How to cancel a student loan?

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Canceling a student loan can be a complex process, but with the right information and guidance, it is possible to navigate through it successfully. This article will provide a step-by-step guide on how to cancel a student loan, helping borrowers understand the options available to them and the necessary steps to take.

Understanding Loan Cancellation

Before delving into the process of canceling a student loan, it is essential to understand what loan cancellation entails. Loan cancellation, also known as loan forgiveness or discharge, is a program that allows borrowers to have their student loans forgiven under certain circumstances. These circumstances may include working in specific professions, experiencing financial hardship, or meeting other eligibility criteria.

Exploring Loan Cancellation Options

Public Service Loan Forgiveness (PSLF): The Public Service Loan Forgiveness program is designed for borrowers working in public service jobs. To qualify, borrowers must make 120 qualifying payments while working full-time for a qualifying employer, such as a government or non-profit organization. After meeting these requirements, the remaining loan balance may be forgiven.

Teacher Loan Forgiveness: This program is specifically for teachers who have been employed full-time in low-income schools or educational service agencies for at least five consecutive years. Eligible teachers can have a portion of their Direct Subsidized and Unsubsidized Loans forgiven, up to a maximum of $17,500.

Income-Driven Repayment Plans: Income-Driven Repayment (IDR) plans are designed to make loan repayment more manageable for borrowers with low income. Under these plans, borrowers’ monthly payments are based on their income and family size. After making payments for a specified period (usually 20 or 25 years), any remaining loan balance may be forgiven.

Disability Discharge: Borrowers who have a total and permanent disability may be eligible for a discharge of their federal student loans. The process involves providing documentation from a qualified physician certifying the disability. Once approved, the borrower’s loans will be canceled, and they will no longer be required to make payments.

Steps to Cancel a Student Loan

1. Research Eligibility: Determine which loan cancellation programs you may qualify for based on your profession, income, or other criteria. Visit the official websites of the loan servicers or the Department of Education to gather accurate information.

2. Gather Documentation: Each loan cancellation program requires specific documentation to support your eligibility. Gather the necessary documents, such as employment verification forms, tax returns, or disability certification, as required by the program you are applying for.

3. Complete the Application: Fill out the application forms for the loan cancellation program you are applying for. Ensure that you provide accurate and complete information to avoid delays or rejection.

4. Submit the Application: Send the completed application and supporting documents to the appropriate loan servicer or entity responsible for processing loan cancellation requests. Keep copies of all documents for your records.

5. Follow Up: After submitting your application, stay in touch with the loan servicer or program administrator to track the progress of your application. Be prepared to provide any additional information or documentation they may request.

6. Await Approval: The loan cancellation process can take time, so be patient while waiting for a decision. If approved, you will receive notification of the cancellation or forgiveness of your student loan.


Canceling a student loan can provide much-needed relief for borrowers facing financial challenges or working in specific professions. Understanding the available loan cancellation options and following the necessary steps can increase your chances of successfully canceling your student loan. Remember to research eligibility requirements, gather the required documentation, complete the application accurately, and stay in touch with the loan servicer throughout the process.


– Federal Student Aid:
– U.S. Department of Education:
– Public Service Loan Forgiveness:
– Teacher Loan Forgiveness:
– Income-Driven Repayment Plans:
– Disability Discharge: