Getting rid of federal student loan debt has just become easier — in many cases automatic — for borrowers with qualifying disabilities. The U.S. Department of Education announced that it will automatically forgive federal student loans for at least 323,000 borrowers who have total and permanent disabilities. An estimated $5.8 billion in federal student loan debt will be wiped out through this initiative. “We are excited to see the Department of Education finally provide automatic discharges to the hundreds of thousands of disabled borrowers who have been entitled to this relief for years,” Persis Yu, director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, said in a statement. The Department stated it plans to identify all eligible borrowers in September, notify them shortly afterward and then discharge the loans “by the end of the year.” While this initiative will be a big relief to the borrowers who qualify, there are many more who will conti...
... one of the largest curated content blog on the internet about personal finance and other financal-related matters.