Student Loan Borrowers in Cancer Treatment Can Now Defer Loans
It’s been nearly one year since the Deferment for Active Cancer Treatment Act passed and now there is an official process in place for college students to take advantage of this important legislation!
Triage Cancer shared, “The U.S. Department of Education (DOE) has finally released a form to apply for student loan assistance, based on a law that passed last year (P.L. 115-245). Federal direct student loan borrowers who are undergoing active cancer treatment may defer repaying those loans for the duration of treatment and for 6 months afterward. Interest does not accrue on those loans.”
How does it work?
The form is broken down into 5 sections, including a ‘Physician Certification’ section that requires a physician’s signature for proof and timeline of treatment. Once the form is completed, borrowers must then turn it into their loan servicer for approval. Here are the eligibility guidelines.
This new legislation only applies to public student loans that were in place on September 28, 2018, or made on or after that date. Additionally, interest will not accrue on these loans during deferment.
Click here to complete the form.
Progress is in the air
It’s no secret that Cancer-Related Financial Toxicity (CRFT), the financial barriers that accompany a cancer diagnosis, continues to disrupt patient’s care and affect the success of their treatment. Young adults who are funding their own education and fighting for their lives should not have to worry about their student loans. And thankfully, now many have the option to seek assistance.
We must continue to innovate and collaborate on CRFT so even greater change can arise. Healing should be a cancer patient’s number one priority and it’s time to make that a reality.
Learn how Family Reach is making strides against CRFT with their Financial Treatment Program.
Over 100 thought leaders came together for a collaborative think-tank event that propelled the fight against financial toxicity caused by cancer.
Shortly after Michael’s cancer diagnosis, financial worries began to burden his family. Working with a free financial planner relieved some of the stress.
Thanks to our generous community, Hope for the Holidays 2019 raised an incredible amount to support families facing the financial barriers of cancer.