Tuesday, January 5, 2010

Cancelling Your Student Loans

Want a free ride on your student loan? You practically have to die to do so. Lenders really want their money back and are loath to let you out of your loan obligations. But, in special circumstances, you can cancel your student loan, or at least part of it. You may be able to cancel your student loan if:

You pass away. If that unfortunate occurrence takes place, then your family or financial steward can cancel your student loan.

You are permanently disabled. You can cancel your student loan if you can prove you are unable to work because of an injury or illness that is expected to continue indefinitely or result in your passing away. You’ll need a letter from your physician describing your situation, and you probably won’t get the loan canceled if, as they say in the health care insurance industry, you had a preexisting condition when you took out the loan.

You are a member of the armed forces. God knows that we don’t do enough for our fighting men and women, especially in this day and age. So who wouldn’t approve of a loan cancellation or deferment for former students serving in the U.S. military, the National Oceanic and Atmospheric Corps, or the U.S. Public Health Service.

You teach in poor neighborhoods and communities or provide some community service. If you teach in underserved or poor areas, you may be able to get your student loan either deferred or canceled outright. The same goes for teachers who help the disabled.

You were the subject of a trade school scam. Trade schools are an iffy proposition and lenders know that. Some schools close, some offer diplomas that are fraudulent, and some slam their doors while you’re still in school. If any of those cases apply to you, then you have a good chance of getting all your student loan obligation canceled.

1 comment:

  1. I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

    Alisha

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    ReplyDelete

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