Your Ultimate Guide to Student Loan Forgiveness
It is still your obligation to pay for your student loan regardless if you have not finished your education, cannot find relevant job related to your program of study, or even if you’re unhappy with the course you paid with your loan. While this is the case, there are some circumstances that may forgive, cancel, or even discharge you from paying your student loan. 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.
Given the following circumstances, a student loan borrower can be qualified for a direct loan or FFEL Program: a victim of identity theft; the school falsely certified the eligibility of the applicant in order to obtain the student loan or the student eligibility requirements were not met but the school falsely certified that the student is eligible; the loan check was endorsed by the school without the student’s authorization, the application or promissory note was signed by the school with the student’s name without authorization, or signed the electronic funds transfer authorization without the knowledge of the student; and disqualification from employment in the job the individual was trained for because of age, physical or mental condition, or criminal record. It is also possible to be discharged from your Direct loan or FFEL Program loan if the school did not pay a refund to the U.S. Department of Education upon you withdraw from school.
If you serve in certain types of public service or you are employed in certain occupations, you may qualify for Federal Perkins Loan Program, which is intended to cancel or discharge student loans including the following: teacher, nurse, medical technician, law enforcement, corrections officer, head start worker, child or family services worker, a volunteer in Peace Corps or action program (VISTA), member of the U.S. armed forces,and professional provider of early intervention services.
If you think you are qualified for loan forgiveness, discharge, or cancellation, you can contact your loan servicer, and you can apply to the school that made the loan or contact the loan servicer that your school designated if you have a Federal Perkins Loan. 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.