Stafford Exit Topic 5 of 6: Loan Cancellation
You are generally obligated to repay your student loan, regardless of what happens. In fact, federal student loans usually are not even discharged or cancelled due to bankruptcy. However, there are a few situations in which your loan may be cancelled:
- You die
- You are totally and permanently disabled (requires certification from a physician and is subject to a conditional period of three years)
- Your school fails to pay a refund if you withdraw
- You are unable to complete your program of study due to school closure
- Your loan was falsely certified as a result of identity theft
- Your school falsely certified or fraudulently completed a loan application in your name without your approval
1 comment:
Ouch! hmmm... If you incur in enough debt, you will surely die of natural causes before you finish repaying your loan.
All kidding aside, this made me think about my own student loans. I generally ignore them and they ignore me, but my bliss is about to end because I'm about to graduate. Soon I'll be the one rereading the fine print or joining the Peace Corps.
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