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How do I find out if I qualify and how can I get my department of education loans forgiven, canceled or discharged?

I qualified for cornerstone student loans back at my graduate level and today I am working at a non-profit organization as a teacher. I have been paying back my loan on time for ten years now. I believe at this point it is possible to talk about loan forgiveness, cancellation or even discharge because I am in a financial backlash. I failed to consolidate federal student loans earlier because I did not find a private lender who offers low interest student loans to fit my plan. I have no other option but to ask the department of education loans program for loan forgiveness. Am I eligible for the forgiveness? If yes, what do I do to get it? Kindly help!

Alexa Spicer

in Student Loans

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Ramon Kelly on January 26, 2018

There are instances you can have your student loans from cornerstone forgiven, canceled or even discharged which depends entirely on your job type. The most eligible group are the teachers, employees in non-profit organizations, military personnel, child caregivers, volunteers in ACTION program or people with disability. When faced with the closure of the school you can get forgiveness, cancellation, and discharge at the mercy of the loan provider. When granted forgiveness, cancellation, and discharge on your loan, it means you are no longer expected to repay the loan. Student loan forgiveness, cancellation, and discharge are granted to an employee in the public service and to teachers in exchange for their service. Many possibilities exist that can guarantee loan cancellation. For more information, search online for what circumstances qualify your loan for forgiveness, cancellation and or discharge.

If you are not qualified for loan forgiveness, cancellation or discharge yet repayment is becoming heavy for you, don’t ignore your loans. Keep track with your loan payments to avoid the penalty, you can change your payment due date that is after consulting with your loan servicer. You can even decide to change your payment plan to a lower monthly repayment plan depending on your monthly earnings. If the issue arises because of multiple loans, try and consolidate your federal student loan by taking a Direct Consolidation Loan from a credited institution. This will enable you to combine your federal student loans into a single loan for one monthly payment. Cornerstone can offer a perfect consolidation like any other federal loan servicer. Direct consolidation of federal education loans are done free of charge, do not accept any offer from any private company that may offer to apply a direct consolidation for a fee. Application for a consolidation takes less than 30 minutes; you are only required to provide a repayment plan and choose a loan servicer for your consolidation to go to studentloans.gov, log in and get started.

In case all the options fail to leave you in a position where you are unable to make the department of education loan repayments at the moment, postpone your repayment through forbearance or deferment. Failure to apply for a forbearance or deferment on time will make your loan accumulate because of interest accrued.

To have control over your student loan, get a private lender who offers low-interest student loans. Before choosing a private lender, take caution to avoid scam. Go through the credit history of the company, borrowers with poor credit history are not good creditors. Avoid lenders who demand a FICO score as there exist lenders who allow you to get a loan using a cosigner even with less than perfect creditworthiness. Make the right choice and avoid future embarrassment.

Brian Warnera year ago

I do not approve consolidation in case you fail to make repayment. This means you manage to make the repayment much easier but end up costing more which creates a financial burden and even causes you to lose borrowing benefits. The department of education loans are much cheaper; I took the loan and made an on-time repayment for eleven years whereby I was granted loan forgiveness because I took up a job of a teacher at a local school. Always opt for low interest loans to avoid financial burden caused by the high-interest loans in the market. My sister had the same issue of repayment but after she followed the required guidelines on forgiveness. She was successfully approved and the loan was forgiven. Keep trying don’t lose hope because there is pardon especially for you since you work as a teacher in a non-profit organization.

I wish you all the best!


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