Student Loan Cancellation Programs—Big Hassles, Even Bigger Payoff

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.

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