Question : What happens when a student loan is cancelled due permanent disability, but the student is rehabilitated?
When a guaranteed student loan is discharged and later cancelled due to what is considered a total and permanent disability but many years after the cancellation of the loan the individual is rehabilitated and able to return to the workforce with the necessary aid and support for their disability what happens to the student loan? I've been told that once a loan is cancelled it no longer exists, and I've been told that if the individual is able to return to the workforce the loan is reinstated. Which, if either, is correct? What is the answer? (I'm talking about in Oklahoma.)I can find plenty of links, just no answer. Please don't leave a link, if you don't know then you just don't know.
- asked by dressed_2_kill_2008
All Answers:
Answer #1
I found interesting information about your answer,college loans, scholarships, college grants &partime workshere.
http://all-student-loan-consolidation.blogspot.com/2007/07/scholarships.htmlGood luck!
- answered by timpoli
Answer #2
i found this footnote to loan discharge on thelink below. if it has been more than 3 years sincethe loan was discharged, it looks like you wouldnot have to repay it. Beginning July 1, 2002, aborrower who is determined to be totally andpermanently disabled will have his or her loanplaced in a conditional discharge period for threeyears from the date the borrower became totallyand permanently disabled. During this conditionalperiod, the borrower doesn’t have to payprincipal or interest. If the borrower continuesto meet the total-and-permanentdisabilityrequirements during, and at the end of,the three-year conditional period, theborrower’s obligation to repay the loan iscanceled. If the borrower doesn’t continue tomeet the cancellation requirements, the borrowermust resume payment.also take a look at this filethat is specific to yourstate:
http://www.ogslp.org/Schools-Lenders/Common-Manual/CM64.pdf
- answered by ciessa1203
Answer #3
You are in luck. I had a student loan dischargeddue to disability. After 7 years, I was wellenough to go back to school. Currently I am inschool, and I receive financial aid and studentloans. However, you cannot have your loanswritten off a 2nd time for the same illness. Itwould have to be a different illness. Lots ofpaperwork is required to become eligible again forloans but it can happen.
- answered by stlsigma2
Answer #4
First one is right. When a loan is cancelled allthe parameters are washed off. For more detailsplease visit
http://loan.sjdinfotech.com
- answered by john_crazy_martin
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