New Federal Student Loan Repayment Forgiveness Programs
Published : 2016-04-21
Author : Student Debt Advocates - Contact: studentdebtadvocates.com
🛈 Synopsis : President Obama and his administration plan to forgive $7.7 billion in federal student loans held by Americans that are currently disabled.
New regulations brought forth by the Obama administration make it much simpler for borrowers that are permanently disabled to qualify for student loan discharge. Student Debt Advocates has advised over 15,000 borrowers on repayment and forgiveness options.
President Obama and his administration plan to forgive $7.7 billion in federal student loans held by Americans that are currently disabled. The student loan debt burden has been a huge problem for individuals that are permanently disabled. Even with programs existing that allow for these debts to be forgiven, hundreds of thousands of borrowers simply don’t know that this program exists nor how to apply.
With this new update, The U.S. Department of Education and President Obama took steps to help these individuals. Working hand in hand with the Social Security Administration, the department has been seeking out borrowers that are receiving disability payments and have the status of 'Medical Improvement Not Expected'. There have been a total of 387,000 matches out of which 179,000 are currently in default and at risk of having their social security benefits as well as tax returns garnished.
Effective this week, borrowers who are in this group will receive a letter from the government outlining the steps needed to receive a discharge and total forgiveness of their federal student loan debt. The process for discharge is much simpler than it used to be in the past with no proof of disability needed. Borrowers who receive this letter will simply need to sign it and send it back.
While this new change is a great step toward helping Americans tackle their student loan debt, the $7.7 billion is only half of one percent (.5%) of the total $1.344 trillion in federal student loan debt. Aside from this program there are other options available for borrowers that do not fit this criteria. Income driven repayment and forgiveness plans have been gaining popularity and helping millions of borrowers drop their monthly payment to as little as $0/month.
Student Debt Advocates has been advising borrowers on such repayment and forgiveness plans for multiple years. With over 15,000 people that have been advised, there has been real steps toward made toward making a dent in the student loan debt load burden that borrowers have struggled with.
Individuals that are interested in obtaining further information can reach out to Student Debt Advocates by calling (800) 272-5308 or visiting www.studentdebtadvocates.com
Related Loans Grants Finance Documents
- 1: USDA Announces Funding to Support People with Disabilities in Agriculture : Available funding for State and regional projects that provide education, assistive technology and support to current and prospective farmers and ranchers with disabilities.
- 2: Outstanding Fines and Fees Create Prisoners of Debt : Legal fines and fees disproportionately impact poorer people, who are more likely to be arrested and charged.
- 3: $15M in Grants Announced to Improve Disability Employment Opportunities : Grants will help expand capacity of local American Job Centers to improve employment outcomes for youth and adults with disabilities.
- 4: Why Your Credit Rating Score Is So Important : Information regarding building and maintaining a good credit rating or score and why it is so important for your future.
- 5: Government Disability Grants Information and Websites : Disability grant information and list of websites offering available government grants for disabled people.
You're reading Disabled World. Be sure to check out our homepage for further informative disability news, reviews, exclusive stories and how-tos. You can also follow Disabled World on social media sites such as Twitter, Facebook, and LinkedIn.
Disclaimer: Disabled World provides general information only. Materials presented are in no way meant to be a substitute for professional medical care by a qualified practitioner, nor should they be construed as such. Any 3rd party offering or advertising on disabled-world.com does not constitute endorsement by Disabled World. View our Advertising Policy for further information. Please report outdated or inaccurate information to us.
Journal: Disabled World. Language: English (U.S.). Author: Student Debt Advocates. Electronic Publication Date: 2016-04-21. Title: New Federal Student Loan Repayment Forgiveness Programs, Source: <a href=https://www.disabled-world.com/disability/finance/forgiveness.php>New Federal Student Loan Repayment Forgiveness Programs</a>. Retrieved 2021-04-12, from https://www.disabled-world.com/disability/finance/forgiveness.php - Reference: DW#222-12130.