More than 323,000 student loan borrowers with a total and permanent disability will have their debt automatically canceled, resulting in more than $5.8 billion of relief. “This process is going to be a smooth process for our borrowers.'
More than 323,000 student loan borrowers with a total and permanent disability will have their debt automatically discharged, resulting in more than $5.8 billion of relief, the Department of Education announced Thursday.
In some cases, borrowers with a disability who had their Security Disability benefits garnished over defaulted student loans weren’t made aware of their right to have their loans discharged by the government. Instead of asking borrowers to raise their hand for a total and permanent disability discharge, the Department of Education will do a data match with the Social Security Administration — which through its work administering disability benefits has the information that would indicate whether a borrower has a total and permanent disability — to identify borrowers eligible for a discharge.
The agencies do the data match once per quarter and new, eligible borrowers who are identified each time will have their debt discharged going forward, according to the agency. As part of Thursday’s announcement, Department officials also said they plan to propose eliminating a three-year income monitoring requirement that borrowers who recieve a total and permanent disability discharge through any process other than the VA are typically subject to. Already, the agency said it plans to extend indefinitely a policy announced in March to stop asking these borrowers to provide information about their earnings.
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