Over the past several months the Biden administration has racked up impressive wins related to targeted student loan forgiveness. U.S. Department of Education touted its successes in a July 6 press release noting $26 billion in relief for various groups.
• Approximately $8 billion through borrower defense;
• Nearly $8 billion to borrowers who are totally and permanently disabled; (TPD)
• More than $9 billion to public servants through the PSLF program; and
• Over $1 billion in closed school discharges.
As Forbes contributor Adam S. Minsky noted today, those numbers are steadily climbing as the administration seeks more relief.
For the disabled borrower however, discharge through TPD is limited and leaves many scrambling for relief.
Consider:
The TPD discharge, aimed at helping disabled borrowers who are unable to sustain gainful employment, does not apply to everyone. Currently 323,000 individuals have been granted relief under this program.
Additionally, $7 billion of the total forgiven under TPD is thanks to a data-sharing effort between the Department of Education and Social Security Administration identifying qualified applicants currently receiving SSI or SSDI. According to the latest data, just over 12 million people between 18-64 are enrolled in either program, accounting for 32% of U.S. disabled adults in that same age range based on U.S. Census Bureau data.
While exact figures on disability and student loan debt remain illusive, it’s likely there remains a large percentage of disabled borrowers not covered under TPD who struggle repaying student loans while employed.
Our path to employment is already a challenging one. Beginning in academia, we battle with questions surrounding disclosure, seeking accommodations, and administrative hurdles. According to a 2017 report from the National Center for Learning Disabilities (NCLD), the process is often so cumbersome many don’t seek the support they need and thus are at an increased risk for not graduating. Postsecondary National Policy Institute (PNPI) notes 40% of undergraduate students with disabilities who started in 2011 graduated with a bachelor’s degree from the same institution by 2017, compared to 57% of students without disabilities.
When we do graduate, the struggles continue in our job search as we work to dismantle ableism and misconceptions about our abilities in the workplace. Consequently, it's no surprise only 4% of employees are openly out as disabled at work according to Disability:IN. The potential earnings discrepancy highlights another barrier. Research from The Century Foundation and Center for Economic and Policy Research shows we earn an average 26% less compared to our non-disabled colleagues.
We must find a way to provide relief to disabled borrowers working to pay off student loans.
#studentloans #studentloanforgiveness #disability #wagegap
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