This is incredible!
Earlier this week, it was revealed that President Barack Obama and his administration are looking to forgive hundreds of thousands of people with disabilities from their student loan debt while still protecting their Social Security payments. Whoa.
Specifically, the Education Department announced that they've created a new process that'll better identify the thousands of people who qualify for a federal loan forgiveness program. Although, we should highlight, this big announcement is only for people who are permanently disabled and cannot work.
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Well that makes sense! Under Secretary of Education Ted Mitchell explained that many people have yet to take the government up on this option because they may not know about the program or view the application process as too difficult to figure out. He added:
"That's not how government should work. These are people who are struggling with health issues. We want to take one worry off their plate."
Starting this Monday, the Education Department will start sending letters to the 387,000 people they feel should look into the program. In total, these people being sought after for the monetary forgiveness opportunity have loans worth $7.8 billion. Yep, you read that correctly!
Reportedly, the letters will include a simple application where the group will NOT be required to prove their disability status with documentation. Apparently, once the loans are cancelled, the applicant will be monitored for three years to see if their earning potential changes — if it does then they may have to start making payments again.
We have a feeling Donald Trump is going to have something to say about THIS!
What do YOU think? SOUND OFF in the comments (below)!
[Image via Instagram.]
Tags: barack obama, business blitz, education department, politik, ted mitchell