Student Loans

QCan I Cancel My Plus Loan?
AYou may cancel your PLUS prior to complete disbursal if your situation meets one of the following situations, and your lender is contacted immediately: 1. 14 day/ first payment notice: If you authorized Electronic Funds Transfer (EFT) on your application, the school will credit the PLUS funds to your childÒs account and mail you a notification letter within 30 days. At that time, you may cancel all or a part of the loan if you notify them within 14 days or by your first repayment date, whichever is later. If any funds have been used until this time, those funds are deducted from the amount withdrawn. 2. Check endorsement: If you receive your loan amount directly, you may refuse to endorse the check to the school and return the money to the lender. In order to discharge a loan after the circumstances above have passed, your situation must meet one of the requirements below and must be certified by the lender and/or school: 1. ParentÒs permanent disability or death OR childÒs death 2. ParentÒs Bankruptcy Ö cancellation of the loan would be possible only if the court determines repayment a hardship 3. SchoolÒs Closure or False Certification PLUS loans cannot be discharged or cancelled simply because your child did not complete the school term, did not like the school or wasnÒt employed after receiving his/her degree.