Student loans continue to affect millions of college students, many of whom are still in the day to day struggle of making student loan payments every month. Fewer than many students have taken advantage of income driven repayment options but many are still unaware of the value in Borrower Defense to Repayment options awaiting. Although IDR options are helpful, student loan discharge has been rarely heard of and discussed until now.
Discharging Student Loans
Getting your student loans discharged has some grey underlining to it and can even sound too good to be true but it is an enlightening reality to those who can qualify for this kind of dismissal relief. Submitting for a dis charge is a complicated process and usually requires the help of a lawyer or experience compliance team with direct experience. The department of education recently updated the rules surrounding discharge of federal loan in January of 2017 to help student borrowers better understand the regulations of the process and how it works.
Find Help with Student Debt
These kinds of resources can be difficult to understand, but don’t have to be. You can sign up for these programs at Studentloans.gov. However, if you need help we recommend Grad Aid Services, a company that has been personally vetted. They can help you navigate the student loan map and help you systematically apply for the programs offered by the Department of Education. If you’re not sure you want to deal directly with the Department of Education yourself, then Grad Aid Services can help you find the repayment solution that’s right for you, and possibly restructure your student debt so that you can qualify for programs you may not otherwise have qualified for. Call them directly at 1-888-909-6290 or check out the website here.
How Does Borrowers Defense To Repayment Work?
Borrower defense to repayment requires that each student proves the college or university used deceptive practices against the student in a way that involved them taking out student loans. Considering the school defrauded a student in a way that leads the student to take out student loans, may result in he or she becoming a good candidate to have their loans discharged.
Examples of fraud include:
- Ineligibility of transferring Credits
- Total of multiple loans
- Types of Degree Programs
A network of schools by the name of Corinthian Colleges were found guilty of false promises given to students only to keep enrollment rates high. Approximately 14,500 students have had their federal loans discharged as a result, according to the Department of Education report.
Which loan can be discharged?
Parent PLUS, Perkins, Unsubsidized Stafford, and Federal Consolidation loans aren’t able to discharge their loans. Student loan lawyer Jay Fleischman stated, successful discharge “can lead to not only a forgiveness of the unpaid balance, but also reimbursement for any money you’ve previously paid and removal of any negative information on your credit report related to the loan.”
Student borrowers who are interested in discharge must send in multiple documents required by the Department of Education in consideration of your discharge approval. More details on what you need to file a claim can be found by clicking HERE.
The process to discharge your loans can be quite difficult done on your own and is a very serious matter, which is why it’s recommended to find extra help during this process. Proving qualified students submit a valid claim to the government that meets the state standard students will also need to be aware of the statute of limitations and that it has not expire before submitting proof.
Borrower Defense To Repayment VS. Revised Repayment Options
It’s important that your careful mix up the differences between Borrowers Defense to Repayment and Revised Repayment options, they are not the same. Borrowers defense to repayment is an option only for get your loans discharged – it is not a student loan repayment option that supplies loan forgiveness benefits. There are student loan assistance and student aid companies that are helping students directly with their loans and have very high success rates of approval with the Department of Education.
If you are in need of student loan help make sure to specify what kind of help you are looking for. Not all student loan companies are going to offer Borrowers Defense to Repayment, so make sure to ask so that you are aware.
The fact is that although revise repayment options may be the short-term alternative in the long run discharge is the safest and best route to take in response to student debt resolution.
Are Private student loans eligible?
Private student loan debt is the hardest student debt to remove. All loan providers go by different rules and standards that can be found in their policies. But, under some rare circumstances students can get their student loan debts removed through Bankruptcy procedures. Anyone looking to remove private student loan debt should seek out a specialized lawyer in student loans. Make sure you understand their fees before opening a court case because this route could very well put you in a much more worst situation then originated.
If you disabled and cannot work some attorney’s may be able to represent you successfully but always do a review on the outcome of similar cases.
If you’ve been defrauded by a for profit school and don’t know how to deal with your student debts directly, qualifications for discharge should be your first step to freeing yourself from this hideous mark of debt. And, don’t become discourage if you find that you’re not eligible for any debt relief the Department of Education is actively find ways to help student debt borrowers decrease their student debt balances.
The hardest part about borrower defense to repayment is validating that the student has been defrauded by the school. It is much easier to establish this based on if the student has saved most documents received during attendance at the school for safe keeping. There are many schools that have stayed within the compliance of federal laws and statutes. Being aware and proactive about these modern day predatory acts can save you a lot of disappointment and frustrations in the end.