New legislation has been pushed forward under the Obama administration to create new programs that aim to help people with disabilities have their student loan debt forgiven. As part of President Obama’s Student Aid Bill of Rights, people with disabilities that are shackled with student loan debt will have their debts forgiven with the Total and Permanent Disability loan discharge program (TPD). This program will aid people who are permanently disabled and cannot work to pay off their loans, without having to sacrifice their social security or disability payments.
As of April 18, the US Department of Education has begun to send out letters to over 387,000 people that are deemed eligible for Total and Permanent Disability Loan Discharge . The total amount of student loans that will be forgiven is worth nearly $7.8 billion. This new debt forgiveness program will also relieve those who have had their student loans placed into default. In order to receive these benefits, the recipient must simply fill out the application that had been sent out with the letter and return it with a signature. After the paperwork has been processed, the loan will be forgiven. However, there is a catch.
Options are available to help
Most people do not realize that there are programs designed to help those who may be struggling with their student loan payments. Thousands of borrowers have trusted Ameritech Financial to be their advocate. Click here to find out what options are available. Our services could help you get back on track.Get Started Learn More