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Conditions of Cancelling Student Loans: Part II

In Part I we discussed the ability to cancel student loans based on disability and rehabilitation. Below are other circumstances under which you could cancel your student loans should you find yourself in a position that you are unable to pay them.

Needy Populations

As a way to reward those who help underprivileged people, teachers who serve certain needy populations may be able to have their student loans canceled or their payments deferred. These populations include low income or disabled students. Teachers are not the only professionals eligible for this dismissal. People who do not teach, but serve certain needy population may also be able to have their student loans canceled. This however, depends on the type of loan and population served.

Serving Country and Community

Members of the U.S. military, the National Oceanic and Atmospheric Corps, or the U.S. Public Health Service are allowed several situations under which they may cancel or defer student loans. Many student loan holders have the options of cancelling their loans or deferring payment in exchange for performing community service. These opportunities include serving the Peace Corps or volunteering with an organization that assists low-income people in the community.

Are you overwhelmed by debt from college and student loans? Financial burdens are becoming increasingly difficult to manage in these strained economic times. Filing for bankruptcy could help you manage your debt and regain control of your finances.

A South Florida Bankruptcy Lawyer Can Help

Contact the South Florida bankruptcy lawyers of Eric N. Klein & Associates, P.A. at 561.353.2800 today.