Is there ever a chance you will not need to pay back your college loans ? The answer is: YES!
Depending on the type of student loan you have and when you got it, you may just be able to cancel all or a little of your loan under one of the following circumstances:
* The previous student for whom the loan was taken has expired.
* You become absolutely and permanently disabled.
* Your school closed before you could complete your program of study.
* Your college falsely authorized that you were eligible for a student loan.
* You left college and were entitled to a refund but never received the money.
* You teach in a Department of Education-approved school serving low income scholars or in designated teacher shortage areas (other sorts of teacher cancellations are available for Perkins loans).
* You serve in the U.S. Army (partial cancellation for Perkins loans only).
* You are a full time employee of a public or nonprofit agency providing services to lower income, high-risk youngsters and their families (Perkins loans only).
* You are a full-time nurse or medical technician (Perkins loans only).
* You are a fulltime law enforcement or corrections officer (Perkins loans only).
* You're a full-time staff member in an Early Lead programme (Perkins loans only).
* You're a Peace Corps or VISTA volunteer (Perkins loans only).
These circumstances apply generally to federally financed college loans. Other banks , however , may extend the same pleasantness to you if you debate it with them. They aren't required to do therefore but asking doesn't hurt.
Take into account that if the circumstances above change, you will most likely get asked to repay your loan.? Find out beforehand what the exact conditions of the loan clemency comprises. Doing so can aid in reducing any surprises in the future.
Depending on the type of student loan you have and when you got it, you may just be able to cancel all or a little of your loan under one of the following circumstances:
* The previous student for whom the loan was taken has expired.
* You become absolutely and permanently disabled.
* Your school closed before you could complete your program of study.
* Your college falsely authorized that you were eligible for a student loan.
* You left college and were entitled to a refund but never received the money.
* You teach in a Department of Education-approved school serving low income scholars or in designated teacher shortage areas (other sorts of teacher cancellations are available for Perkins loans).
* You serve in the U.S. Army (partial cancellation for Perkins loans only).
* You are a full time employee of a public or nonprofit agency providing services to lower income, high-risk youngsters and their families (Perkins loans only).
* You are a full-time nurse or medical technician (Perkins loans only).
* You are a fulltime law enforcement or corrections officer (Perkins loans only).
* You're a full-time staff member in an Early Lead programme (Perkins loans only).
* You're a Peace Corps or VISTA volunteer (Perkins loans only).
These circumstances apply generally to federally financed college loans. Other banks , however , may extend the same pleasantness to you if you debate it with them. They aren't required to do therefore but asking doesn't hurt.
Take into account that if the circumstances above change, you will most likely get asked to repay your loan.? Find out beforehand what the exact conditions of the loan clemency comprises. Doing so can aid in reducing any surprises in the future.
About the Author:
Joe Wilson has worked in the loan industry for over two decades. Let him share with you his years of experience with payday loans, auto loans, student loans and the new peer to peer loans.
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