Full Sail Student Loan Forgiveness: How to Get It

Many Full Sail students ask the same question. How can they get student loan forgiveness? There are options — at least for federal student loans.

The first turn is income-based repayment. This is where the government clears your remaining balance. It happens after two decades of payments that suit your income.

Then there’s Borrower Defense to Repayment. It forgives your federal loans if the school wronged you. Promised a career that never came. Gave you training that was worthless. Coerced you into signing up. If these wrongs were done, the debt might disappear.

For some, this has already happened. Six billion dollars of loans have been forgiven for students of for-profit schools like Full Sail under the Sweet v Cardona (formerly Sweet v DeVos settlement). But these schools had a track record. They abused the Federal Student Aid program. They provided poor service. Can the same be said about Full Sail?

But for now, don’t count on Borrower Defense. The path to forgiveness through it is unlikely.

Private student loans? The story is less hopeful. Sallie Mae, SoFi, Navient, and other private lenders – they won’t wipe your debt clean. Not if you’ve been paying for twenty years. Not if you work for a nonprofit. Not if you become disabled. Private loan forgiveness is a hard ask.

Let’s explore these paths. It might be rocky. But for many, it’s the only way they’ll ever get rid of their student loan debt.

Related: How to Apply for Student Loan Forgiveness

Income-based repayment. It’s a lifeline for some. Here’s how it works.

Your monthly payment adjusts to your income. It lasts for twenty to twenty-five years. If you’ve still got a balance after that time, it’s forgiven. The loan disappears. IBR loan forgiveness is a long road, but the end is clear.

Full Sail students qualify, like any other. If you have federal student loans, you’re in. It doesn’t matter what you studied. Whether you completed your degree or not. As long as you pay what you can for long enough, the rest of your debt will vanish.

So, how do you get on this path? It’s simple.

First, go to your loan servicer’s website. You’ll find a form for an income-driven repayment plan. Fill it out. Show them your income. It determines your monthly payments.

Then, remember this. You must recertify your income every year. If your earnings change, so will your payments. Miss this step, and you’re off the path. You’ll need to start over.

And that’s it. Pay what you can for as long as you can. After twenty to twenty-five years, your debt is gone.

Income-Driven Repayment Waiver. It’s a new addition. A broader path than the income-based repayment plan.

The IDR Waiver requires the U.S. Department of Education to review your loans. Every one of them, as long as it’s a Direct Loan or an FFEL Program loan they hold. They count the payments you’ve made. Then, they’ll adjust your account. One time only.

Some borrowers will qualify right away. Those who’ve been in repayment for 20 or 25 years. Others will need to wait their turn. But the good news doesn’t stop there. If you qualify for IDR forgiveness, the government will reach out. You can even opt-out if you want.

How do they count the time? It’s simple. Any months in repayment count. Even if you’ve spent time in forbearance or deferment. Even if you had to consolidate your loans at some point. It’s all about the time you’ve spent repaying.

And the best part? If you’ve spent 20 or 25 years in repayment, you get automatic forgiveness. Even if you’re not on an IDR plan right now.

Here’s something else. Those holding commercial FFEL, Perkins, or HEAL loans should act. Consolidate. That’s the key. Do it before the clock strikes midnight on December 31, 2023. You’ll meet the eligibility requirements. Full benefits of the adjustment will be yours.

How do you consolidate? Visit the Federal Student Aid website. StudentAid.gov is the place. Submit your application there. It’s another step on the road to forgiveness. Another turn in your favor.

And if you’ve paid too much? You’ll get a refund. It’s that simple.

For those in default, there’s a way out. The Fresh Start initiative. Get out of default before the Fresh Start period ends. Then you’ll get the full benefit of the adjustment. Even credit for the time you spent in default since March 2020.

This waiver, it’s an extension. An extra push towards forgiveness. It’s not forever, but for now, it’s a path worth considering.

