Is Department of Education helping students to get loan forgiven, canceled, or discharged? Well, there are situations that will allow you to get one of them. Basically, the term of three things we have said earlier means that you are no longer required to repay your loan, partially or all of it. In this article, we are going to learn about each term.
Differences between forgiveness, cancellation, and discharge
Is Department of Education helping students to get one of those terms? First of all, we need to know each term and the difference between them. Basically, forgiveness, cancellation, and discharge could mean the same thing. However, they are used in different practices.
Forgiveness and cancellation terms are used when you are no longer required to repay your loans because of your job. On the other hand, if the reason for you did not make repayment is a permanent disability or the closure of the institution you get the loan from, it is called discharge. All of them mean that you do not need to make the repayment in the future.
The loans will be forgiven, canceled, or discharged when …
Essentially, you must and have to repay your student loans even if you do not finish your education, are unhappy with the education you got with the loan, or could not find a job related to your program study. On the other hand, you cannot make a claim that you are not responsible for repaying your loan due to your age is under 18 year old when you put your name on the promissory note or when you received your loan. Certain circumstances, however, might allow you to get the loans forgiven, canceled, or discharged. This information is available on the official website of the US Dept. of Ed as well.
How to apply for forgiveness, canceled, or discharged loan
You can contact the loan servicer if you think that you are qualified. On the other hand, if you already have a Perkins Loan then you need to contact the school. The school that made the loan or designated loan servicer will help you to get through the process. In most cases, you do not need to make the repayment if your application is currently reviewed by the jury. You better check the process with your loan servicer so you know if you still continue to repay while the application is being reviewed. So, this is the end section of “is Department of Education” related to the student loans.