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Learning about Student Loan Forgiveness
Paired with Debt Consolidation and Credit Repair, The Debt Crushers can significantly increase your credit score and lower your student loan payment through our Student Loan Forgiveness Program.
How does it work? First we start by having your loans removed from your credit report. This does not mean that the student loan payment has been canceled or discharged but simply removed from the report, itself, to help increase your score.
Once the loans have been removed from your credit report, The Debt Crushers will use Debt Consolidation tactics to help lower your interest rates and payments. Keep in mind that your debt will not be eliminated by any means, but simply made more manageable.
These two processes will help not only increase your credit score, but will also make paying your student loan payments stress-free and easy.
Need more assistance when it comes to Student Loan Forgiveness? Click the link below to learn more about qualifying for full-scale student loan cancellation, discharge, or forgiveness.
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Student Loan Forgiveness Programs
If Debt Consolidation and Credit Repair solutions are not enough to combat the stress of reducing your student loan payments, there may be other options available to you. Keep in mind that although The Debt Crushers cannot provide any of these programs to you, our advisors can help guide you through the process and point you in the right direction.
There are three major types of Student Loan Forgiveness: Cancellation, Discharge, and Forgiveness. Although used in different ways, these terms generally mean the same thing: if you qualify for cancellation, discharge, or forgiveness of a loan it means that you are no longer required to pay part or the full amount of the loan.
The circumstances are where the division of terms come into play. For instance, if you are no longer required to pay part, or all, of a loan due to public service or employement, this is typically referred to as Student Loan Cancellation or Forgiveness. However, if you are permanently disabled or the school in which you attended has since closed, you would qualify for Student Loan Discharge.
Below, we’ve outlined the several other instances when a student loan can be forgiven, cancelled, or discharged.
Public Service Loan Forgiveness
If you have been serving in a government or non-profit position, you may be eligible for Student Loan Forgiveness. However, there are some stipulations to this program.
In order to receive the full benefits of the Public Service Loan Forgiveness (PSLF) Program, applicants would have needed to have been under full-time employment for the government or non-profit entity, while also making qualified payments to their loan for at least 10 years.
teacher Loan Forgiveness
Educators that have taught for five consecutive academic years in elementary, secondary, or educational service agencies in low-income neighborhoods may be eligible for up to $17.,500 in forgiveness from direct or FFEL Program Loans.
Closed School Discharge
As noted in the introduction above, if the school you’re attending or recently attended has closed you would be considered eligible for a student loan discharge.
Total & Permanent Disability Discharge
If an unfortunate accident occurs, leaving you totally and permanently disable, you may qualify for a Disability Discharge from your student loan payments.
Discharge Due to Death
Federal Student Loans will be discharged in the event the borrower of the loan or student dies.
Discharge in Bankruptcy
Although extremely rare in most cases, there is a chance of loan discharge in the event the borrower declares bankruptcy. However, this is not an automatic discharge and requires further action if eligible.
Borrower Defense to Repayment
In some instances, borrowers can be eligible for student loan forgiveness if the school or educational services program has failed the student regarding the funds distributed by the loan. This applied only to Federal Student Loans and varies on a case by case basis.
False Certification Discharge
If you were falsely certified to received a Federal Student Loan by the school in which you enrolled, you may be eligible to be discharged from said loan.
Unpaid Refund Discharge
If you withdrew from a school, and the school failed to refund the loan servicer, you may be eligible for a discharge from said loan.
Eligibility for Parent Borrowers
If you, the parent, obtained the loan for the student and any of the above conditions are satisfied you and your child would be eligible to be discharged from student loan payments.
Need More information about student loan forgiveness?
Click the button below to learn more about the programs listed above, as well as ways to apply to each of these programs. Although The Debt Crushers cannot provide any of these services to you, we are always here to help guide our clients in need.
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