understanding student Loan Forgiveness

Student Loans Being Forgiven - understanding student Loan Forgiveness

If you have heard of pupil loan forgiveness but don't quite understand what it is, you will want to read this. We are going to discuss the most often asked questions about pupil loan forgiveness. When you are done reading, you should have a good idea how pupil loan forgiveness works and if it is a good selection for you.

Student Loans Being Forgiven

What is pupil Loan Forgiveness?

Loan forgiveness began in October of 2007 with the duct of the College Cost reduction and way Act. It allows for the remaining balance of pupil loans to be forgiven after 120 payments are made on time provided positive conditions are met.

Are all pupil loans eligible for forgiveness?

No! Only loans that are under the Direct Loan schedule qualify. If your loan was not made under the direct loan program, you will need to join your existing loans into the program.

I am five years into my loan. Does this mean that I will be eligible for forgiveness in 5 years?

No! The Act stipulates that 120 payments must be made after Ccra passed. This means that the earliest that any loans will be eligible for forgiveness is 2017.

What do you have to do to qualify for forgiveness?

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