Tag Archives: student loans

Tulsa Disability Attorney: Make Sure You Pay Your Student Loans if You Collect Benefits

The country is currently facing a student loan epidemic—last year, a report released by the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education showed that student loan debt stands at more than $1 trillion nationally. With this in mind, it should be noted that if you collect Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) and you have outstanding student loan debt, your income could be garnished if you slip into default. Nearly 15 percent of student loan borrowers are currently in default on their loans, with an average balance of $23,300—a troubling statistic when you consider that discharging student loan debt is a very hard task. While there are limits on how much can be taken, if you have federal student loans, your benefits from both the US Department of Veterans Affairs and the Social Security Administration can be garnished. It should be noted…
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Student Loans and Disabilities: Tulsa Disability Lawyers Discuss the New Connection

News out of the US Department of Education is making waves in the Social Security Administration (SSA). The department just announced that it will be making it easier for students who have suffered a serious, permanent disability to have their student loans forgiven with documentation from the SSA. The average Social Security disability benefits payment is $1,111 per month. This is often barely enough to cover a person’s essential monthly expenses. According to Forbes magazine, the average student comes out of school with $25,000 in student loan debt. Forgiving the student this cost will enable him or her to pay monthly bills and not incur additional debt. The system has not yet come into effect, nor has it been publicly announced. Once it is in place, students will be able to submit official documentation from the SSA recognizing their disabilities. If the SSA states that the student has a “permanent, long-term…
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