Sallie Mae Student Loans Forgiveness
Student loan forgiveness programs can be confusing, especially if you’re trying to figure out what program will work for you. Luckily, we’re here to help. We’ll walk you through the different types of student loan forgiveness programs and show you how to get started on your path to eliminating student loan debt!
Sallie Mae Student Loans Forgiveness
Sallie Mae student loan forgiveness is available for students who have attended a school that closed, who have been discharged from the military and are eligible for a discharge, or who have become disabled.
What is Sallie Mae Student Loan Forgiveness?
Sallie Mae’s student loan forgiveness policies vary depending on whether or not you qualify for Sallie Mae student loan discharge or cancellation. You may qualify for some limited relief in cases of death or permanent disability.
If your lender is not Sallie Mae: Your best bet is to contact them directly and ask them how they handle these situations.
Sallie Mae Student Loan Discharge
The Sallie Mae Student Loan Discharge program is available to borrowers who were enrolled in school and receiving Title IV aid when they experienced the following circumstances:
- Death or total and permanent disability (TPD) of the borrower;
- Death or TPD of an eligible cosigner;
- Total and permanent disability (TPD) of a borrower; or
In order for you to qualify, you must have been unable to work because of your TPD at least 90 days before applying for discharge. You must also have applied for Social Security disability benefits within five years of applying for Sallie Mae Student Loan Discharge. If approved, Sallie Mae will discharge all debt balances on your account – both principal and interest – as long as you meet all other eligibility requirements.
Sallie Mae Student Loans Refund
A student loan refund is when you get money back on your student loans. For example, this can occur when you complete an income-driven repayment plan and make payments for 20 or 25 years, or if you have a disability that prevents you from working. If your school closed while attending it and the Department of Education closed the school, then you may be eligible for some kind of loan forgiveness as well.
You can apply for a student loan refund online through the Federal Student Aid website. You’ll need to fill out the application by providing some basic information about yourself, including:
- Your name and address
- Your Social Security number (or other identifier)
- Your date of birth
Sallie Mae Student Loans Death or Permanent Disability Discharge
The Sallie Mae Student Loans Death or Permanent Disability Discharge is a program through Sallie Mae that allows you to have your student loans forgiven in case of death or permanent disability. The program has a specific set of eligibility criteria, which are described below:
- You must have been eligible for a federal student loan at the time of your death or permanent disability.
- Your loans must have been held by Sallie Mae.
- You must not be 90 days delinquent on any of your federal student loans at the time of death or permanent disability.
If you meet all three of these requirements, then the following is true: Any unpaid principal balance (not including interest) will be discharged if you meet all three of these requirements:
What about Canceled or Forgiven Student Loan Debt?
You may be able to get your student loan debt canceled or forgiven. However, it’s important to understand the difference between cancellation and forgiveness. Cancellation applies only to certain types of loans, like Perkins loans and Subsidized Stafford/Direct Loans (but not PLUS loans). Forgiveness applies only if you’re in a specific situation—like working full time for the government or serving in AmeriCorps—and can be applied retroactively.
If you want more information on how your type of student loan might be affected by cancellation or forgiveness programs, check out our full guide for more details!
If you have any questions about student loan forgiveness, don’t hesitate to contact us.
If you have any questions about student loan forgiveness, don’t hesitate to contact us. We’re available 24/7 and can answer any questions you might have.
We hope this article has helped you get a better grasp of what student loan forgiveness is, and how it can benefit you. If you have any questions about your specific situation, don’t hesitate to contact us. We’ll be happy to help!