Disabled Borrowers and Student Loans

For many U.S students who have been found to suffer from “total and permanent” disabilities, there was some good news recently released by the Department of Education. The Department has sent letters to those who fit the criteria indicating that they may well be forgiven for the loans they incurred while attending school.

The reason for the mass mailing was the recent understanding that too many individuals who may have qualified for this type of loan forgiveness where completely unaware of that fact. In an effort to bring people up to speed on exactly where they stand, the US Education Department has partnered with the Social Security Administration to identify those who have been receiving disability payments while encumbered with staggering amounts of student loan debts.

The amount of debt forgiven could top the 7 Billion dollar mark. While this seems like an incredible amount of money, and it truly is, when you consider that the full amount of outstanding student loan debt in the U.S is currently around 1.4 TRILLION dollars and rising at a rate of over $1000 per SECOND the 2 billion is really a mere drop in the bucket.

While the program’s steps to reduce the burden for the disabled is laudable and to be commended, there really needs to be a more serious discussion about the entire system and how to move forward in the long run for the benefit of all students and the entire U.S as a whole as the current structure is destined for disaster. Any individual that is having difficulty with student loans should seek out the advice of a student debt loan debt relief attorney.