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View the Perkins Loan Cancellation and Discharge Summary Chart.Top After reviewing the conditions, if you think you qualify, contact your loan servicer.However, the loan may be discharged if the child for whom you borrowed dies, or if you die or become totally and permanently disabled.I have about k of credit card debt from medical bills and other expenses with 2 kids in college.The list below is a quick view of the types of forgiveness, cancellation, and discharge.You may be eligible for a discharge of your Direct Loan or FFEL Program loan if you withdrew from school, but the school didn’t pay a refund that it owed to the U. Department of Education or to the , as appropriate.
You can view your loan information including the types of loans you have and your loan servicer by logging in to "My Federal Student Aid." Top If you qualify for a complete discharge of your loan, you are no longer obligated to make loan payments.
If you do not return the funds that you directly received, your loan will be placed in default.
You must repay your parent PLUS loan even if the student doesn’t complete his or her education or can’t find a job related to the program of study, or if you or the student is unhappy with the education.
Depending on the type of loan discharge program for which you may be eligible, the U. Department of Education may be required to refund to you some or all of the payments you made on the loan.
In addition, any adverse credit record related to a default might be deleted, and no tax refund offset or wage garnishment will take place to collect on the discharged loan.