Yes, that loan had to come to the rescue on occasions when you needed fund to pay your tuition fee, get some books or take care of your upkeep but now you are facing a herculean task as you cannot repay the loan. A student loan forgiveness program will certainly make your ears tingle if you belong in this class.
But what exactly is a student loan forgiveness program? The student loan forgiveness program is a scheme set in motion to grant loan beneficiaries – students, in this context – the grace to have their loans cancelled or discharged. This program lets those who have never accrued debts [plus interest charges] while in college break free from the burden brought on them as they seek a better future. A host of countries, through government agencies, have certain programs in place to cater to the needs of individuals that loan forgiveness could benefit. For instance, in the US, Loan forgiveness is made available through the Public Service Loan Forgiveness (PSLF) and some other schemes. There are also a couple of private student loan forgiveness programs available. In some nations like Britain, Sweden and Australia, student loan forgiveness is usually triggered under certain conditions.
Who qualifies for a student loan forgiveness program?
It has to be said that the requirement for qualification vary from one end to another but virtually every student loan borrower has a fair chance at having his/her loan forgiven.
Notwithstanding, there are certain considerations that are brought into view to determine who gets loan forgiven. Let us look at a few examples: In the US; the following stand a chance to have their loans discharged:
- Someone who has been committed to full-time teaching for 5 consecutive years
- Anyone rendering full-time public service
In Canada; certified medical practitioners [that are dedicated to community service] are eligible for loan forgiveness.
It is on this note that I call it a wrap on this article. To read more about loans you can visit http://moneral.fi .