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ddamage

Student Loan Forgiveness

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I'm a 100% housebound disabled veteran and I submitted paperwork to have my 30k student loans forgiven. Just received an email that a decision will be made in 7-10 business days. My question is would my credit score increase or drop if and when it reports to CRA? I'm not sure if you know but I thought I would ask. Thank you in advance.

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From the TPD Website http://www.disabilitydischarge.com/faqs/:

 

What happens if the Department approves my TPD discharge request?

 

This will depend on how you showed the Department that you are totally and permanently disabled.

 

If you showed the Department that you are totally and permanently disabled based on the VA’s determination of unemployability due to a service-connected disability or service-connected disabilities, the following will occur:

 

We’ll notify you and the holders of your loans and/or TEACH Grant service obligation of the approval.

 

We’ll instruct the loan holders to return any loan payments received on or after your disability date to the person who made the payments. For this purpose, your “disability date” is the effective date of the VA’s determination that you were unemployable due to a service‑connected disability.

 

After being notified that the Department has approved your discharge request, your loan holders will discharge your loans.

 

In regards to credit - you will just need to monitor your credit report post-discharge (if you are eligible).

 

Good Luck!

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