Loan Discharge Application school closure Form 2022-2024

Loan Discharge Application school closure 2024 Form: What You Should Know

The borrower has the option of requesting discharge of the entire loan, a partial discharge, or the provision of a loan forgiveness benefit such as an income-based repayment plan.  The borrower and you are responsible for the entire payment obligation at the time of cancellation, up to that point. The borrower will not receive a pre-determined amount at cancellation nor will they receive payment until  their loan is discharged.  However, the borrower may receive the borrower's payment amount (from the payment option), but that amount is typically paid off of the loan in a  short time. This is the case for the entire loan (not a portion of the loan). For a partial disenrollment discharge, the lender must  proceed with the foreclosure procedure and any legal actions in support of the foreclosure. 3.  This discharge is a full and final discharge from both the borrower and the lender. Borrowers whose loans are discharged will no longer have any legal  responsibilities with respect to those loans. This can be a relief for the borrower, as the student can no longer be held liable for these  burdens. The borrower is not required to repay the loan(s) after the school has closed or the borrower has requested a cancellation of the discharge. 4. For a partial discharge, you authorize the borrower to have the borrower's account closed and a default discharge entered on the student's  account as provided by the lender. The borrower also will have a “charge off” date when the borrower's account is closed as specified by the lender.  The borrower will begin to accrue interest on the loan(s) immediately and will owe all payments to the lender until  the student has completed the full repayment term and has no more outstanding balances on the account. No payments will be  canceled until the charge off date has been achieved. The borrower's outstanding balance will be included in the borrower's  unpaid balance due (USED). If the borrower is in default and the payment has not been received, the default discharge will not  start until the unpaid balances have been reduced to zero. You may request partial discharge of any portion of the student's account that has been closed and a default discharge has been  granted. 5.

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