Can My DeVry Loans Be Forgiven?

If you're struggling with student loan debt from DeVry University, you may be wondering if there's any possibility for loan forgiveness. Student loan forgiveness can offer significant relief for borrowers who meet certain criteria. This article explores various avenues for potential forgiveness of DeVry loans, including federal programs, loan discharge options, and potential legislative changes.

Understanding Student Loan Forgiveness

Student loan forgiveness is a process by which a borrower is released from their obligation to repay some or all of their student loans. This forgiveness typically occurs under specific conditions, such as public service work, financial hardship, or educational institution closure. For DeVry University loans, which are often federal student loans, there are several programs and conditions to consider.

Federal Student Loan Forgiveness Programs

1. Public Service Loan Forgiveness (PSLF)

   • Eligibility: PSLF is available for borrowers who work full-time for a qualifying public service organization, including government agencies and non-profit organizations.
   • Criteria: You must make 120 qualifying monthly payments under a qualifying repayment plan while working for a qualifying employer.
   • Application: To apply, you need to submit the Employment Certification Form annually or whenever you change employers. After meeting the payment and employment requirements, you can apply for forgiveness.

2. Teacher Loan Forgiveness

   • Eligibility: This program is for teachers who work full-time in a low-income school or educational service agency.
   • Criteria: You must teach full-time for five consecutive years and meet other requirements, such as holding a qualifying teaching certificate.
   • Forgiveness Amount: Up to $17,500 in loan forgiveness is available, depending on the subject taught and the type of loan.

3. Income-Driven Repayment Plan Forgiveness

   • Eligibility: If you are on an Income-Driven Repayment (IDR) plan, you may qualify for forgiveness after making payments for 20 or 25 years, depending on the plan.
   • Types of IDR Plans: Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), and Pay As You Earn (PAYE).
   • Application: You need to recertify your income and family size annually to remain on an IDR plan.

Loan Discharge Options

1. Borrower Defense to Repayment

   • Eligibility: If your school misled you or engaged in fraudulent activities, you may qualify for borrower defense to repayment.
   • Criteria: You must provide evidence that the school’s misconduct had a direct impact on your educational experience and loan obligations.
   • Application: Submit a Borrower Defense to Repayment application to the U.S. Department of Education with documentation supporting your claim.

2. Closed School Discharge

   • Eligibility: If DeVry University closed while you were enrolled or shortly after you withdrew, you might be eligible for a closed school discharge.
   • Criteria: You must not have completed your program and must not have transferred to another institution to continue your studies.
   • Application: Complete the Closed School Loan Discharge application and provide documentation about the school closure.

3. Total and Permanent Disability Discharge

   • Eligibility: If you are totally and permanently disabled, you might qualify for this discharge.
   • Criteria: You need to provide documentation from the Social Security Administration or a physician confirming your disability.
   • Application: Submit the Total and Permanent Disability Discharge application with supporting documents.

Potential Legislative Changes and Other Options

1. Upcoming Legislation

   • Keep an eye on proposed legislation that may impact student loan forgiveness policies. Changes in laws and regulations could provide additional opportunities for loan forgiveness or adjustments to existing programs.

2. State-Specific Forgiveness Programs

   • Some states offer their own loan forgiveness programs. Research state-specific opportunities that may apply to DeVry loans.

3. Alternative Repayment Strategies

   • Explore alternative repayment options or consolidation to manage your loan debt effectively, which may not result in forgiveness but can help with repayment.

Steps to Take

1. Review Your Loans: Identify whether your DeVry loans are federal or private. Federal loans are eligible for the above forgiveness programs, while private loans are not.

2. Gather Documentation: Collect all necessary documents related to your employment, income, school closure, or disability to support your application for forgiveness.

3. Contact Loan Servicers: Reach out to your loan servicer for detailed information and assistance with the forgiveness process.

4. Apply for Forgiveness: Follow the specific application procedures for the forgiveness program you qualify for.

5. Stay Informed: Regularly check for updates on federal student loan policies and new forgiveness opportunities.

Conclusion

Loan forgiveness for DeVry University loans is possible through various federal programs and discharge options. Whether through Public Service Loan Forgiveness, borrower defense to repayment, or other avenues, understanding your eligibility and taking proactive steps can help alleviate your student loan burden. Stay informed about changes in legislation and explore all available options to find the best path to forgiveness.