Ask Terry Questions student loans while disabled

student loans while disabled

By Terry Savage on September 19, 2018 | College Savings / Student Loans

II graduated in May if 2016 and started paying back my students loans in January 2017. I am on disability and my husband supports me. My monthy payments seems to be going up but the total loan amount doesn’t seem to be going down. How can I lower my monthly amount and keep them low.

Terry Says

Are these Federal student loans –or private. The Federal government hasseveral programs that could help you — If You’re working ask about Income Based Repayment plans. But if you can”t work at all, contact them about either a deferral or waiver, assuming your disability prevents you from working at all in the future. (And in that case, you should apply for Social Security disability payments.) Also, read this article about discharge of student loans in cases of total and permanent disabiity.

If these are private student loans from banks (ie not Federal Stafford loans, etc) then, depending on your disability, you might catch a break from the lender — especially if you are on SS disability. It’s worth investigating.

And I don’t see why your payments are going UP. That shouldn’t happen. So contact each of your lenders and have them take a look, and let them know about your situation and that you are applying for disability.

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