On Your Side: Student Loan Assistance

More than 43 million Americans are drowning in student loan debt totaling 1.4 trillion dollars. Many people are looking for relief from the looming payments anywhere they can find it but not all loans can be forgiven. 

And get this, you must repay your loans even if you don’t complete your education, can’t find a job related to your program of study, or are unhappy with the education you paid for with your loan.  However, certain circumstances might lead to your loans being forgiven, canceled, or discharged.

If you have federal loans, you may qualify for certain types of cancelations. Some common examples include loan forgiveness for employment in a public service job and loan forgiveness or cancellation for teachers.

The list below from the government's federal student loan forgivenes website shows a quick view of the types of forgiveness, cancelation, and discharge.

Type of Forgiveness, Cancellation, or Discharge

Direct Loans

Federal Family Education Loan (FFEL) Program Loans

Perkins Loans

Closed School Discharge

X

X

X

Public Service Loan Forgiveness

X

   

Teacher Loan Forgiveness

X

X

 

Perkins Loan Cancellation and Discharge (includes Teacher Cancelation)

   

X

Total and Permanent Disability Discharge

X

X

X

Discharge Due to Death

X

X

X

Discharge in Bankruptcy (in rare cases)

X

X

X

False Certification of Student Eligibility or Unauthorized Payment Discharge

X

X

 

Unpaid Refund Discharge

X

X

 

Borrower Defense Discharge

X

X*

 

*Borrowers may submit borrower defense claims with regard to FFEL Program loans against the holder of the loan only under the circumstances described in 34 CFR 682.209(g).

To learn more about your options with federal loans click here.

There are also special forgiveness options for students of Corinthian Colleges. You can learn more about that here. 

As for private student loan forgiveness, that does not exist as this article from Nerd Wallet explains. 

For help with budgeting to better afford your student loan payments, please contact The Financial Guidance Center at 702-364-0344

 


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