Student Loan Discharge Available for Disabled
The average student loan for college graduates is over $23,000. Repayment of student loans has always been difficult, but for people who suffer from disabilities and little to no prospects for gainful employment, repayment can prove impossible. Everyone knows that student loans cannot be discharged in bankruptcy. However, there is an exception to student loan discharge for disabled adults that many people are unaware of.
Disabled individuals can apply for disability discharges of loans from the following programs: Federal Family Education Loans (FFEL), Perkins Loans, William D. Ford Federal Direct Loans (Direct Loans), and Teacher Education Assistance for College and Higher Education (TEACH) Grants.
To qualify the borrower must show that he or she is physically or mentally impaired, and the impairment will either result in death or that it has lasted or is expected to last more than 60 months. The statement must be supported by paperwork from the borrower’s doctor. Application for the discharge is filed with the Department of Education. If the application is approved, the loan will be conditionally discharged, provided the borrower does not engage in employment that results in income exceeding the federal poverty rate for a family of two for the next three years. Once the three-year period has passed, the loan is completely discharged.
If you know disabled individuals with student loans, pass this information along. Our firm represents elderly and disabled individuals in planning their affairs and qualification for public benefits.
Tags: debt, disability, Disability Law Firms, disabled, Education, Repayment Of Student Loans, special needs, student loan, Student Loans Discharged, Student Loans For College, Student Loans In The United States
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