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It doesn't matter how long you had the loan, you have to pay it back unless you are disabled, a teacher in low-income schools, part of the peace corps, or the school forged your signature.
If you have a federal direct student loan you can go on an income-contingent plan that will forgive loans after 25 years in repayment.
25 years is the max---Never default on the loan.Many payment plans out there.Once you default you can never arrange and special payment plans
Thanks Casey Mahoney
What else can I help you with?
How can I determine if my student loans have been forgiven?
To determine if your student loans have been forgiven, you should contact your loan servicer or the Department of Education. They can provide you with information on the status of your loans and whether they have been forgiven through a specific program or process.
If a school closes do student loans get cancelled?
If the school closed and there were unused student loans, they would be cancelled. That would probably be an unusual circumstance since they probably would know in advance that they were closing.Any outstanding loans that were used would not be cancelled.
What Are Your Options Regarding Student Loan Debt Forgiveness?
Millions of Americans are dealing with student loan debt. For most, that debt will linger with them for several years or decades. Although the average student loan debt is somewhere around $25,000, many students face debts of up to $100,000 or more. Is there any way to have your student loans forgiven?Don't Look To Bankruptcy CourtBankruptcy court is not going to be an option for you if you want to have your student loans forgiven or discharged. This is because recent changes to bankruptcy laws have made it almost impossible to get rid of student loan debt. Therefore, you need to talk to your lender about possible loan forgiveness.Will Lenders Forgive Your Loans?As a general rule, many private lenders will not discuss forgiving your student loan debt. However, they may be willing to create a custom payment plan that allows you to make payments each month without ruining your budget. The good news is that you may be able to have portions of your federal loans forgiven in some instances.How To Get Federal Loans ForgivenFederal student loans are often times forgiven for those in the education field as well as in the health care field. Military service may also result in having your student loan debt partially forgiven. Another way to get your student loans forgiven is to enroll in an income based repayment plan. If you make payments for 20 years, the remaining debt is forgiven. While you are repaying the loan, you are only asked to pay roughly 10 percent of your discretionary income.Student loan debt can be a crippling burden if you don't take steps to control your monthly payments. The best idea is to create a repayment plan before you accept your first loan. However, if your student loan debt gets away from you, there are options designed to help you deal with that debt.
Can you apply for a private student loan before you apply for a grant?
Yes, but you should find out how much Grant money and Federal student loan money you are eligible for before applying for Private student loans. Grants are free and Federal student loans are cheap. Private student loans are very expensive. Avoid them if you can.
Should you refinance your home loan and pay off your student loan debt or invest the money?
In most cases no, because student loans offer advantages that many other types of loans do not have. For example, in a number of cases, student loans can be forgiven (e.g., for certain jobs, or when the person who owes the loan dies, the student loan is forgiven). In most cases (depending on your tax bracket, other expenses and loans, etc.), it would be better to invest the money (e.g., in a tax-deferred plan, in real estate, etc.) or to pay off other loans, especially those with high interest rates and/or that are not tax-deductible. Of course, many factors have to be considered before making a final decision about this, such as opportunity costs, interest rates, if you have dependents, etc. <a rel="dofollow"href="http://www.studentauto1insurance.com" rel="dofollow">student car insurance</a>
If you have outstanding student loans and die is the estate charged for the student loans?
Actually, that's not true - student loans are forgiven when the student dies.
Are student loans forgiven after age 60?
Are student loans forgiven at age 60? Are student loans forgiven at age 60?
Can you be forgiven of student loans if your school closes?
No, your student loans will not be forgiven because your school closes.
Your father died and you have student loans outstanding Can you be relieved of this debt?
Let me start by sending my condolences for the loss of your father. If the student loans were taken out by your father as PLUS loans, then the loans will be forgiven by the government. If you took out the student loans under your SS#, then you still have to pay on the loans, even if your father cosigned on them.
How can I determine if my student loans have been forgiven?
To determine if your student loans have been forgiven, you should contact your loan servicer or the Department of Education. They can provide you with information on the status of your loans and whether they have been forgiven through a specific program or process.
Are student loans outstanding?
than you have pay back
If a student dies are the Stafford debts forgiven or passed on to the family?
If in case of death or total and permanent disability of the student Stafford Loans are completely forgiven.
How long are federal student loans take before they are forgiven?
I don't think they're ever forgiven. I know they're one of the special categories of debt that isn't discharged by bankruptcy.
Is it true that divorced single parents are able to have their student loans forgiven and also receive extra money for child care?
The only Federal Loan Forgiveness information that I am aware of is as follows: If you die your loans are forgiven If you become perm. disabled your loans are forgiven
Are student loans forgiven if you receive SSI?
No, but SSI isn't exempt from garnishment for student loans. In some instances federally funded student loans can be forgiven if the borrower becomes mentally and/or physically impaired to the point where he or she will never have sufficient ability to work and if a doctor will sign off on the disability. Edit: SSI CAN be garnished for federal student loans. This was part of the Debt Collection Improvement Act of 1996. Edited wording for total and permanent disability qualifications.
Can I have my student loans forgiven if I am still accumulating more by continuing my education?
There are cases in which you can defer your student loans. To see if you will qualify you can start here for more information: http://www2.ed.gov/offices/OSFAP/DCS/perkins.deferment.cancellation.html
Can student loans be forgiven if you are working with the homeless and DOC clients as an outreach and substance abuse counselor?
Generally, no. You're not a teacher, a childcare worker, or a military service-member. Actually, some student loans are forgiven if you work in certain jobs with certain populations. My Perkins loans were forgiven because I was employed as a program manager in a family homeless shelter. This was a federal forgiveness program. My husband worked as a public school teacher with disabled children and had an opportunity to have some of his student loans forgiven under a program run by the State of Florida. Loan forgiveness can be worth thousands of dollars so it is worth it to check with your lender to find out if there are any programs that suit your situation.
