My basic situation is this: I am a first-generation college student and nobody in my family has ever had to deal with college finances before.
My dad has been diagnosed with leukemia and was given a 30% chance of survival. I’ve been forced to drop out of school before my junior year and I owe around $52,000, plus interest.
Before now, my dad has been the sole breadwinner of our family, but he can no longer work. We are at risk of losing our home, our car, everything. My mom is chronically ill. I am autistic and do not drive. My brother is mentally disabled and my sister is a minor. Even if I get an entry level job (which is all I’ve been able to get in the past), there’s no chance I’ll be able to keep us afloat.
Are there any options for student loan forgiveness/deferment? Or any other advice you could give me?
Posted by cornfieldcryptid
2 Comments
If the loans are in your name, you can apply for an IDR.
The payment is based on your income. There are some interest benefits for some of the IDR plans, there is also forgiveness after 20 -25 years
There is hardship Forbearance, but it does not stop interest from accruing. I do not recommend this as your balance will just grow.
You can look into PSLF (Public Service Loan Forgiveness) which forgives your loans after working for a qualified employer for 10 years while making payments.
There is no blanket forgiveness for falling on hard times unfortunately.
I’m so sorry your family is going through, my heart goes out to you.
I’m no expert, hoping the real ones chime in here, but there might be an option for relief given that your dad has cancer, your brother is mentally disabled, and your mom is chronically ill.
Might you be able to claim disability because you have to take care of your family?