Expungement of a loan generally entails a pardon for repayment due to financial constraints. Expungement of student loans is possible in certain careers and not others. Such a program may require you to give your professional service at a certain place for a fixed period of time. In the case of student loans, it is an effective recruiting tool, drawing students that may not otherwise be interested.
Instructions
1. Find out the eligibility requirements for the loan you wish to expunge. In some jurisdictions the program applies to individuals who have completed a certain number of years in training. If you are not in this industry, your loan cannot be expunged. Loans incurred after a certain date may be the only ones that can be expunged. Ensure that your application meets the requirements.
2. Download a copy of the application form from the Federal Family Education Loan Program website and fill it out. Where you are required to obtain certification from a person of authority, such as an administrative officer, ensure that you do. Return the form as directed. Where there is more than one creditor, send a copy to each.
3. Check with your creditor whether you can postpone payments during the period from application for expungement and the time when the agency determines your application. It is not compulsory for your lender to grant you the forbearance. If he refuses, continue to make payments until the agency approves your application to expunge your student loan.
4. Report, as soon as possible, to your required station of work once you receive confirmation from the relevant authority that your student loan has been expunged. Serve the required number of hours in your line of profession. In some jurisdictions, the application may be revoked due to disciplinary issues on the part of the applicant. Be on your best behavior.
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