Student Loan Cancellation Programs—Big Hassles, Even Bigger Payoff

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Under federal law, you can get your federal student loans canceled or discharged for many different circumstances.

Reasons for loan discharge:

Before I explain the nuts and bolts of what’s required for these various loan cancellations, let me first say that there are a multitude of scenarios that won’t get you a loan discharge.

Reasons that won‘t get you a loan discharge:

If you dropped out of school for any reason
experienced personal problems that forced you to abandon your studies
didn’t like your instructors
couldn’t get a job after graduation
were plagued by financial difficulties
if you thought the quality of the instruction you received was sub-par

None of those reasons will hold weight with the Department of Education.

Perserverance Required
Let me also caution you that getting a student loan canceled or discharged is rare and often requires tremendous perseverance, know-how, and work on your part.

Having said that, even though obtaining a discharge can be a big hassle, it is nevertheless certainly worth the effort and frustration you may experience in the process.

Tuesday through Friday this week I will post a few tips on how to get your student loans canceled, so please check back.

For more information on paying off your student loans, check out my book Zero Debt for College Grads: From Student Loans to Financial Freedom. Get the book now at Amazon.com.

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