Student Loan Cancellation

Loans and Cancellations

Most of you would have defaulted on your loans and thought of how to get it either canceled totally or part of it canceled. This problem is not difficult as you think as there are different ways to get your loan canceled.

Loan repayment is always stressing for college students and as they struggle to find job in these economically troubled times in the UNITED STATES, only federal government may choose to cancel part or all of an educational loan. Student loan repayment is applicable to loans given by the federal GOVT like Stafford and Perkins loans.

If you participate in any of these programs, you can have your loan partially or wholly erased from your lender’s books. Student loan repayment programs are more widespread than forgiveness programs.

Checking to see if you Qualify for a Loan Forgiveness Program

Under certain circumstances you may have student loan forgiveness if you become permanently disabled since the last time you attended college. It will require that you were diagnosed as disabled and that your physician does not expect a full recovery or the ability to earn income. A statement must be signed by a doctor. Volunteers for VISTSA and the Peace Corps may have student loan forgiveness depending on the term of their commitment and hours of service. Military service, medical graduates, law students, and teachers in disadvantaged or rural areas may also qualify for loan forgiveness.

Determine what types of loans you received for your education. I you received a direct loan program; you may need to convert them

Find out how many monthly payments you have made since October 1, 2007. Most federal loan forgiveness  programs will require that make you 120 payments or it be 10 years from the date your loans were provided in order to be forgiven.

Contact your student loan forgiveness in order to request their application. Lenders often have different applications for the loan forgiveness. For most loan programs, you will need to provide proof of income, a letter from your employer or proof of income, a letter from your employer or proof that you are in military service, and information such as loan numbers, dates of your education, and other pertinent information.

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