Looking for help on your student loans? While traditional loan management tactics are infamously difficult to apply to student debt, there are ways to get forgiveness, discharges and alterations! Here’s the positive side of debt aid.

Loan Forgiveness: It IS Possible!

Loan forgiveness is the ultimate after-grad dream, isn’t it? But student loans tend to occupy that “government debt” zone where forgiveness isn’t really possible, no matter how many times you look up the rules to bankruptcy. But here’s some good news – loan forgiveness is possible, you just have to know how to do it.

The basic rule is this: The government won’t give you something for nothing. But there are multitudes of programs that will forgive portions of your student debt for joining. Generally speaking, if you are improving society in some way then you are eligible for some loan forgiveness. This includes loans like Stafford loans, parent loans, Perkins loans and much more.

So, if you are involved in community service at all, take a look to see if you are eligible for forgiveness programs. The same is true if you are a teacher, or if you work for any particular government program. Military programs in particular, are famous for offering a certain amount of loan forgiveness. We could go on in this vein for a long time, but schools like San Diego have already put together great guides on how to seek out some loan forgiveness for what you are already doing.

Let’s Talk About Discharges

A discharge is similar to debt forgiveness, but happens in more specific, often court-related legal decisions. Student debts can also be discharged just not in traditional ways like bankruptcy (usually – some opportunities may exit). That’s the good news – the bad news is that it takes some serious problems to quality for a discharge. For example, if your university was convicted of fraud or false cerfication or a similar problem, then you can qualify for a student loan discharge. Likewise, if your school closes down before you can complete your education, a discharge may also be available. Deaths and permanent disabilities can also qualify for discharges.

As with other options, the laws on discharges are constantly evolving and shifting, so check your circumstances and specific details for further options.

The Ole Consolidation Tactic

Loan consolidation is a more traditional option for giving you some extra space when paying loans. They tend to extend payback periods and make payments more simple. State and federal options for loan consolidation and similar options are available if you are in the middle of looking for a job and are really struggling to pay off all your loans. A quick look at your state website or the Student aid site can hook you up with a few great links for consolidation and management.

Clark & Washington is also here to answer any questions about your student debt and the problems it can pose. Contact us today for a free consultation.