even if you are unhappy with the education you paid for with your student loan. However, there are times when certain circumstances might lead to your student loans being forgiven, canceled or discharged. There are different types of student loan forgiveness, cancellation, or discharge including Perkins loan cancellation and discharge, total and permanent disability discharge, discharge due to death, discharge in bankruptcy, closed school discharge, public service loan forgiveness, teacher loan forgiveness, false certification of student eligibility or unauthorized payment discharge, unpaid refund discharge, and borrower defense discharge.

There are certain circumstances that can qualify you for a discharge of your direct loan or FFEL Program student loan including: the school falsely certified your eligibility in order to receive the student loan or the student eligibility requirements were not met but the school falsely certified that you are; the application or promissory note was signed by the school with your name without your authorization, the loan check was endorsed by the school without your authorization, or signed your electronic funds transfer authorization without your awareness and knowledge; you were a victim of identity theft; and disqualification from employment in the job you were trained because of age, physical or mental condition, or criminal record. If ever your school did not pay a refund that is owed to the lender or to the U.S. Department of Education upon your withdrawal from school, you can be discharged of your Direct loan or FFEL Program loan, but remember that only the unpaid refund will be discharged.

There are certain occupations or public service that can cancel or discharge student loans under the Federal Perkins Loan Program, including teachers, nurses, medical technicians, law enforcement, corrections officers, head start workers, child or family services workers, volunteers in Peace Corps or action program (VISTA), member of the U.S. armed forces, and professional providers of early intervention services.

Certain types of cancellation are available to teachers, child care providers, nurses, military personnel, or borrowers who are affected by school closure, and you can contact a loan servicer or apply to the school that made the loan if you think you are qualified for loan forgiveness, discharge, or cancellation. In order to prevent your loan from accruing or going to default, you still neeed to continue paying your student loan. In order to know more about student forgiveness loans, feel free to check our website or homepage now, or contact us directly.

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