Student Loan Forgiveness
Under rare circumstances, you may be eligible for student loan forgiveness, which means that the loan would be cancelled or "discharged" and you would no longer be held responsible for repayment. A loan may be considered for cancellation (even if it's in default) due to the following circumstances:
- School closure while the student is still enrolled
- False school certification
- Your death
- Permanent disability
Note that student loans are generally not dischargeable if you have declared bankruptcy, unless you can prove that making student loan payments would cause "undue hardship" on you or your family.
Applying for Cancellation
If you think you qualify for loan cancellation or discharge, you must first apply to your loan holder. The application process will vary depending on the type of cancellation you are seeking. For instance, a disability cancellation would require some sort of medical documentation. If you think you are eligible for a cancellation, contact your lender.
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After reading Student Loan Forgiveness | About Federal Student Loan Forgiveness, you should have a better idea as to how to cancel a loan. Find a Lender in the next section.