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Disabled Veteran Student Loan Forgiveness
Disabled Veterans are getting their chance to eliminate all student debt accrued through student loans by an Executive Order signed by President Trump on August 23, 2019. According to the Associated Press and MSN news, President Trump ordered the Department of Education to “eliminate every penny of student loan debt”. This debt forgiveness is an astounding victory for Veterans, but only for “completely and permanently disabled” veterans.
What does it mean to be completely and permanently disabled?
A Veteran who is completely and permanently disabled will have a 100% disability rating from the Veteran’s Affairs (VA) and it must be service-related. If you are 100% disabled and you’re not sure if your disability is service-connected, contact your VA healthcare provider or create and login to Myhealth.va.gov.
How will this debt forgiveness work?
The easiest way to get the debt forgiveness is to contact the VA and get an application to fill out with all your loan information. In past years, Veterans who have attempted to apply for loan forgiveness have been discouraged by the lengthy and unorganized application process. However, President Trump is aware of this situation and has ordered the government to “expedite” all applications in the most efficient way possible.
What should I do if I need a student loan?
The first thing you should do is read this article on student loans for Veterans to get a better understanding of your options. The second thing you should do is to do your research on which banks can get you the best loan for your financial situation. We have provided some great loan opportunities below if you need help in getting a good start. We also suggest every veteran take advantage of any tax relief they can find. This will help if every veteran, regardless of their financial situation.
This new law might only help permanently disabled Veterans, but this is a great step in the right direction. Any man or woman permanently disabled due to fighting for our nation should be taken care of by our government. Like the great Abraham Lincoln once said, “The Solemn pride that must be yours to have laid so costly a sacrifice upon the altar of freedom”. We are eager to see this enacted as a start so that one day every soldier should have the opportunity to educate their families and themselves at no charge.