A quick discussion with Bruce Mesnekoff about loan forgiveness

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Tips for Federal Student Loan by Bruce
Mesnekoff A recent article by a leading daily
has revealed that nearly 2/3rd students that are
graduating from the American universities are
crippled with certain level of federal debt.
Another screaming headline viewed in a CNBC
article disclosed that approximately 24
millennials are expected to receive forgiveness
on their outstanding debt loan balances.

• The dizzying Federal student loan measures a
  great percentage of the overall national debt,
  which in turn is leading to several consequences,
  including
• Decelerating economic growth of the country
• Rising interest rates
• Limited access to capital
• In this light, a range of repayment
  forgiveness programs have kicked off to
  mitigate the financial debt burdens of the
  Government-backed student loans. This article
  attempts to share information on the list of
  events that qualify a student to be either
  discharged off or forgiven the federal loan for
  higher education under the Federal student loan
  forgiveness program. Heres how it goes!

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• Total and Permanent Disability or TPD Discharge
  In this situation, a student is discharged from
  the repayment of following loans on the basis of
  their permanent and total disability
• William D. Ford Federal Direct Loan Program
• Federal Perkins Loan Program
• Federal Family Education Loan Program
• Besides, such students are also discharged from
  the obligation to complete their TEACH Grant
  services. However, it is required to share
  information on permanent disability with the
  U.S. Education Department. The information
  is later reviewed and evaluated on the basis
  of following criteria to determine whether a
  person qualifies for the TPD discharge
• Submit an approved document from the
  Veterans Affairs Department of the United
  States to declare than an individual is
  unemployable as a result of service related
  disabilities.
• Submit benefits received from Supplemental
  Security Income and Social Security Disability
  Insurance stating the next scheduled date of
  disability review.
• Submit a document from the certified physician
  confirming permanently disability.
• Death Discharge In the event of borrowers
  death, the debt taken by the student will be
  discharged. This means, the PLUS loan taken by
  the parent would be discharged in case of death
  of the parent or the student for whom loan was
  obtained. A certified copy of death certificate
  needs to be furnished by the family member to the
  loan servicer.
• Bankruptcy Under Chapter13 or Chapter7, if an
  individual has filed for bankruptcy then the
  obligation of loan repayment will be discharged.
  This will be based on the following decisive
  factors
• The individual, if obligated to repay loan, would
  be unable to sustain a required minimal standard
  of living.
• Submission of a significant evidence to verify
  that the hardship would continue for a
  considerable period of time.
• A prudent attempt of minimum 5 years was made by
  the individual to repay loan before filing for
  the bankruptcy.

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