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The totally disabled were already eligible to have their loan discharged. It has been that way for years.
Yep. It was a pretty lengthy process, and even tiny mistakes would prevent you from forgiveness, and this speeds up that process. But in the long run, they would have gotten forgiveness anyway if they were persistent enough.
I volunteer for a charity that helps young adult survivors of cancer. One of the stories that most stands out to me was a woman whose mother filled out a form on her behalf for a grant. She worked hard her whole life to go to med school - including getting a full ride scholarship to undergrad. Those things aren't so common in med school, but most doctors take out loans with the assumption that they will be able to easily pay them off when they're working. Her parents cosigned for part of the loan.
During her last year of med school, she developed brain cancer. She had the tumor removed and is cancer free, but now is hundreds of thousands of dollars in debt - and increasing through interest every day - and has lost the cognitive function to pursue the career she intended. At the time of the application, she was working through a charity program that put disabled people to work but generally at below minimum wage.
It wasn't bad enough that the family plunged into debt to pay for surgery and treatment for a vibrant 26 year old - now they will all be paying her loans until the day she dies because there's no opportunity to discharge. I've read at least 1000 applications in the last decade, and that's the one that sticks out.
I can't understand how anyone would be against this. You can file for bankruptcy for much less.
In general, I don't believe in cancelling debt for all but in situations like this, but I am in support of controlling the predatory interest rates. People may end up paying more in interest than in the loan they took out because of the very high rates. And I say that as someone who made choices in life to avoid the any student loans - how many "helping" professions (for me, it was social work) lost talented potential workers because they couldn't justify the pain of 30+ years of paying for student loans for the pleasure?
With this logic, you could easily say: Credit Card debt is a crisis. People getting assistance is a good thing, whether you get to join in or not.
You can file for bankruptcy and have your credit card debt discharged. If you ignore your credit card debt, it can trash your credit for 7 years but eventually it drops off your report.
You can file for bankruptcy and have your credit card debt discharged. If you ignore your credit card debt, it can trash your credit for 7 years but eventually it drops off your report.
Not the case with student loans.
It is possible to have the loans discharged in bankruptcy, but it is hard to do.
First they get 40 acres and a mule (not) and now theyre getting debt paid? Who do we call to put an end to this madness? I have my phone unlocked and ready to dial.
You can dial the prosecutors in NYC and ask why they threw out all of the charges against the looters.
I Dislike Biden but that was actually a smart move. People in this classification already can get this automatically done by simply submitting some paperwork. But they then have to wait for a very long time while all the paperwork is processed and their eligibility is confirmed. And taxpayers are paying for all that paperwork. The new system simply determines if they are eligible per SSA rules as being permanently disabled they will be processed automatically.
SSA rules are pretty strict on this, to meet this classification you must have a CDR of at least 5 to 7 years. Which means the SSA schedules you to be reexamined for your disability in this timeframe. I am myself disabled and am an amputee who spends most of my time in a chair and partially blind,I also have other issues. And under SSA guidelines I have a 3 year CDR meaning I would not qualify for this program. So anyone posting here thinking a bunch of relatively healthy people who managed to con SSA and get disability will be getting off don't know what they are talking about. I am sure it will happen but compared to how much we pay all these paper pushes a drop in the bucket.
I'm all for saving money, effort, and redundancy. People in general need to look past the talking heads and into the actual nuts and bolts of a program or legislation. How much will this cost vs how much it's already costing.
I’m curious what the cost benefit is for a totally disabled person to go to college on the public’s dime if they just end up unemployed and on SSA. I know that sounds rather awful on the surface and I genuinely don’t mean for it to, but I think it’s a valid question of dollars and sense. Why should the government pay totally disabled people to obtain a higher education if they are too disabled to work upon graduation?
However, as I stated above, THIS is just the first step. There has been a huge push by the left to let ALL of the student loan debt go.
You think it is going to stop there?
Apparently, you didn't read my comments when you were to busy telling me I didn't read my own link
Having permanent disabilities and 'some physical issues' not the same.
You don't know if this is the first step, the last step, the only step.
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