Discharge, Cancellation & Forgiveness Programs that WORK.

This is part two of what will be at least a three part series explaining the truth about student loans as they pertain to credit and some of the myths and outright lies that people are putting out on the Internet, regarding student loans.

This episode will be generally about discharge cancellation and forgiveness of student loan debt.  Part 1 was how student loans affect your credit score including how to help it and how they can potentially hurt it. Part 3 which I will release the week following this video is going to explain bankruptcy as a tool for discharging student loan debt.

 

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What IS Forgiveness, Cancellation, & Discharge?

In certain situations, you can have your federal student loan forgiven, canceled, or discharged. , which  means that you are no longer required to repay some of,  or all of your loans. you may be asking, “What are the differences between forgiveness, cancellation, and discharge”?

These terms mean the same thing, but they’re used in different ways.

If you’re no longer required to make payments on your loans due to your job, this is generally called forgiveness. If you’re no longer required to make payments on your loans due to other circumstances, such as a total and permanent disability or the closure of the school where you received your loans, this is generally called Discharge. Cancellation can mean a variety of things based on individual circumstances. Many times, if a Loan is Forgiven, the government will  refer to it as cancelled, other times if something happens far outside your control like the school closing while you are a student the loans will be cancelled.