If you are on Social Security Disability, can you declare a hardship when it comes to student loans?
I am asking this for a family member who had debt from a student loan, but sadly became disabled. Now the ONLY source of income is the SSD check. Is it possible to discuss with the loaning institution a hardship asking them to forgive the loan or work out a very low rate of interest and monthly payment? What are the best options at this point? The disability is permanent.
Yes, you could ask them for a economic deferment or in this case a complete Disability charge off of his loans.
“Your condition must not have existed when your student loan was made unless your condition has substantially deteriorated so that you are now totally and permanently disability”
You should contact your lender to find out how to proceed with the paperwork.
http://www.ombudsman.ed.gov/cancellation.html
