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John E. Pytte Dec. 21, 2015

DebtWe all have dreams about what we want to be when we grow up. One dream we never had though was the amount of money it would take us to fulfill our dreams. Although education is essential, it can be very costly. Many thousands of dollars can be borrowed to assist us in receiving the education we need, but it also traps us in debt for decades.

Having student loan debt can make it difficult to get financing for other essentials, such as a car or a home. If times are rough after graduation and any student loan payments are made late, your credit score can be ruined for years. Thankfully, there are options available that some qualify for, that could result in the forgiveness of some of this debt. However, the process of applying may be complicated and cause you added stress and anxiety. For this reason, and more, it is essential to request the help of an experienced debt relief attorney, such as John E. Pytte.

We will explore some common feelings of those who have applied for student loan forgiveness and give some insight that may allow you to feel more at ease while awaiting your decision.

#1 – Indecisiveness

When initially contemplating the thought of student loan forgiveness you may go back and forth in your decisions. This is quite an involved process and you want to be sure you take the correct actions. The first decision that has to made is whether or not you qualify for loan forgiveness. Currently, the following programs are available:

  • Teacher Loan Forgiveness

  • Public Service Loan Forgiveness

  • Perkins Loan Cancellation and Discharge

Your initial step should be to review the conditions of each program with the help of an experienced debt relief attorney and to contact your loan provider if you think you qualify. If you have a Perkins Loan, you need to apply to the school that made the loan or contact the school's designated loan provider.

#2 – Overwhelmed

Applying for loan forgiveness requires you to submit the appropriate documentation to the loan provider, which may include an employment certification form and verification of income by means of a W2 statement or a recent pay stub. You can easily be overwhelmed at this stage as you have vested a great deal of time researching the programs and now you're scrambling through last year's tax return for documentation. It's likely you are enduring financial hardship as well, which is overwhelming in and of itself.

During this process of documentation and verification it is important to continue making your student loan payments as agreed, in order to prevent your loan from going into default or accruing added interest. However, there may be good news coming to ease your emotions if you are eligible for a forbearance. If you have the following loans, your loan provider should grant forbearance, which means no one is permitted to collect on your loan until a determination is made whether you are eligible for a loan discharge:

  • Direct Subsidized Loan

  • Direct Unsubsidized Loan

  • Federal Subsidized Stafford Loan

  • Federal Unsubsidized Stafford Loan

Another step you should take to ease your emotions during this process is to schedule a consultation with your debt relief attorney. These attorneys are available to take the weight off your shoulders by doing all of the paper pushing for you. With their experience and legal skills, you can also have peace of mind knowing that your application was submitted with the appropriate documentation necessary to give you the best chance for approval, as they have your best interest in mind. Also, should your application be denied for forgiveness, your debt relief attorney can assist you with your repayment options to avoid financial hardships and possible loan default.

#3 – Anticipation While You Wait

It's likely you will be afforded greater financial freedom should your loan be approved for discharge, and this can cause great anticipation while you await the decision. During this time, you can plan for how the decision will affect your financial well-being and develop appropriate action plans.

  • What happens if your loan is approved for discharge?

Should you qualify for loan forgiveness, you will no longer be obligated to make loan payments. The U.S. Department of Education may be required to refund some or all of your loan payments to you depending on the type of loan forgiveness program you are eligible for. Also, if you had an adverse credit record related to a loan default, this may be deleted as well.

  • What happens if your loan is denied for discharge?

The final decision to discharge your loan cannot be appealed for most programs and you will remain responsible for your student loan repayment. You should speak with your loan servicer or debt relief attorney about possible repayment options that could assist you financially.

#4 – Motivation

Whether your loan was approved for student loan forgiveness or not, the final decision has an impact over your future financial situation. This includes impacting your credit report. You may notice a feeling of motivation to fulfill your financial obligations successfully as you want to engage in good financial practices in the future so you can benefit from a good credit profile. These benefits can include locking in affordable utility services, better rates for car insurance, improved chances of landing an apartment or new home, and qualifying for excellent credit card deals.

Whatever stage of the student loan forgiveness process you’re in, it’s a good idea to call a knowledgeable and experienced debt relief attorney to assist you. John E. Pytte is that attorney. He will provide you with empathy for all the emotions you are feeling, as well as aggressive support for your case. Give him a call today.