Shedding the Student Loan Burden With Social Social Benefits

Posted on: 26 April 2017

For those unable to work at their job because of a medical condition, the potential for financial disaster is ever-present. Most people work because they have to, and bills can pile up when they are too sick to work. If a student loan payment is one of your financial obligations, there may be some relief in sight. You may be able to have your student loan forgiven if you also are able to get Social Security benefits. Being qualified for Social Security Disability is no guarantee of student loan forgiveness, however. Read on to learn more.

Total and Permanent Disability Discharge (TPD)

If you have a student loan obligation and also have been approved for Social Security benefits, you may qualify for the TPD program. Not all loans qualify, so check the following list for your loan:

  • Teacher Education Assistance for College and Higher Education (TEACH) Grant Service
  • Federal Perkins Loans
  • Federal Family Education Loan (FFEL)
  • William D. Ford Federal Direct Loan Program

Getting Into the TPD Program

The Social Security Administration (SSA) has two main programs that help out of work workers with monthly payments, so if you meet the medical qualifications for either Social Security Disability Insurance (SSDI) or Supplemental Security Insurance (SSI), you may be eligible for the TPD program. You should understand that getting approved for these Social Security benefits is difficult and the admission into the TPD program is even more stringent. The SSA requires that you be unable to work for at least one year, but the TPD program stipulates that you be unable to work for 60 months (5 years). If you meet the qualifications for the SSA program that serves those that are known as Medical Improvement Not Expected (MINE), you may qualify for the TPD program right away.

What Else to Know About the TPD

  • If you have more than one student loan, you must complete a separate application for each loan.
  • Just as with Social Security Disability, your income is monitored at all times and there is a limit for each month based on the cost of living allowance.
  • It may be difficult, if not impossible, to obtain a new student loan.
  • You can apply for the TPD online.

The first step in this process to have your student loan debt forgiven is to get Social Security benefits. Talk to an attorney like  the Law Offices Of Sara J Frankel PC for assistance in getting your case approved on appeal if you have been denied.