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Pres. Trump moves to cancel student loan debt for disabled veterans Login/Join 
Member
Picture of lkdr1989
posted
I'm actually fine with this.

quote:

It may be getting easier for some disabled veterans to erase their student loan debt.

The Department of Education announced Monday that it will partner with the Department of Veteran Affairs to identify disabled student loan borrowers who are eligible for debt forgiveness. Such borrowers will be notified of their potential eligibility in the mail and will also receive a Total and Permanent Disability Discharge application, the avenue though which borrowers with severe physical impairments are approved to erase their debt.

Such outreach is needed: Many disabled veterans are currently unaware that they can be eligible for student loan debt forgiveness, said Carrie Wofford, president of Veterans Education Success, a nonprofit advocacy group.

"It's horrific," Wofford said "There are disabled veterans who served their country who are financially struggling — and sometimes destitute — who are legally entitled to have their student loans forgiven but it's not happening."

Indeed, there are likely "tens of thousands" of severely disabled veterans who aren't aware of their federal student loan forgiveness options, according to estimates from the Consumer Financial Protection Bureau based on Department of Veterans Affairs data.

Recent changes in the tax law would benefit disabled veterans whose loans are discharged under the new initiative. A provision in the new tax code waives federal income taxes on forgiven education debt for permanently disabled people.

Historically, the IRS considered such cancelled debt as taxable income. For example, in 2017 the Lansing State Journal told the story of a veteran who had his $223,000 in student loan debt erased — only to receive a tax bill for around $62,000.

"The government shouldn't be preying on the misery of borrowers," said Mark Kantrowitz, a student loan expert. "Making this debt dischargeable without taxes is a much, much better process."

But the streamlined process may still be challenging for some disabled veterans, say, those with traumatic brain injuries, Wofford said. An automatic discharge would be even better.

"It would be nice if the letter just said: 'You are no longer responsible for your loans. Thank you for your service,'" she said.


https://www.cnbc.com/2018/04/1...twitter&par=sharebar




...let him who has no sword sell his robe and buy one. Luke 22:35-36 NAV

"Behold, I send you out as sheep in the midst of wolves; so be shrewd as serpents and innocent as doves." Matthew 10:16 NASV
 
Posts: 4408 | Location: Valley, Oregon | Registered: June 03, 2010Reply With QuoteReport This Post
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Sounds good to me.
 
Posts: 9098 | Location: The Red part of Minnesota | Registered: October 06, 2002Reply With QuoteReport This Post
7.62mm Crusader
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I like this. We should take darn good care of our Vets and make certain they live well.
 
Posts: 18018 | Location: The Bluegrass State! | Registered: December 23, 2008Reply With QuoteReport This Post
Avoiding
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That is another good move,more winning.
 
Posts: 22422 | Location: Georgia | Registered: February 19, 2007Reply With QuoteReport This Post
Bolt Thrower
Picture of Voshterkoff
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Depends on what they call disabled. I have seen vets claim to be disabled but healthy enough to engage in sports or under the table jobs.
 
Posts: 10081 | Location: Woodinville, WA | Registered: March 30, 2004Reply With QuoteReport This Post
Now in Florida
Picture of ChicagoSigMan
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Hard to be against this generally, but it illustrates the problem with the federalized student loan system. Every politician is going to be gunning to have his preferred constituency relieved of their student debt obligations. Eventually tax payers are going to be on the hook for all student debt (well, probably not all...most white men will still have to pay back their loans....because privilege, ya know???).
 
Posts: 6084 | Location: FL | Registered: March 09, 2009Reply With QuoteReport This Post
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It is interesting that the degree of disability is not noted in the article. VA service connected disabilites run from 0 to 100 percent.
 
Posts: 17701 | Location: Stuck at home | Registered: January 02, 2015Reply With QuoteReport This Post
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I have a friend that sliced off 1/3 of this thumb while fixing his motorcycle - while in the Corps. He now works in Sales.

He collects 15%.

The level of debt forgiveness should be commensurate with the level of disability. If they can get this right - I am all for it.
 
Posts: 4979 | Registered: April 20, 2010Reply With QuoteReport This Post
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Picture of 95flhr
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quote:
Originally posted by Graniteguy:
I have a friend that sliced off 1/3 of this thumb while fixing his motorcycle - while in the Corps. He now works in Sales.

He collects 15%.

The level of debt forgiveness should be commensurate with the level of disability. If they can get this right - I am all for it.


I agree with you. 25% disability got tinis should not Qualify.




“Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves.”
― Ronald Reagan

Retired old fart
 
Posts: 6547 | Location: Near the Beaverdam in VA | Registered: February 13, 2005Reply With QuoteReport This Post
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Good, I'm one, but dangit I paid them off.


Scouts Out
 
Posts: 1118 | Registered: May 01, 2004Reply With QuoteReport This Post
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I'm torn on this as well since the way politics works we'll just be adding more groups to the debt-forgiveness pot.

Certainly linking it to disability level makes sense. Anyhoo, I'm off to get a Masters and then the VA to what level I rate! Wink




“People have to really suffer before they can risk doing what they love.” –Chuck Palahnuik

Be harder to kill: https://preparefit.ck.page
 
Posts: 5043 | Location: Oregon | Registered: October 02, 2005Reply With QuoteReport This Post
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