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To apply for the Closed School Loan Discharge program simply fill out the application and submit it to the people who service your loan.
The people who service your loan are the ones that send the money to via your student loan payments every month.
Every loan servicer has a different procedure in place for processing these applications, so you’ll need to find out what your servicer requires before you can determine how to proceed.
After you submit your Closed School Loan Discharge application, your servicer is legally obligated to inform you of their process, and then as long as you qualify for the discharge, and you follow their instructions on what to do next, you should get your debt fully forgiven.
I wouldn’t say that one program is better than the other. They will both discharge your student loan debt and both can possibly reimburse you for any payments that you’ve already made too.
Assuming that you qualify for both programs, however, I would choose the Closed School Loan Discharge program simply because the applications for the Borrower’s Defense program are taking so long to process.
Nobody wants to keep paying down a loan that shouldn’t exist in the first place, especially for a year or longer while waiting for a response from the Department of Education, so I would advise that you pursue the Closed School Loan Discharge if it’s an option for you.
However, it’s ultimately your choice. Read through the requirements for both programs carefully and choose the program that suits your particular situation best.
Yes, any discharged student loan debt is considered income and therefore taxable by the IRS. That’s bad enough. However, it gets worse. The IRS is going to come after you for the money when you file your next tax return, and they’re not going to be as easy to deal with as your student loan servicing company.
How to get a loan without income, emergency loans with no job or unemployment loans with no job verification? To borrow money without proof of income can be done. An unsecured loan without proof of income might not be the smartest thing to do if you have no form of income, but if you really need the money now getting loans without income and quick loans for unemployed may be the only way out of a tricky situation.
The most obvious path for cash loans without proof of income is to ask friends and family but in the US more options are available such as ZippyLoan, PersonalLoans or Loanpioneer for cash as soon as the next business day, as well as online payday loan companies and unsecured loan companies.
If you’re struggling to pay rent, there may be better options than credit, see Low Income Housing Help (only in the US).
It’s also possible to opt for personal loans without proof of income. Check with companies such as PersonalLoans or ZippyLoan, where you can start the process online. You enter your personal information, possible proof of income you have (or not), how much money you need for how much time (this could be one business day) and the website will match you with someone who is willing to lend money to you in the personal loan network. Annual percentage rates are roughly between 6 and 36 percent.
Getting a personal loan without income proof is possible and this is your “how to get a loan with no income” guide. There are lenders that will consider your application from you even If you do not have income at this moment, or if you are in a “need cash now no job” situation.