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

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Student Loans
Reading Time: 1 min read
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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 cancelled.

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.”

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All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

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