GUILFORD COUNTY, N.C. — If you're drowning in student loan debt, this could be your life vest!
The federal government recently extended its student loan forgiveness programs to include public service workers and anyone who has a total or permanent disability or TPD.
If you are a teacher, first responder, or you are employed by a nonprofit organization, there's a good chance you qualify for Public Service Loan Forgiveness.
People who meet the government's requirements of having a chronic illness or are considered totally and permanently disabled should apply for the TPD discharge and could have their student loans forgiven.
Brandi Dawson found relief under the Department of Education's relaxed student loan forgiveness guidelines. Her entire $140,000 student loan debt was forgiven in February under the qualifications she met under the TPD discharge.
In 1995 Dawson was 17-years-old and did not have the money or additional resources to pay for college. She took out several student federal loans and enrolled at Albany State University in Georgia.
Dawson dreamed of a better life but had no idea what the price of her education would cost her in the long run.
"We had dreams and didn't have a silver spoon in our mouths, and so, of course, we relied on grants and scholarships and loans," said Dawson. "When you're incurring debt, you're not really thinking about it. No matter what the payment was, it didn't matter because I thought I was obtaining my goal."
Her federal student loans totaled $140,000. She was carrying this huge financial burden at 44-years-old and needed relief.
A new lifeline arrived in August 2021 when the U.S. Department of Education partnered with the Social Security Administration. They are working to identify more than 323,000 additional borrowers. Those with a total and permanent disability could receive more than $5.8 billion in automatic student loan discharges.
"It was the breath of fresh air that I needed," said Dawson. "To hear something like this as a special needs mom who has her own chronic illness made me feel as though all of those troubles were worth it."
Dawson has fibromyalgia and an autoimmune liver disorder which prevented her from working a full-time job. She provided documentation from her physician verifying her total and permanent disability in her application, and within weeks she was approved.
Money expert Ja'net Adams says there are also billions of dollars waiting for teachers, nurses, and first responders.
"People don't apply because they don't think they're going to qualify. You have nothing to lose. That's $140,000 of debt gone. I know a teacher who was unsure of applying but did and now has $50,000 forgiven," said Adams.
There is a deadline to apply for this forgiveness, and the clock is ticking.
"Social workers, teachers, anybody who works for a nonprofit remember this date. October 31, 2022, is the deadline. The exceptions they're making that they have never done before are going to be done, and they may not ever do it again. So please get on it immediately!"
The Department of Education will not contact you about your student loan, so do the work and follow the links on www.studentaid.gov to see if you qualify.
Keep in mind, these loan forgiveness programs only apply to federal student loans. Loan payments you haven't paid since March 2020 are set to restart on May 1, 2022, unless the government pushes the date back again.