It’s no secret that the cost of cancer is high — very high. Even with insurance, paying for treatment and rehabilitation can be a major challenge. Doctor’s visits, hospital stays, home care assistance, medication costs and more can really add up, not to mention the potential loss of wages if a patient or caregiver has to stop working, the cost of lodging near a patient’s treatment facility, the costs of child care or caregivers, and many other indirect costs.
Thankfully, to help ease the financial burden of cancer patients, it’s now possible to defer your student loan payments while undergoing cancer treatment. The law, allowing cancer patients with federal student loans to pause their payments, was passed in 2018, and the U.S. Department of Education has now provided the official application to take advantage of this program.
If you have federal student loans and are actively undergoing cancer treatment, or you know someone who is, it’s worth looking into this option to help lighten your financial load so you can focus on the important task of getting healthy. Patients interested in this option can work with their loan servicer to apply for deferment or forbearance. To learn more about the plan and fill out the forms necessary to apply, visit the Department of Education’s Federal Student Aid website here