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Loans For Students With Disabilities

Article on Loans For Students With Disabilities

Finding the best loans for students with disabilities takes a bit of research, completion of paperwork, and time, but doing so will help students find the best loans available to them.

What are Disabilities?

There are several answers to this question, dependent upon who is answering. Each program has its own set of eligibility requirements so students with disabilities may qualify for some loans but not for others. Some are set up for people with physical disabilities, emotional disabilities, learning disabilities, and psychological disabilities, and some for any or all of these. Research will also find loans specific to students with a certain type of disability or combination of disabilities. Look into all possible loans for students with disabilities to find out the best ones for each individual student.

HEATH Resource Center’s Financial Aid for Students with Disabilities

The HEATH Resource Center provides information on postsecondary education loans for students with disabilities. They publish “Financial Aid for Student with Disabilities” which is updated annually. This publication provides information on federal student aid programs as well as other financial aid programs specifically designed for students with disabilities. It also lists sponsors of scholarships that have been designated for these students. This guide can be found at http://www.heath.gwu.edu and includes information on helping students with disabilities transition into college.

Additional Loans for Students with Disabilities Resources

There are many companies, both for-profit and non-profit, that provide assistance with loans for students with disabilities and much of this information is available via the internet. Publications and companies such as FinAid: The SmartStudent Guide to Financial Aid, The International Center for Disabilities, InCight, Students with Disabilities, and Entrypoint! available through the American Association for the Advancement of Science (AAAS) which offers summertime internship opportunities for disabled students who are pursuing degrees in science, engineering, mathematics, computer science, and some business fields.

Supplemental Security Income (SSI) and Plan for Achieving Self Support (PASS)

SSI is a program that supplements income but is not an actual loan since this money does not have to be repaid. This supplement is available to those with a low income and a disability. Since parental income and assets affect SSI availability, students under eighteen years of age may not qualify but they may become eligible once they turn eighteen. Each state has different parameters so check with local Social Security offices for benefits in your state. PASS is a program that allows students to set aside income and resources that are being used towards college tuition and will still allow them to receive SSI payments. For more information go to www.ssa.gov/diability.

When taking out loans for students with disabilities, the Federal Trade Commission (FTC) (the nation’s consumer protection agency), along with the U.S. Department of Education (ED) (the agency that oversees federal student loans), both offer sound advice to students and parents when it comes to searching for loans for students with disabilities.