August 7, 2009, Newsletter Issue #131: To Forgive or Not To Forgive ... Your Stafford Loans

Tip of the Week

Stafford Loan Forgiveness is similar to that of the federal Perkins Loan. This means that you can have part or all of your Stafford loans forgiven if you meet certain requirements.

If you declare bankruptcy and the court determines that repaying your Federal Stafford Loan would cause undue hardships, you can have 100 percent of the loan forgiven. The entire loan amount will also be forgiven in the case of total and permanent disability or death.

Teachers who work at schools designated as serving low-income families may have up to $5,000 of their loans wiped clean. If they specialize in certain areas, such as math or science, they may be eligible for up to $17,500 in forgiven loans.

It is a good idea to do some research and see if this is an opportunity you can take advantage of. Having large chunks of your student loans wiped out completely make sit much easier to minimize you loan debt.

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