by 
The Curious Bag
-
<h4 class="dechead">On One Hand: Possible? In part.
There are options available to you to settle the various parts of your student loan debt. Guaranty agencies that are empowered to negotiate agreements can work out a plan and forgive the debt in part. Student Loan Borrower Assistance (SLBA) warns that these agreements will only stop collection activity, meaning that you will still have to repay something.
On the Other: Extreme cases
According to the National Council of Higher Education Loan Programs, in extreme circumstances, such as in cases of permanent disability, you can negotiate to cancel the debt entirely. Barring such a catastrophic occurrence, bankruptcy may discharge the debt, but this is not a guarantee and is not desirable for most people.
Bottom Line
It is possible to settle some part of a student loan, however you will most likely still have to repay most of your debt. To find a guaranty agency, or if you are seeking repayment or settlement information, check out the SLBA website or contact the Federal Student Aid Ombudsman (www.fsahelp.ed.gov) for answers to questions specific to your situation.
Source:
National Council of Higher Education Loan Programs
National Council of Higher Education Loan Programs and disability
More Information:
Federal Student Aid Ombudsman for answers to questions specific to your situation.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC