Many people in the Tampa, Clearwater and St. Petersburg areas have asked lately whether or not they can discharge student loans. YES! YOU CAN! But only some…and maybe. Read on…..
As far as student loans are considered, we can determine whether you qualify to have your student loans discharged for one of several reasons:
- You die or become totally and permanently disabled
- Your school closed before you could complete your program.
- For FFELSM and Direct Stafford Loans only: Your school owes your lender a refund, forged your signature on a promissory note, or certified your loan even though you didn’t have the ability to benefit from the coursework.
- You work in certain designated public school service professions (including teaching in a low-income school).
- You file for bankruptcy. (This cancellation is rare and occurs only if a bankruptcy court rules that repayment would cause undue hardship.)
If you have other debt, a portion of your student loans could be discharged in bankruptcy depending on whether your loans were federally or privately funded. If they were privately funded, we can determine what amounts were for “qualified higher education expenses”. Anything above what is considered qualified higher education expenses stands a good chance of being discharged along with your credit card debt, medical debt and other general unsecured debts. If the loans were only for qualified higher education expenses and/or funded federally we would not be able to discharge your student loans.
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