Student loan cancellation can be a relief for individuals facing financial challenges or unique circumstances. In Episode 81 of Credit 101, we explore five reasons why your student loans might be cancelled:

1. School Closure Before Program Completion:
If the institution you attended closed before you could finish your program, you may be eligible for loan cancellation. This situation recognizes the impact of unexpected closures on students.

2. Inability to Work Due to Permanent Illness or Injury:
If you experience a permanent illness or injury that prevents you from working, you might qualify for student loan cancellation. This provision aims to assist individuals facing long-term health challenges.

3. Unreceived Refund After Withdrawing:
If you withdrew from your program and were entitled to a refund that you never received, you could be eligible for loan cancellation. This ensures fairness for students who did not receive the educational services they paid for.

4. Peace Corps Service:
Individuals who serve in the Peace Corps may be eligible for student loan forgiveness. This recognizes the commitment and service provided by Peace Corps volunteers.

5. Military Service:
Serving in the military can also lead to student loan forgiveness. This acknowledges the sacrifices made by military personnel and provides support as they transition back to civilian life.

Additional Forgiveness Programs:

• Teaching in High-Need Areas:
  Educators who teach in designated high-need areas may qualify for loan forgiveness. This encourages teachers to work in communities that require additional support.
• Public Service Loan Forgiveness (PSLF):
  Working in qualifying public service positions for a specified period may make you eligible for loan forgiveness through the PSLF program.

Understanding the various reasons for student loan cancellation and forgiveness programs empowers borrowers to explore options that align with their circumstances.