You must repay your student loan even if you don’t complete or can’t find a job related to your program of study, or are unhappy with the education you paid for with your loan. However, we will discharge (forgive) your loan if you have your loan discharged in bankruptcy, if you become totally and permanently [...]
If you fail to make a payment on time, you’re considered delinquent on your Direct Loan. If you do not make payments for 270 days, you are considered to be in default. Default has severe and long-lasting consequences, including the following:
The Department of Education can immediately demand repayment of the total amount due on the [...]
Generally, you’ll have from 10 to 25 years to repay your student loan, depending on the repayment plan that you choose. Your monthly payment amount will be based on how much you borrowed and how long you take to repay. You may choose one of four repayment plans:
Standard Repayment Plan - Fixed monthly payments for [...]
You may want to consider rehabilitating your defaulted loan(s). Advantages of rehabilitation include:
Your loan(s) will no longer be considered to be in a default status.
The default status reported by your loan holder to the national credit bureaus will be deleted.
You will be eligible for the same benefits that were available on [...]
If you’re a teacher serving in a low-income or subject-matter shortage area, it might be possible for you to cancel or defer your student loans.
Canceling a Perkins Loan
If you have a loan from the Federal Perkins Loan Program, you might be eligible for loan cancellation for full-time teaching at a low-income school or teaching in [...]
