Depending on the type of loan discharge program you may be eligible for, the holder of the loan may be required to refund to you some or all of the monies you paid on the loan. In addition, the loan holder may be required to delete any adverse credit record related to a default, and no tax refund offset or wage garnishment will take place to collect on the discharged loan. If the loan was in default, the discharge may erase the default status. If you have no other defaulted loans, you regain eligibility for federal student financial assistance.
During the 3-year post-discharge monitoring period, the borrower must promptly notify the Department if the borrower receives annual earnings from employment that exceed the poverty line amount for a family of two in his or her state, regardless of actual family size. . .
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