How Not to Pay Back Your Student Loan

Is there ever a chance you will not have to pay back your student loans? The answer is: YES!
Depending on the type of student loan you have and when you obtained it, you may be able to cancel all or a portion of your loan under one of the following circumstances:

* The former student for whom the loan was taken has died.
* You become totally and permanently disabled.
* Your school closed before you could complete your program of study.
* Your school falsely certified that you were eligible for a student loan.
* You left school and were entitled to a refund but never received the money.
* You teach in a Department of Education-approved school serving low-income students or in designated teacher shortage areas (other types of teacher cancellations are available for Perkins loans).
* You serve in the U.S. military (partial cancellation for Perkins loans only).
* You're a full-time employee of a public or nonprofit agency providing services to low-income, high-risk children and their families (Perkins loans only).
* You're a full-time nurse or medical technician (Perkins loans only).
* You're a full-time law enforcement or corrections officer (Perkins loans only).
* You're a full-time staff member in a Head Start program (Perkins loans only).
* You are a Peace Corps or VISTA volunteer (Perkins loans only).

These circumstances apply mainly to federally funded student loans. Other lenders, however, may extend the same courtesy to you if you discuss it with them. They are not required to do so, but asking does not hurt.

Keep in mind that should the circumstances above change, you will most likely be asked to repay your loan. Find out beforehand what the exact conditions of the loan forgiveness entails. Doing so will help lessen any surptises in the future.

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