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Thu Apr 28, 2022, 08:42 PM

If you want student loan cancelled, here is the way to go about it.

I know that I will incur the wrath of about 90% of the people at DU, but I will say that I believe that people who make promises and sign contracts should keep those promises. I do not believe in stroke-of-the-pen elimination of ALL student debt.

That said, here are 11 ways of getting your student loan forgiven, cancelled or discharged.

Student Loan Forgiveness
In certain situations, you can have your federal student loans forgiven, canceled, or discharged. Learn more about the types of forgiveness and whether you qualify due to your job or other circumstances.

Types of Forgiveness, Cancellation, and Discharge

The summaries below offer a quick view of the types of forgiveness, cancellation, and discharge available for the different types of federal student loans.

Public Service Loan Forgiveness
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program.
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Teacher Loan Forgiveness
If you teach full-time for five complete and consecutive academic years in a low-income elementary school, secondary school, or educational service agency, you may be eligible for forgiveness of up to $17,500 on your Direct Loan or FFEL Program loans.

Closed School Discharge
If your school closes while you’re enrolled or soon after you withdraw, you may be eligible for discharge of your federal student loan.

Perkins Loan Cancellation and Discharge
You may be eligible to have all or a portion of your Perkins Loan canceled (based on your employment or volunteer service) or discharged (under certain conditions). This includes Perkins Loan Teacher Cancellation.

Total and Permanent Disability Discharge
If you’re totally and permanently disabled, you may qualify for a discharge of your federal student loans and/or Teacher Education Assistance for College and Higher Education (TEACH) Grant service obligation.

Discharge Due to Death
Federal student loans will be discharged due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out.

Discharge in Bankruptcy (in rare cases)
In some cases, you can have your federal student loan discharged after declaring bankruptcy. However, discharge in bankruptcy is not an automatic process.

Borrower Defense to Repayment
You may be eligible for discharge of your federal student loans based on borrower defense to repayment if you took out the loans to attend a school and the school did something or failed to do something related to your loan or to the educational services that the loan was intended to pay for. The specific requirements to qualify for a borrower defense to repayment discharge vary depending on when you received your loan.

False Certification Discharge
You might be eligible for a discharge of your federal student loan if your school falsely certified your eligibility to receive a loan.
If you withdrew from school and the school didn’t make a required return of loan funds to the loan servicer, you might be eligible for a discharge of the portion of your federal student loan(s) that the school failed to return.

Forgery Discharge
Forgery is the creation of a false written document or alteration of a genuine one, with the intent to defraud. Victims of identity theft are frequently also the victims of forgery.
If you believe you were the victim of forgery, you might be eligible for a discharge of federal student loan(s) fraudulently made in your name.

Eligibility for Parent Borrowers
As with loans made to students, a parent PLUS loan can be discharged if you die, if you (not the student on whose behalf you obtained the loan) become totally and permanently disabled, or if your loan is discharged in bankruptcy. Your parent PLUS loan may also be discharged if the child for whom you borrowed dies.


more at:
[link:http://studentaid.gov/manage-loans/forgiveness-cancellation|

28 replies, 1281 views

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Arrow 28 replies Author Time Post
Reply If you want student loan cancelled, here is the way to go about it. (Original post)
Lucid Dreamer Apr 2022 OP
LetMyPeopleVote Apr 2022 #1
Lucid Dreamer Apr 2022 #6
Chin music Apr 2022 #2
mahatmakanejeeves Apr 2022 #7
Chin music Apr 2022 #9
Hugin Apr 2022 #10
Bettie Apr 2022 #16
maxsolomon Apr 2022 #11
Chin music Apr 2022 #17
LineReply .
WhiskeyGrinder Apr 2022 #3
dwayneb Apr 2022 #13
deRien Apr 2022 #4
smirkymonkey Apr 2022 #27
demtenjeep Apr 2022 #5
Sympthsical Apr 2022 #8
Johnny2X2X Apr 2022 #14
MissB Apr 2022 #19
dwayneb Apr 2022 #12
Chin music Apr 2022 #18
Lucid Dreamer Apr 2022 #20
Cuthbert Allgood Apr 2022 #22
Lucid Dreamer Apr 2022 #23
Sympthsical Apr 2022 #15
Bonx Apr 2022 #21
meadowlander Apr 2022 #24
Goodheart Apr 2022 #25
leftstreet Apr 2022 #26
wiggs Apr 2022 #28

Response to Lucid Dreamer (Original post)

Thu Apr 28, 2022, 08:45 PM

1. Thank you for posting this

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Response to LetMyPeopleVote (Reply #1)

Fri Apr 29, 2022, 10:09 AM

6. I thought this might give some a proactive path to get loan relief.

It could be faster than waiting for blanket government coverage.

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Response to Lucid Dreamer (Original post)


Response to Chin music (Reply #2)

Fri Apr 29, 2022, 10:15 AM

7. Who's going to get handed the bill? Hint: look in the mirror. NT

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Response to mahatmakanejeeves (Reply #7)


Response to Chin music (Reply #9)

Fri Apr 29, 2022, 10:25 AM

10. I can think of worse uses for money.

Like spending a night in a Trump property.

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Response to Chin music (Reply #9)

Fri Apr 29, 2022, 10:44 AM

16. The "yeah, but what do I get" crowd

is very opposed to anyone who isn't a billionaire getting any relief.

But, ultimately, people who are currently putting that cash in the vaults of banks having it to exchange for goods and services is good for our economy. I think many people choose not to see that.

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Response to Chin music (Reply #2)

Fri Apr 29, 2022, 10:28 AM

11. Yes. Congress can pass a bill.

What are the odds considering the composition of the Senate?

