How to Qualify for a Student Loan Cancellation or a Student Loan Discharge

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By Lynnette Khalfani-Cox, The Money Coach

For a college grad with big student loans, it’s probably the closest thing you can imagine to hitting the lottery: getting a discharge or cancellation of all your loans and making those debts instantly vanish. Unlike the lottery, you’re not going to receive a million dollar prize. But if you can get a lender to agree to cancel or forgive $20,000, $50,000, or even $100,000 worth of student loans, wouldn’t that feel like you hit the jackpot?

Loopholes
Well, here’s the good news for anyone struggling with federal student loan debt: you can, in fact, have those enormous student loans completely wiped out—by taking advantage of instances where you’re already eligible for loan cancellation or forgiveness. Let’s call these instances loopholes of the student loan world, because they represent narrow windows of opportunity that you take advantage of by escaping repayment of your student loans altogether.

Check back every weekday this week for a few tips on how to get your student loans canceled.

And here’s even better news: even if you’re not eligible for a student loan cancellation, next week I’ll tell you about programs and initiatives where you get others to pay off your loans on your behalf. Some of them require you to volunteer with non-profit groups or work off your debts by engaging in activities that promote various social or public goals; others are merely yours for the asking.

In the meantime, also read my blog series “Seven Smart Ways to Pay Off Student Loans Fast.”

For even more information on paying off your student loans, check out Zero Debt for College Grads: From Student Loans to Financial Freedom.

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How to Qualify for a Student Loan Cancellation or a Student Loan Discharge

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