What You Need To Know About Student Loan Cancellation

Paying for your education can be very expensive, that is why the government put in place the student loan program to make it possible even for those who cannot afford to fund their education to be able to study. These loans can go as high as tens of thousand depending on the nature of the course you are taking. Once you are done with your education, you are required to pay the loan which can be challenging for most students. This is because you may not have been able to complete your studies, not gotten employment or were not satisfied with the course something that can cause you to experience difficulty in paying. Although these factors are not reasons why you should not pay back the loan to the government, there are some credible reasons why you may be considered for Navient loan forgiveness .

One of the reasons why you would be released from paying your loan is if you are a victim of identity theft. This is quite common and can cause the victim many losses. For you to be eligible for loan cancellation, you must be able to prove that indeed the application was an act of identity theft. The evidence you present must be concrete otherwise it would be a case of you say-he said. It is important that you note that each year thousands fall victims to identity theft. Therefore having a loan under your name when you have no clue is very much a possibility.

You could also have your loan forgiven if the school certified your eligibility wrongfully. The school may approve your application claiming that indeed you are eligible for the credit when you don't. If you are successful in proving that the school wrongfully certified your loan, then you can be forgiven from your loan.

In some cases, you were eligible for the loan and were certified, but because of your current condition, you cannot pay the loan. Some of the conditions that can make your loan payment impossible due to the inability to get employment are mental incapacitation and physical disability that cannot allow you to get a job in the field you trained in. Being incarcerated also falls under this category. Click for more info.

A percentage of your loan may be canceled based on the field in which you work in. Those who serve as volunteers for the Mercy Corps, in the armed forces in areas of hostilities, or as nurses are eligible for this kind of cancellation. The more you serve in these capacities, the more your loan get canceled in percentages that have already been established.

You may be eligible for a loan cancellation, and you have no idea. This article will help you to understand loan cancellation so that you do not pay for something that you ought not to.