President Donald Trump announced at the American Veterans National Convention in Louisville, Ky. that he was signing an executive order that would lead to the elimination of the student loan debt of approximately 25,000 disabled veterans:
This is wonderful news for our veterans!
President Donald Trump has signed an executive order that will automatically wipe out all student debt owed by more than 20-thousand permanently disabled veterans. https://t.co/fM0MtKjuAg
— Amy Lutz (@AmyFox43) August 22, 2019
There is already a plan in place for disabled veterans to have their student loan debt forgiven but this new order will expedite that process as only about half of those eligible took advantage of it. From Fox News:
The memo Trump signed directs the government to develop an “expedited” process so veterans can have their federal student loan debt discharged “with minimal burdens.” Currently, just half of the roughly 50,000 disabled veterans who are qualified to have their federal student loan debt forgiven have received the benefit because of a burdensome application process.
Under the current process, disabled veterans can have their debt forgiven under a loan forgiveness program, called Total and Permanent Disability Discharge, or TPD, as long as they have a VA service-connected disability rating of 100 percent. As of July, however, only about 20 percent of the eligible pool of veterans had taken advantage of the program due to the complicated nature of the application and other factors.
From the White House:
Totally and permanently disabled veterans are entitled to Federal student loan debt discharges—but the process to obtain them has been too burdensome.
— The White House (@WhiteHouse) August 22, 2019
It was my honor to sign a Presidential Memorandum facilitating the cancellation of student loan debt for 25K of our most severely disabled Veterans. With today’s order, we express the everlasting love & loyalty of a truly grateful Nation. God bless our Vets, & God Bless America! pic.twitter.com/MMMsX3RDQM
— Donald J. Trump (@realDonaldTrump) August 22, 2019