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MusicGovernment Forgiveness Student Loan Debt
By: The Party Guru
In 2016, the Obama administration made the move to wipe out more than 7.7 billion dollars in student loan debt for hundreds of thousands of disabled debtors in America. This government forgiveness program is set to help an estimated 387,000 permanently disabled Americans. Statistics show that about half of these individuals (179,000) are currently in default from not being able to work due to their disabilities.
As millions of Americans struggle with their student loan debt, many seek ways to gain forgiveness for their climbing debts. Disabled Americans are not the only group who has had the opportunity to qualify for student loan forgiveness. Individuals who face financial hardships may also qualify.
How Does Student Debt Forgiveness Work?
The government aims to help as many people as possible reduce their student loan payments or eliminate them completely. This is why there are numerous programs that exist that help to either forgive your student loan completely or significantly lower your student loan payments to a more reasonable amount. In fact, you may even be able to lower your student loan payment down to $0 a month, depending on various factors such as your income and ability to pay.
When most young people go to college, they don't think twice about taking out student loans. Many of these students are told that they will easily be able to find a job following graduation. After graduating and not being able to find a job, many are harassed by debt collectors and are not able to afford their high payments.
For students with parents who became co-signers of their loans, they too get harassed by debt collectors. While most parents are worried about saving for retirement, they must now worry about how they can make a student loan payment or assist their adult child with making their payment. While going to college is still considered an 'American Dream', many students buried in debt consider post-college to be a nightmare.
What Can You Do About Your Loan Debt?
If you're struggling with paying back your student loans, it's now time to act. The Obama government assistance program may end at any time without notice. With more than 40 million Americans now struggling with their building student debts, there's no better time to find a way to eliminate or significantly reduce your payments to a more manageable number. Each day that you wait to repay your student loans, the bigger they will become.
Currently, Americans with dire disabilities are encouraged to apply for student loan forgiveness. This includes any Americans with a diagnosis that claims that any medical improvement is not expected. Federal laws entitle these individuals to have all of their federal student loans discharged which removes all obligations to repay due to their complete and permanent disabilities.
While these programs exist, many people are unaware of the forgiveness entitlement. This lack of knowledge means that more than 100,000 Americans are at risk for losing their tax refunds and/or having their disability checks garnished due to their inability to pay back their loans. This is unfortunate as there are federal laws in place to prevent such situations.
Proving that someone is totally and permanently disabled has several high requirements. A doctor must certify that the individual is mentally or physical impaired and that their impairment could result in death. The impairment must also have lasted at least 60 months or is expected to last that long. If you or someone you know has been disabled and is need of student debt government forgiveness, encourage them to apply today.
