Student loans can be cancelled under certain circumstances, such as if you become permanently disabled, work in certain public service jobs, or if your school closes while you’re still enrolled. You’ll need to complete the appropriate paperwork and provide documentation to prove your eligibility.
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If you’re looking to get your student loan cancelled, there are a few options available to you. One of the most common ways to cancel your student loan is through the Public Service Loan Forgiveness (PSLF) program. The PSLF program forgives the remaining balance on your Direct Loans after you’ve made 120 qualifying payments while working full-time for a qualifying employer in the public service sector.
Another way to cancel your student loan is through Total and Permanent Disability Discharge. If you’re unable to work due to a physical or mental disability, you may be eligible to have your student loan cancelled. You’ll need to provide documentation from a physician that states that you’re unable to work and will continue to be unable to work for at least 60 months.
Additionally, if your school closes while you’re still enrolled, you may be eligible for a student loan discharge. In this case, you’ll need to provide documentation that the school has closed and that you weren’t able to complete your education there.
It’s important to note that there are specific requirements that must be met in order to qualify for each of these loan cancellation programs. You’ll need to complete the appropriate paperwork and provide documentation to prove your eligibility.
As Money.com stated in an article on student loan cancellation, “If you want to get your student loan cancelled, you’ll need to be able to demonstrate that you qualify for the forgiveness program.” It’s important to do your research and carefully review the requirements of each program to determine if you’re eligible for loan cancellation.
Here’s a table summarizing the main types of student loan cancellation:
| Type of Loan Cancellation | Eligibility Requirements |
|---|---|
| Public Service Loan Forgiveness | Full-time work for a qualifying employer in the public service sector and 120 qualifying payments |
| Total and Permanent Disability Discharge | Documentation from a physician stating that you’re unable to work due to a physical or mental disability |
| School Closure Discharge | Documentation that the school has closed while you were still enrolled and you weren’t able to complete your education there |
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The Biden Administration had approved 16 million applications for student loan forgiveness, which has now been taken up to the Supreme Court following multiple lawsuits arguing whether the Administration overstepped its authority. The Administration argues that congressional approval is not necessary citing the Heroes Act of 2003. The Supreme Court is expected to issue a ruling by the end of June, but the Administration is preparing for borrowers to restart payments by September 2021, even if student loan cancellation gets shot down. The House Republicans are also presenting bills to eliminate student loan cancellation, but with Democrats controlling the Senate, the attempts will be less effective. Without forgiving student loans, delinquencies and defaults will spike and student loan debt in America has now ballooned to 1.7 trillion dollars, further worsening the cost of higher education.
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Student loan cancellation is only possible under these circumstances:
- Your school closed down while you were enrolled in their program.
- You were misled about your school’s programs or the school violated certain laws.
Under some circumstances, you can get rid of your student loans altogether through loan cancellation. To cancel your loans, you must meet one of the conditions that allow you to do so. In this article, we discuss three of those methods — cancellation due to school closure, false certification, and unpaid refund.
If you’re not one of the 72,000 student loan borrowers but you shared a similar experience with your college or university, you may be able to get your federal student loans cancelled under borrower defense to student loan repayment forgiveness. Here’s how: Complete the borrower defense to repayment application. Prove monetary harm.