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. While this is the case, there are some circumstances that may forgive, cancel, or even discharge you from paying your student loan. When it comes to the different types of student loan forgiveness, cancellation, or discharge, it includes teacher loan forgiveness, Perkins loan cancellation and discharge, discharge in bankruptcy, closed school discharge, public service loan forgiveness, false certification of student eligibility or unauthorized payment discharge, unpaid refund discharge, total and permanent disability discharge, discharge due to death, 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. Whether the school is closed or open, you might be eligible for a Direct loan or FFEL Program loan partial discharge if you withdrew from school but the school fails to pay a refund is owed to the lender or the U.S. Department of Education.
The Federal Perkins Loan Program is intended to cancel or discharge student loans for individuals who are performing certain types of public service or those who are employed in certain occupations such as a volunteer in Peace Corps or action program (VISTA), teacher, member of the U.S. armed forces, nurse, medical technician, law enforcement, corrections officer, head start worker, child or family services worker, and professional provider of early intervention services.
If you think you are qualified for loan forgiveness, discharge, or cancellation, then contact a loan servicer or apply to the school that made the loan, and you might be eligible for a complete cancellation if you are a teacher, childcare provider, nurse, military personnel, or a borrower who are affected by school closure. You need to make payments while your loan is being reviewed to prevent it from accruing or going to default. In order to know more about student forgiveness loans, feel free to check our website or homepage now, or contact us directly.