S. Military( Partial Cancellation For Perkins Loans Only)

Category: Finance, Credit.

Under certain circumstances, you may be able to cancel your obligation to repay your federally guaranteed student loans, or enter into, defer your payments a payment schedule that fits with your income.

The student loan scheme is quite complex, depending on the type of loan you have and when you obtained it. If you re in default, you may be able to get out of default and avoid a lawsuit, or loss of, wage garnishment your tax refund. Before taking action on your loan, you must understand what kind of loan it is. There are three primary kinds of federally guaranteed student loans: campus- based loans, and Department of, bank loans Education- issued loans. Your ability to negotiate with your lender, or possibly cancel, defer your payments your loan may depend on the type of loan you have. Campus- based loans are called Perkins Loans or the older National Direct/ Defense Student Loans( NDSLs) .

Loans issued directly by the Department of Education are called Direct Loans and include Stafford, and consolidation loans, PLUS. Bank loans are called Federal Family Education Loan Program( FFELP) loans and include Stafford Loans( previously called Guaranteed Student Loans( GSLs) or Federal Insured Student Loans( FISLs) , PLUS Loans( loans for parents) , SLS Loans, and consolidation loans. Depending on the type of loan you have and when you obtained it, you may be able to cancel all or a portion of your loan under one of the following circumstances: The former student for whom the loan was taken has died. Your school closed before you could complete your program of study. You become totally and permanently disabled. Your school falsely certified that you were eligible for a student loan. You teach in a Department of Education- approved school serving low- income students or in designated teacher shortage areas( other types of teacher cancellations are available for Perkins loans) .

You left school and were entitled to a refund but never received the money. You serve in the U. You re a full- time employee of a public or nonprofit agency providing services to low- income, high- risk children and their families( Perkins loans only) . S. military( partial cancellation for Perkins loans only) . You re a full- time nurse or medical technician( Perkins loans only) . 1You re a full- time law enforcement or corrections officer( Perkins loans only) . 1You re a full- time staff member in a Head Start program( Perkins loans only) . 1Your a Peace Corps or VISTA volunteer( Perkins loans only) .

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