Yes, you can cancel a student loan, but don’t jump for joy just yet.
You can only do this under very limited circumstances.
When you request a student loan cancellation, you are asking the lender to cancel the portion of debt that you still owe.
The lender may agree only if you meet certain conditions.
Can a student loan be Cancelled?
Federal Cancellation. Federal student loans can be cancelled in certain circumstances. In some cases, you can cancel a loan due to serious problems with the school you attended. You must meet the specific criteria of the school-related discharge.
Can I cancel a personal loan after signing?
You can cancel a payday loan agreement at any time for 2 business days after you signed it. You always have a cooling-off period, even if your loan agreement doesn’t say so. You don’t have to give a reason for cancelling. You have to return the money you borrowed, but you don’t have to pay any fees or interest.
How long do you have to cancel a student loan?
It’s within your right as a borrower to cancel all or a portion of your federal student loan with one caveat: You must do it within 30 to 120 days of the date your school disbursed your loan money.
Can you cancel a student loan after disbursement?
Funds from federal student and parent loans may be canceled prior to disbursement or within 14 days of notification that funds have been credited. As a student or parent borrower, you have the right to cancel an entire loan or any portion or specific disbursement of any federal Stafford, Perkins or PLUS loan.