understanding pupil Loan Forgiveness

Student Loans Being Forgiven - understanding pupil Loan Forgiveness

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

Student Loans Being Forgiven

What is Student Loan Forgiveness?

Loan forgiveness began in October of 2007 with the tube of the College Cost discount and access Act. It allows for the remaining equilibrium of student loans to be forgiven after 120 payments are made on time provided certain conditions are met.

Are all student 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 incorporate 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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