College loan forgiveness is a process of wiping away a person’s college loan debt in one fell swoop. It is extremely hard to come by, as you are almost always expected to pay your college loans back. With college loans being a hot topic for almost every family in the US, every option for finding money to go to college is welcome. But loans soon become debts, and college graduates have to work for years to repay their college debts.

However, for some people loan forgiveness or cancellation of the parts of it is possible. For instance, many loans, especially Federal ones, are forgiven if the beneficiary dies or becomes totally and permanently disabled, the school closes within a predefined amount of time and because of that you cannot finish your program, or if your signature has been forged.

As seen, the conditions for loan forgiveness are pretty serious, and are generally for events beyond your control. But there are many other cases, when the events are beyond your control but you cannot claim forgiveness – for instance, if the school provided inadequate training or the instructors were not qualified.

But there are also other circumstances under which the federal government may forgive part of your college loan. One possibility is volunteer work for organizations like AmeriCorps, the Peace Corps, or VISTA. Another possibility is going into the Army, or teaching or practicing medicine in certain communities.

Sometimes schools manage to raise funds from donors and offer forgiveness programs to their graduates. There are enough possibilities to be examined, if you would like to reduce your monthly loan installments.

By: Jennifer Bailey

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love is blind asked:


I am planning to transfer, I assume you might not be able to take the loan with you. Since college loans want you to wait until after college to start paying, will transferring to another school in the meanwhile, mean that I will have to start paying soon after I transfer or after I’m done with school altogether?
how about loans with banks?

TheLoanfather asked:

What do private sector financial institutions really think about the possibility of Uncle Sam dropping subsidies to them and increasing the distribution of college loans directly? The Loanfather tells it like it is…

gsdfgsdgsdg asked:


Specifically Western Australia in the city of Perth. I’d like to know about college loans too.

none n asked:


Graduating from college soon and have loans i needsta get rid of.

THNKS!

chinosk8r asked:


I just got accepted into NYU, but I’m not sure if I can do due to financial troubles.

I have the option for the federal loan, but that is at a 8.25% APR rate which is ridiculous. I wish to get a private loan but I’m not sure they would loan to my family because we have nothing to put down as collateral.

So, I’m just wondering, do banks require a collateral for a college loans, or do they operate their loan system differently for college students.

greg29 asked:


Hello, I am looking for more info on student/college loans for adults.

I am a 28yr old male in Florida looking to complete my bachelors degree in something IT-related,

Does anyone know of any free grants, scholarships, or other free money; also dont you have to make a certain amount of money to qualify for a loan,

Well the reason I am trying to go back, is because my career is not stable(graphic arts) and pays like crap(even with 5 yrs experience. Catch 22 , so how can I qualify for a loan???

Need serious help asap
Any feedback would be appriciated.
Thanks

mathwhiz454 asked:


I had to pay for all 4 years of college using student loans, and now I’m paying them back @ $700/month.

Obviously, I want this payment reduced, especially while I try to find a better job than the one I got right out of college.

They’re all from Sallie Mae, but they’re multiple loans. Can I consolidate multiple loans from the same company? They all have separate interest rates.

Is there anything else that I can do to lower my monthly student loan payments?

shadowriches asked:


I am divorced with three children. Next year the eldest will be heading off to college. How, if at all, is the income of the non-custodial parent figured into needs formulas for college financial aid/loans/grants?

delana708 asked:

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