• Public Service Loan Forgiveness. The PSLF Program is for those who serve society. Work full-time for a nonprofit or government body. Make 120 qualifying payments. Your remaining debt is forgiven. But remember, you must be on an income-driven repayment plan.

• Total and Permanent Disability Discharge. If disability strikes, the total and permanent disability discharge program helps. If you’re totally and permanently disabled, your federal student loans may be forgiven. Apply through the Department of Education. Prove your disability. It’s a tough road, but one that can lead to relief.

Did Full Sail commit an illegal act? False advertising? Fraudulent activity? If they misled you, Borrower Defense to Repayment could be your key to freedom. Promises made but not kept. Job prospects dangled then disappeared. Deceptive practices coaxing you into enrollment. If these words paint your story, you could unlock BDR. Your federal student loan debt might be erased.

Evidence is your weapon. The proof of the school’s illegal behavior is the support you need. A strong BDR case is built on facts, on documented wrongs.

Some have been down this road before. Six billion in debt erased under the Sweet settlement. But those students hailed from other institutions. Known for their abuses of the Federal Student Aid program. Corinthian Colleges, ITT Tech, DeVry University. Their tales of misconduct are well-known.

Full Sail’s story? Still under scrutiny. Did they deceive? Did they falsely advertise the earnings from a recording arts degree? Was the job placement a mirage?

The truth will surface. But for now, BDR may not be your safest bet. An option? Yes. A certainty? No.

Related: Art Institute Loan Forgiveness

Parent PLUS Loans. The name’s deceiving. They’re not a bonus. They’re a burden. Loans parents take for their kids’ education.

Federal forgiveness programs do apply. But it’s not straightforward. Parent PLUS Loans are in the parent’s name. Not the student’s. The debt is the parent’s to carry.

Income-driven repayment? It’s tricky. Parent PLUS Loans aren’t eligible. Unless you consolidate them into a Direct Consolidation Loan. Then choose the Income-Contingent Repayment Plan. It’s a workaround. But it could lead to forgiveness after 25 years. And if the payment under ICR Plan is still too high, look into double consolidation.

Public Service Loan Forgiveness? It’s available. But remember, it’s about the parent’s employment. Nonprofit or government job. Full-time. 120 qualifying payments. Then the rest is forgiven.

Total and Permanent Disability? It applies too. If the parent becomes disabled, the loans may be forgiven.

How to apply for Parent PLUS Loan Forgiveness? It’s the same process. Go through your loan servicer. Explore the options.

Managing private loans isn’t easy. Paths exist, but they’re steep.

• Student loan settlement. It’s an exchange. A pact between you and your lender. Full relief? Not likely. But a pause? Possible. Deferment or forbearance could be your reprieve.

• Student loan refinancing. It’s an option. Demands a good credit score. But it could ease your journey. Lower monthly student loan payments. That’s less weight in your pack.

• Financial hardship programs. For when the climb gets tough. Some lenders offer a hand. A temporary interest-rate reduction. It’s a breather on your uphill climb.

• Private student loan bankruptcy. The last resort. It’s a harsh path. But it’s a path. Discharging private loans in a student loan bankruptcy. A legal fight to shed student debt. Evidence of “undue hardship” needed. A hard trek, but it’s been done.

The relief? It can be significant. Last year, I helped a teacher in Missouri see it firsthand. $430 thousand in private student loans. Sliced to $80 thousand. 20 years of monthly payments. Barely any interest.

Related: How to Get Rid of Private Student Loans

Full Sail University student, listen up. Student loan forgiveness programs are your lifelines. Cast by the federal government. They’re out there. Waiting. Complex, but conquerable.

Uncertain about which line to grab? Book a strategy call. We’ll decipher the codes. Plot the strategy. Unravel the complexities.

Your burden can be lessened. Your debt? Managed. Relief isn’t a mere mirage. It’s real. Reachable. You just need the right guidance. Let’s get started. The first step towards relief begins here.