I have Federal Student loans to pay; how can I get them cancelled without bankruptcy?

Answer 1

Unfortunately, bankruptcy does not erase student loans in the United States. There are some programs out there that can reduce student loans, but it is in exchange for either volunteer work or working in certain critical need careers such as nursing and teaching. Both ways are if you promise to work for a certain amount of time at least one year up to 5 years with another program. However, once the student loans are consolidated, the ability to reduce them through these programs sometimes vanish. I will include some links to these programs.

Answer 2

There are some cancellation provisions in the regulations, usually for persons who teach high demand subjects in difficult communities (read schools in impoverished and/or inner city schools), such as math and science. Certain branches of the military service may also pay off portions of student loans for years in uniform. 100 percent, total disability also may warrant loan cancellation, but in this case if a disabled person returns to school and encumbers a new student loan to do so, they must reassume the old loans. In short, it ain't easy, it ain't common, and it is better on your part to contact your lender/servicer and work out a repayment arrangement that will prevent you from going into default or will get you out of it if you're already defaulted.