As student loan debt soars past the $1.5 trillion mark, it’s leaving a lot of misery in its wake. People from all walks of life struggle to be able to afford everyday living costs and pay their student loans. For-profit colleges are under intense scrutiny for their predatory tactics in getting people signed up for their programs.
They promise to have extremely high job placement rates, but in actuality, do nothing to help their students. It’s false advertisement that allows them to make their schools extremely expensive and prey on students looking to improve their lives. The number of people suffering under the burden of their student loans is increasing dramatically.
In an effort to pay for their school, in an economy where jobs were hard to come by, many joined the military. It’s a good option for millions of young people who joined up to pay for school. The U.S. military pays out scholarships and grants for education as an incentive to get young people to sign up.
Veterans and Student Loans
President Trump has made several blunders in this arena. He and Education Secretary Betsy DeVos continue to find ways to cut government spending. This involves dismantling protective measures put forth by the Obama Administration. This time, it appears he got one right in a way that helps struggling borrowers.
President Trump has come out swinging for veterans, which is part of his platform. If you’re 100% disabled from your time in the service, you can have your student loans wiped away. To their credit, the Obama Administration did their due diligence in working to forgive the debt of many disabled Americans.
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About 350,000 of them had their slate wiped clean through the Social Security Administration, which is the agency that handles disability. The problem is, the SSA doesn’t count disabled vets. That’s the job of the VA, meaning veterans often got the shaft when it came to these debt-killing programs. Now, their prayers have been answered.
Student loan forgiveness is available to millions of graduates who qualify! To learn more about your options and how we can help you pay off your student loans, give us a call at:
In April, the Trump Administration announced their plan to forgive all student loan debt for those disabled vets who will most likely never be able to work again, many of whom have suffered under this crushing burden for so long. He hopes that this deal will become an automatic process.
Qualifications for Vets
If you’re a veteran who is 100% disabled, and you have student loans, they can be forgiven. There are tens of thousands of disabled vets who may not know about this option. Here are several of the qualifications you must meet:
• You must have a determination from the VA stating your unemployable due to disability.
• Receiving SSD, SSDI, or SSI benefits
• Determined completely disabled by a doctor
• Have federal student loans.
While this law doesn’t cover private student loans, you can call your lender and see what options they may be able to provide. Many will offer the same type of discharge due to disability. There are as many as 800,000 disabled veterans who qualify for this program.
It’s also important to note that there are no tax consequences to receiving forgiveness. The average student loan forgiveness program will be taxed as profit, so veterans do not have to worry. So, if you’re a disabled veteran, the federal government has your back. There is no need to worry about your student loans.
