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Student loan management: forgiveness of disability or death loans

After paying her student loans for almost seven years, Jessy had an accident that made her unable to continue working in the accounting department of a company she joined from college. Her health was in jeopardy, and she found that she could not work any job enough to support herself.

Jessy applied for disability payments by the Social Security Administration and was approved.

Moreover, her student loans continued to call her for payments of USD 400 per month, which represented a large portion of her cost of USD 2000 per month.

She still owes USD 10,000 in direct loans and USD 3,000 in private credit she took out in her senior year to help her pay for her semester study expenses.

Does Jessy have any options? He really does. If a student loan lender becomes disabled by the time she can no longer obtain or retain a full-time job, she may qualify for her federal loan student loan to be forgiven or canceled.

Discharge Disability

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If a borrower of a direct loan, Good Finance becomes disabled to the point that prevents him from obtaining or retaining gainful employment, the borrower may be able to release student loan obligations. In order to be relieved of a student loan obligation due to a disability, Jessy must show that her disability is essentially complete and permanent.

To do this, a borrower can do one of three things:

  • Jessy may submit documentation from the Social Security Administration deciding that she is eligible for disability social security income or supplement to insurance income.
  • Jessy can provide documentation from her doctor that she is unable to obtain the workforce earned due to mental or physical impairment
  1. It can be expected to result in death,

  2. It lasted a continuous period of at least 60 months, or

  3. It can be expected to last continuously for at least 60 months.

  • If Jessy was a veteran, she could have provided documentation from the Veterinary Administration showing that she could not be used because of a service-related injury.

The information provided by the lender is specific and detailed. Visit the Disability Department of Education page to find out what you or your doctor must provide and how to apply.

Monitoring and repaying repaid loans

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Even if the Department of Education determines that Jessy’s disability is complete and permanent, that decision may be revoked if she later regains her health status or loses her Social Security (or Veterans Disability Determination if applicable).

Three years after the pension is approved, the Department of Education will monitor the borrower to ensure that it retains the right to discharge. Borrower loans may be repaid if:

  • He earns another year for federal poverty guidelines for a family of two.
  • Receives new student loan through Direct or Good Finance 
  • Receives and does not repay a payment on a previous Director Good Finance loan 
  • If the Social Security Administration determines the review period to less than 5-7 years of standards or determines that the borrower is no longer completely and permanently disabled.

Discharging for death

If Jessy died as a result of her accident, or when she later dies, her federal student loans will be forgiven. Likewise, if Jessy’s parents took the Good Finance loan on her behalf, the loan would be forgiven if the parent or representative provided the Department of Education with a certified copy of the deceased.

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