Student Loan Cancellation
Going to college and carving out a better future is the dream of many students. With this in mind, students try to get loans from different sources to help make educational costs more affordable. Of course, students should keep in mind that all loans have to be repaid and that student loan cancellation is not easy, let alone often achieved. However, there are loan forgiveness plans that you may explore in order to help.
Student loan cancellation is applicable in specific situations. There are some conditions that can cancel all loans or a partial cancellation of loans. If a student opts for the following options, then they could have part of the loan forgiven or cancelled:
- Serve in public service jobs
- Serve as a teacher
- Serve in the military
For federal loans, the cancellations of loans apply for the following conditions:
- In the event that a person faces permanent physical or mental disability
- In the event of death
- In the event that the school you are enrolled in closes
- If you are faced with bankruptcy
- If a false certification is issued from a school for loan eligibility
- If you leave a school and it does not refund the remaining unpaid loan amount then that specific amount can be discharged or cancelled
Students need to present evidence and documentation if they want their federal loan to be considered for cancellation. The requirements of evidence varies on a case-by-case basis and the cancellation for private loans depends entirely on the lender, with every lender having different rules for loan cancellation.
Find Your Option
If you need to find which forgiveness plan you can use to cancel all or part of your loan, then it is best to conduct a thorough search. Simply use our comparison tool to make your search easier, as it will provide a list of several loan forgiveness options. Then, you can find the plan that suits you best.