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San Francisco, CA 94105-1813 False certification You can apply for false certification loan cancellation if the institution you attended falsely certified your eligibility for federal student aid.The National Consumer Law Center describes the four ways this can happen: “There are four specific categories that can lead to a discharge.Student loan cancellation is often limited to very specific situations, but in those situations, the option is required by federal law to be available to debtors.
Typically, consolidation is the best option of getting out of default quickly, as you’re able to move directly into an Income-Driven Repayment plan and can immediately start building credit towards Public Service Loan Forgiveness if you’re eligible.
Also, for student loan borrowers with older loans, consolidation can make you eligible for newer repayment plans that may be more favorable.
Make nine out of 10 on-time payments using the same formula as Income-Based Repayment, which would cap your monthly payment to 15 percent of your income or less.
Private student loans and Perkins loans operate under different rules, and for more information on getting out of default, you should reach out to your servicer or the school you attended.
Another way to get out of default on a federal student loan is to consolidate it.
On the flip side, if you have a Parent PLUS loan and consolidate it with other Direct Loans, you’ll lose access to most income-driven repayment plans on the entire consolidation unless you exclude the Parent PLUS loan from the consolidation (which you can do).