STUDENT LOAN FORGIVENESS

STUDENT LOAN DISCHARGE LAWYER NEW YORK

FORGIVENESS, CANCELLATION, AND DISCHARGE

Under certain circumstances, you may no longer be required to pay back your federal student loan. The circumstances may include lifelong and complete disability, specific types of teaching service, public service, and more. If you need help determining whether you might meet the qualifications for a student loan forgivness, cancellation, or discharge, contact our lawyers today - (888) 301-0584.

TEACHER LOAN FORGIVENESS

The Teacher Loan Forgiveness Program has been created to promote the teaching profession by encouraging people to become and/or continue to be educators. You may be eligible for this program if you have been a full-time teacher for five successive years in particular institutions and agencies, and if you meet additional requirements; if this is the case, the Teacher Loan Forgiveness Program may eliminate up to $17,500 (an aggregate sum) of your Direct Subsidized and Unsubsidized Loans and Unsubsidized Federal Stafford Loans.

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Learn more about Total and Permanent Disability Discharge and School Closure Loan Discharge

WHAT IS THE PUBLIC SERVICE LOAN FORGIVENESS PROGRAM?

The Public Service Loan Forgiveness Program (PSLF) is meant for individuals that have full-time jobs in public service. These individuals may qualify for this program, which eliminates the residual balance of their federal student loans after 120 payments have been made as designated by a particular repayment plan of their choice.

As a result, you may be eligible to apply for a Public Service Loan Forgiveness if:

  • You have made 120 monthly payments as scheduled and in full
  • The only payments that are considered had to have been made after October 1, 2007
  • You must have chosen a particular repayment plan that arranges and mandates your repayment schedule
  • You must be a full-time employ for a certified public service organization

Loans given by the William D. Ford Federal Direct Loan Program are the only loans that make you eligible for PSLF. If you received loans from the Federal Family Education Loan Program (FFEL) and/or the Perkins Loan Program, you may choose to combine your loans into a Direct Consolidation Loan, which can then make you eligible for Public Service Student Loan Forgiveness.

HOW CAN I KEEP TRACK OF MY ELIGIBILITY FOR PUBLICE SERVICE LOAN FORGIVENESS?

Step 1: You must fill out the Employment Certification for Public Service Loan Forgiveness form every year, or if you switch jobs (with your employer’s authorization).

Step 2: Read the instructions on the form and then submit it to your federal loan servicer for review.

Step 3: After reviewing your submitted form and your employment qualifications, your federal loan servicer will determine whether your circumstances fit the criteria required by the Public Service Loan Forgiveness Program.

Step 4: Your loan servicer will notify you if the form you have submitted is incomplete and/or your employment credentials do not meet the required criteria. After you have heard back, you will have the chance to make certain changes and/or corrections to your documents.

Step 5: Additional documentation, for example an IRS Form W-2, may be requested by your loan servicer if needed to prove that you held a qualifying public service job.

HOW DO I APPLY FOR CANCELLATION FOR MY PERKINS LOAN?

In order for you to cancel your loan, you must do as follows:

  • Contact the office of the school that controls your loan in order to obtain the necessary forms.
  • You must be prepared to provide any additional documentation that may be required to prove your qualifications for cancellation.
  • The school that controls your loan is fully delegated to decide whether or not you qualify.

WHAT AMOUNT CAN BE CANCELED?

If you are eligible, you may cancel 15 to 30 percent of your loan in accordance with specific year(s). The cancellation includes the accumulated interest.

If you are having difficulty managing your student loan debt, a proficient repayment plan known as Income-Based Repayment (IBR) may help you significantly reduce your monthly payments.

In order to be eligible for this repayment plan, you must have a partial financial hardship.

Our Student Loan Lawyers Can Help!

If you are reside in New York and are seeking a forgiveness or discharge of your federal student loan due to qualified public service, school closure, teaching, or disability, contact our student loan lawyers to learn how we can help you. We offer a free phone evaluation.

Call today - (888) 301-0584.

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