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Case: A 23-year-old graduated with a B.A. four months ago. He is currently working part-time at a debt-ridden family business. During his senior year of college, he was diagnosed with a low-grade oligodendroglioma (brain cancer) with some characteristics suggestive of a high-grade tumor (high-risk WHO grade II oligodendroglioma), and underwent partial surgical excision of the tumor and recovery therapy. Unless brain cancer treatments dramatically improve, he can reasonably expect to die from the brain tumor, but not anytime soon (prognosis 5 - 25 years). He has a student loan burden of $25,000 (unless he receives a deferral, he enters repayment in November 2010), mostly Stafford subsidized loans, and assets approximating $6-7,000. The young man lives at home, and virtually the entire cost of his expensive treatments (totalling roughly $60,000 a year), including chemotherapy, is covered under his state's health insurance plan, which is income and asset-dependent (meaning if he got a full-time "real" job, he would lose his state health insurance). He currently has excellent performance status and is capable of all tasks of daily living (including driving) and more, although deterioration most likely looms on the distant horizon. What would you suggest for him to do, in relation to personal finance?
From a strictly financial standpoint, try to get a deferral on all government guaranteed loans such as Stafford or Perkins until his medical condition becomes clearer. They are forgiven when he dies (ie, won't become a liability of the estate). If his condition allows for a full-time job, try to get one with the federal government. There he can get good, full health coverage that cannot exclude pre-existing conditions as well as life insurance (up to 5x salary) without any screening.
Other than that, I would try to live a fulfilling life, for whatever time was left.
Have a frank and serious talk with his doctor, and get a prognosis. Probability X% of surviving Y years, and predicted length of time as a terminal invalid. When you have an idea of that, then you can start making career and financial planning.
God bless, if it's a bad outcome screw the bills and live life to the fullest. Go out and full fill that bucket list.
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