Permanent Disability Loan Forgiveness Qualification Guidelines
You may qualify for Permanent Disability Loan Forgiveness on your Federal Student Loans if you are unable to perform any substantial gainful activity due to physical or mental impairment. This physical or mental impairment must:
- Have lasted for at least 60 consecutive months, or
- Is expected to last 60 consecutive months, or
- Is expected to result in death.
If your disability fits the above criteria, you may qualify for Permanent Disability Loan Forgiveness from your Federal Student Loans.
If you believe you may qualify, you determine whether CLASS Financial should consolidate your loan via the Student Loan Forgiveness Act. This may be worthwhile because:
- You may qualify for a zero payment regardless if loans are discharged or not with an income based repayment
- It may be easier to discharge one consolidated loan than multiple loans with multiple servicers
- It is a good backup plan in case the discharge is not approved as the borrower will be in the forgiveness program
Once the loans are consolidated, you must have your physician certify that you do in fact fit the above criteria and can be considered permanently disabled. The application must be submitted within 90 days of the physicians certification. Once the application is submitted, the loan holder will then review it and determine if you qualify for the Total and Permanent Disability Discharge. If the loan holders determine that you do not qualify, then you must continue to make payments on your loans. If you do qualify, then your loans would be discharged and you would no longer be responsible for making any payments.
After the discharge of the loans, you would be subject to a 3 year post-discharge monitoring. During this monitoring period, you must not have a job which provides an income amount above the poverty guidelines for a family of two. It does not matter if your actual family size is more than 2. During the monitoring phase, you must not receive and new Direct Loans, Perkins, or TEACH Grants.
It is also your responsibility as the borrower to report any annual salary that surpasses the federal poverty guidelines for a family size of two. If your annual salary surpasses the federal poverty level for a family size of two, you may be subject to having your federal student loans reinstated in which case you will be responsible for making payments on them.
If you think you may qualify for Total and Permanent Disability Discharge on your federal loans and need assistance in this process, give us a call at (844) 236-3332.
CLASS Financial is a Full Service Consulting and Document Preparation Company offering services to anyone who may need our guidance & support before, during and after the student loan consolidation & repayment process. Call 1-844-236-3332 to get your free consultation today. We work on a case by case basis and are not affiliated with the Department of Education. Our document preparation fee schedule is based on a sliding scale and is determined at the time of your consultation. The tedious application process, vast program options and time consuming document preparation has left many Americans struggling to determine which direction to go. There are many benefits in choosing a 3rd party to represent you and help navigate the benefits associated with the variety of forgiveness programs available today. We will help you find out what options you qualify for and walk you through the consolidation application process. We have services in all 50 states, and there is no up-front fee or obligation to pay for the services if you decide not to use them. You can file these papers yourself at no cost, but for a small fee our experts can assist you in choosing the best programs to apply for, to ensure you get the maximum debt reduction, avoid credit report hits or collections, or any other issues that may arise in the consolidation process. We take your privacy seriously. By clicking the button above, you agree to share your information with Premier Partners and for them to contact you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS) and/or email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list. By submitting this form, I agree to be contacted in regard to this form submit through automated means; including: autodialing, text and pre-recorded messaging via telephone and mobile devices (including SMS and MMS)*.These programs are sponsored by the US Department of Education. By submitting our form, you are not submitting for a government eligibility check. Fill in the form below and an agent will contact you regarding your consolidation status, and help you through the application process. We are not a do not claim to be affiliated with the following: any local, state or federal government agencies: Department of Education: or any student loan services, lenders or providers. We are an independent preparer of documents and forms working to assist clients with paperwork needed to complete the student loan consolidation and forgiveness process. Our services provide the preparation and completion of various student loan related forms and processes. We do not provide Legal of Financial advice. If you need Legal or Financial advice, please contact a lawyer or other professional to guide you. Please also know that you can complete these processes on your own through the Department of Education and its various entities for free. We work within the same standards and guidelines that would also be available to you. We are hired to assist our clients because of the tedious and confusing process that we have simplified due to our expertise and knowledge. Frees paid to us are for document preparation services only and are not paid directly to your lender. We do not provide debt negotiation, settlement, management, or consolidation services. We do not guarantee results as they differ from client to client. All other trademarks used on this site are the property of their respective owners.