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Disability and student loans

Started by mcordell, May 24, 2017, 09:54:17 am

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My son was diagnosed with schizophrenia in the spring semester of his Junior year at college, 2/28/2015. He was 21. With accommodations, he was able to graduate in December 2016, one semester late.

He has $14,648 in unsubsidized loans and $10,137 in subsidized, total $24,775 plus interest. He was retroactively placed on disability back to 2/28/2015 and receives a  payment of $455 from his own record and a child's benefit payment of $755 (as adult child disabled before age 22 and parent is receiving retirement - I'm 66).  I also have Parent Plus Loans near $13K. I'm able to make my payments.

Schizophrenia is a life long illness, but the hope is that with continued treatment he will one day be able to work. I'm certain with IBR he could pay little to nothing on monthly payments. But I assume interest would continue to accumulate and these debts will continue to mount up on his credit report. I don't believe he is eligible for loan cancellation, because he is on a 3 year review by SSA, rather than 5, and at some point they may say his disability will allow him to do some kind of work. I don't want to make the wrong decision now.

Is IBR the right option? Is he eligible for loan forgiveness or cancellation?

His loans will start repayment in a couple months and I want to make sure we pick the long term solution for repayment that will be best for him. I am his payee representative for his SSA benefits.


IBR is a great option. Remember, after 20 years, any remaining balance is forgiven under IBR. So, even if the TPD Disacharge doesn't work, you still have the IBR forgiveness.