Cancer patients who have student loans will now be able to pause their payments. This new rule is a part of the bipartisan congressional spending package. Cancer patients will be able to put their loan payments into deferment while they are undergoing treatment. They can also postpone payments for six months after they receive treatment.
Furthermore, cancer patients will not be charged any interest while their loans are deferment. Betty McCollum is a representative who pushed for this legislation. She stated that cancer patients should be focused on fighting for their lives. They should not have to worry about how they are going to pay their bills.
Student loan debt has tripled since the 1990s. The average borrower today owes $30,000 in student loan debt. In the 1990s, the average person only owed $10,000. Student loan debt is not just a burden for young people. Many people who are struggling with student loan debt are in their 50s, 60s, and 70s.
Every year, 70,000 people who are between the ages of 15 and 39 are diagnosed with cancer. Mark Kantrowitz is a publisher who works for SavingsforCollege.com. He stated that cancer treatments are a major source of stress. Student loan debts will add to that stress.
The details for this program are still being worked out. People who want to participate in this program will likely have to get some documentation from a doctor. The United States Department of Education stated that people should visit the website often.
If you are struggling with any other illness, then you can apply for an income-based repayment plan. You may be able to get $0 monthly payments. You may also qualify for a forbearance or deferment.
Unfortunately, only federal loans are able to qualify for this program. If you have private loans, then you will need to contact the lender.