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Tip of the Week

February 19, 2020

New form for loan discharge due to forgery

Your signature is uniquely yours - and when someone else uses it. . .well, the impact can be devastating.

For those people who have had their signatures forged on student loan documents, the past process has been somewhat limited on the types of forgery taking place. The victim had to have a court determination of identity theft or show that the forgery was done by the school.

Recognizing that not all victims know who forged their signature or have an official determination of identity theft, the Department of Education has implemented a process to "enhance individuals' ability to resolve their claims at the lowest possible cost to the taxpayer."

In a February 12 Electronic Announcement, the Department of Education released a new form for forgery loan discharge. The form may only be used for those loans held by the Department of Education. The Department is encouraging guarantors and servicers to create a similar process for other Title IV loans.

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