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Response to maxsolomon (Reply #11)


Response to Lucid Dreamer (Original post)

Thu Apr 28, 2022, 08:55 PM

3. .

I will say that I believe that people who make promises and sign contracts should keep those promises.
This would make sense if student loans weren't offered, managed and forgiven in utterly capricious, illogical and misleading ways.

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Response to WhiskeyGrinder (Reply #3)

Fri Apr 29, 2022, 10:34 AM

13. Ding Ding Ding

See my post below on this topic.

Our government did NOTHING to prevent these predatory lenders from doing whatever they wanted.

These loans should have been heavily regulated with strict curbs on interest rates and terms. Instead, the lending institutions deliberately worked to keep Congress from passing any laws to restrict their pseudo-legal activities.

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Response to Lucid Dreamer (Original post)

Thu Apr 28, 2022, 09:08 PM

4. Interest...

I think that they should be looking at forgiving interest that has accrued especially for those who paid the minimum amount due to income. In some instances this has resulted in owing thousands more than was borrowed. The other way would be to reduce interest rates... some loans are at 6% or more. Full disclosure, one of our children has large student debt. Also, instead of a flat amount ($10,000) I think that it should be a percentage.

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Response to deRien (Reply #4)

Fri Apr 29, 2022, 06:22 PM

27. +1000

 

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Response to Lucid Dreamer (Original post)

Thu Apr 28, 2022, 09:18 PM

5. some of us have paid monthly and still owe

as much as we borrowed 25 years later

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Response to demtenjeep (Reply #5)

Fri Apr 29, 2022, 10:19 AM

8. My partner is nearly 50. Paying $1,000/month.

I thought he was paying a lot less, but we had a discussion about it recently. PharmD degree.

His remaining balance is . . . not what one would hope it would be.

And he's paying a lot more than required, because he wants them gone before retirement.

People don't know how this stuff works, because they never had to deal with it.

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Response to demtenjeep (Reply #5)

Fri Apr 29, 2022, 10:36 AM

14. Why not do income based repayment?

IBR is 10% of your income after an adjustment that is 1.5 times the poverty income in the US. And it comes with total forgiveness after 20 years for undergrad loans and 25 years for grad loans?

And they're likely changing this from 10% to 5 % later this year.

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Response to demtenjeep (Reply #5)

Fri Apr 29, 2022, 10:58 AM

19. And that's horrific

It shouldn’t be like that.

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Response to Lucid Dreamer (Original post)

Fri Apr 29, 2022, 10:30 AM

12. We are paying for lack of regulation and corruption of our legislature

You say "people who make promises and sign contracts should keep those promises".

While in general I agree with this, we cannot ignore that fact that student loan lenders and the subsequent consolidation schemes were incredibly predatory and deliberately deceiving and difficult to comprehend.

Particularly for a young person who does not have the wisdom to understand what they are getting into, I think that these companies were/are nothing more or less than loan sharks.

Our government did almost zero to regulate these lenders or to curb the interest rates they could charge, or the terms of the loans. And there is no doubt that it was the influence of these lenders on Congress and legislators that pretty much gave them free rein.

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Response to dwayneb (Reply #12)


Response to dwayneb (Reply #12)

Fri Apr 29, 2022, 11:01 AM

20. Help me out here.

Our government did almost zero to regulate these lenders or to curb the interest rates they could charge, or the terms of the loans.


Thanks. Were the interest rates raised during the loan repayment period without warning? Were alternatives offered before those raises?

I'm not up with all the financial machinations on these loans and any insight you have would be appreciated.

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Response to Lucid Dreamer (Reply #20)

Fri Apr 29, 2022, 12:06 PM

22. So you must also support getting rid of bankruptcy laws?

Since, you know, contracts were signed.

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Response to Cuthbert Allgood (Reply #22)

Fri Apr 29, 2022, 05:29 PM

23. Why do you think I support getting rid of bankurptcy law?

I said nothing about bankruptcy at all.

My statement was:
"I will say that I believe that people who make promises and sign contracts should keep those promises."
And I will add:
If I sign a contract, I will keep that promise.

This discussion was really about the provisions for getting educational loans dismissed.

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Response to Lucid Dreamer (Original post)

Fri Apr 29, 2022, 10:40 AM

15. "Well . . . you could die."

Thanks for that information. Was worried there'd be solutions in this.

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Response to Lucid Dreamer (Original post)

Fri Apr 29, 2022, 11:12 AM

21. I'd like to see the school pay 1/2

So many grifters posing as educationional institutions, providing an expensive and useless 'education'.

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Response to Lucid Dreamer (Original post)

Fri Apr 29, 2022, 05:45 PM

24. And I believe that people who choose to have children should pay the full cost of raising them

but I'm not going to complain about child tax credits or subsidized day care or free public education or WIC because happy, healthy, well-fed and educated children are a public good that I benefit from down the road in the form of competent doctors, civil engineers, tech designers, journalists, politicians, fellow voters, etc.

Not having an entire generation of young people with crippling student loan debt delaying them buying homes and having families, unable to assist their aging parents, and trapping them in jobs they hate and are less productive in is a public good that we should be supporting regardless of an abstract principle that anyone who signs a contract should be forced to meet the terms of the contract regardless of any other circumstances or factors.

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Response to meadowlander (Reply #24)

Fri Apr 29, 2022, 06:00 PM

25. Bingo

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Response to meadowlander (Reply #24)

Fri Apr 29, 2022, 06:02 PM

26. +1

nicely stated

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Response to Lucid Dreamer (Original post)

Fri Apr 29, 2022, 06:26 PM

28. vote democratic. nt

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