Student Loans
If you have a student loan, it is important to figure out how much you owe and who you owe it to. If you are having trouble making payments, speak with a loan counselor for payment plan, refinancing, consolidating, deferments, or forbearance options.
Deferment
While in cancer treatment and for the six months following the end of your treatment, you can qualify for a Cancer Treatment Deferment of your student loans. In addition, there are a number of other ways to qualify for student loan deferment. For details, visit the Education Module on Cancer Finances.
Total and Permanent Disability Discharge
Individuals who have a total and permanent disability can be discharged from repaying their student loans. This program applies to loans made under the Direct Loan Program, Federal Family Education Loan (FFEL) Program, Perkins Loan Program, and a TEACH grant. In order to be eligible, individuals must demonstrate that they are totally and permanently disabled, by:
- Being a veteran with a service-connected disability,
- Receiving Social Security Disability Insurance or Supplemental Security Income, or
- Submitting a medical certification from a licensed doctor declaring you are totally and permanently disabled. The doctor must provide certification that you are unable to engage in any substantial gainful activity. This must be supported by a medical reason, and that total and permanent disability can be expected to last for a continuous period of not less than 60 months, has lasted for a continuous period of 60 months or more, or can be expected to result in death.
Some private lenders also offer disability discharge options for individuals with disabilities. These lenders may have different rules, so it is important to contact your lenders for more information.
It is important to know that if an individual does receive a discharge or cancellation of their student loans, that, effective January 1, 2018, individuals are no longer required to pay federal income tax on the amount of the loan discharged.
Note: The COVID-19 payment pause on federal student loan payments has ended and student loan payments have restarted. For help, visit: StudentAid.gov.