Student Loan Debt
- Thread starter jlbbc
- Start date
Indeed, this is outstanding news; congratulations!FORGIVEN!!
As on 10/26/15 it's all gone. Saves 246 a month. Sweet!
Take care! 
Thus, I quite often comment that "possessing well-informed knowledge is truly a powerful equalizer."
Best Wishes!
Superb news. Congratulations!
I can't wait to see if anyone has this answer. I'm wondering the same thing for my husband as well.
So- how does this work with student loans? do you have to be 100%?
I have never heard of this.
any info would be helpful- and I'm guessing others are also curious
thanks
I have never heard of this.
any info would be helpful- and I'm guessing others are also curious
thanks
You are supposed to be permanent and total, or be approved for SSDI. I am 100% TDRL, but my benefit paper does not state whether I am PDRL or TDRL on it, it just says 100%. I was told by a VA coordinator to apply regardless because they don't always require the P&T if you are not expected to improve.
Nothing for spouses that I know of.
Nothing for spouses that I know of.
If you are 100% disabled with SSDI, you must not have a re-examination scheduled with the SSA for at least 5 years to be eligible the disabled student loan forgiveness.
There are two categories for SSA, there is a 3 year re-examination classification and a 7 year.
Indeed, in addition...
Individuals who receive a Social Security disability award with a five to seven year review date, meaning that they are classified in a group called "Medical Improvement Not Expected" (MINE), should automatically qualify for a federal loan discharge via the "Total and Permanent Disability" (TPD) discharge process.
In retrospect, if an individual is approved for a TPD discharge, then he/she is subject to a three-year monitoring period during which their income is monitored. If the individual have over a certain amount of income during the aforementioned monitoring period (not counting Social Security disability payments), then their obligation to repay the loan may be reinstated. As such, the level of income allowed is the individual State's poverty guidelines for a family consisting of two people.
To that extent, it's important to note that the TPD federal loan discharge approved recipient may be taxed on the amount of the TPD discharged loans and will have to jump through a few hoops to get federal student loans in the future. If he/she requests a new loan within three years of their TPD discharge, then they will have to resume payments on the TPD discharged loan.
Thus, I quite often comment that "possessing well-informed knowledge is truly a powerful equalizer."
Best Wishes!
Hello Warrior64,
Thank you for explaining all of this great info to is. You have given some information that I had not ever heard of (MINE). It just seems like it is much more to this than just calling the Federal Loan Agency and asking for a loan forgiveness based off of being 100% P&T from the VA.
Thank you for explaining all of this great info to is. You have given some information that I had not ever heard of (MINE). It just seems like it is much more to this than just calling the Federal Loan Agency and asking for a loan forgiveness based off of being 100% P&T from the VA.
Indeed, no worries and you all are definitely welcome!
Thus, I quite often comment that "possessing well-informed knowledge is truly a powerful equalizer!"
Best Wishes!
It is not very difficult too do. The application can be filled out online here: https://secure.disabilitydischarge.com/registration
It takes about six months to a year for the loans to dissapear. You will file with the Federal Student Aid office, who will forward it to the contractor who is processing the discharge, they will verify the facts and either approve/disapprove your application.
Once this has happened (about 3-6 months) then you will wait for the actual holder of the not for your student loans (not the servicing company) to waive the debt, in my case it took about 4 more months.
Also, it is not difficult at all to get new student loans in the future, you just have to do a new mater promissary note. If you get new loans, they cannot be discharged.
In my case it took 72 hours from applying for new student loans to the actual funding of the loan. I returned the loan immedately because I did not need it, but the policy of the school i am in for Voc Rehab, wants the loans approved in case the VA does not pay the tuition.
gsfowler, this is some great information . You have explained everything in detail on how this entire process works. It helps to understand from what you have wrote why a spouses financial aid loans would not be discharged based off of the sponsor being 100% disabled. Thank you for the link for the application. I was afraid that once I do apply for this debt forgiveness I would not be able to apply for Federal money again. I don't know if I will be able to continue my education if my SSDI is granted. I have not registered for anymore classes at my college since I filed for SSDI. I want my other debt to be forgiven so I will get started on this process now. Thank you
I have SSDI and I am pursuing additional education (Master in Social Work) using voc rehab. There are no regulations that state that you cannot be enrolled in school if you are disabled, it is quite the contrary, the schools are required to make resonable accomdations for those who are disabled and they will work within your limitations to ensure that you are sucessful.