The article discusses the changes to student loan forgiveness for those who are disabled and how it could have a positive impact on their lives.
What is the new policy?
The new policy, which is set to go into effect on July 1st, 2019, will allow borrowers with disabilities to have their student loan debt forgiven after 10 years. The borrower’s disability must be severe enough that they are unable to work in order for them to qualify.
In a move that is being praised as progress for students with disabilities, the Department of Education announced on June 18th an updated policy that would allow student loan forgiveness for borrowers with disabilities.
How can it impact people with disabilities?
1. Spina Bifida
2. Cerebral Palsy
3. Traumatic Brain Injury
4. Autism Spectrum Disorder
5. Multiple Sclerosis
6. Intellectual Disability
One of the latest changes to the Higher Education Act is new legislation that will allow individuals with disabilities to qualify for Student Loan Forgiveness. The new law was passed in October 2016 and is set to go into effect on July 1, 2017. The legislation gives people with disabilities the opportunity to have their remaining balances discharged if they have been denied by a lender because they have a disability.
What are the benefits of disability student loan forgiveness?
If you have a disability, you may be eligible for loan forgiveness. In order to qualify, you need to meet certain requirements and complete a term of servicewithout being able to work. One benefit of loan forgiveness is that it could lower your monthly payments. Another benefit is that your remaining balance will be forgiven after 120 qualifying monthly payments on your principal.
Disability student loan forgiveness provides numerous benefits to those who are disabled. Such benefits include the ability to receive a tax-free loan, not have to pay any interest on that loan, and have the disability left off their credit report.
One of the biggest obstacles people with disabilities face when it comes to finding work or changing careers is their inability to borrow money, which means they can’t afford the training they need.
The amount of money you borrow doesn’t matter as long as it goes towards a certification that is eligible for loan forgiveness.
The disability-related benefits process can be difficult and complicated, which is why we wrote this guide to help you get started.