ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You get a letter of apology from the government
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You don’t have to keep going to classes to get your degree
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You don’t get as much money as your were previosuly promised
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You don’t have to pay back the remainder of your loan debt
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Detailed explanation-1: -Student loan forgiveness partially or fully cancels education debt owed by the primary borrower and, in some cases with private loans, the cosigner. Forgiveness programs are available based on the borrower’s loan type (federal or private), repayment plan, career, employer and financial or personal situation.
Detailed explanation-2: -The answer: Yes! However, there are very specific eligibility requirements you must meet to qualify for loan forgiveness or receive help with repayment. Loan forgiveness means you don’t have to pay back some or all of your loan.
Detailed explanation-3: -If you qualify for forgiveness, cancellation, or discharge of the full amount of your loan, you are no longer obligated to make loan payments. If you qualify for forgiveness, cancellation, or discharge of only a portion of your loan, you are responsible for repaying the remaining balance.
Detailed explanation-4: -Loan forgiveness, cancellation, and discharge are the removal of a borrower’s obligation to repay all or a portion of a loan. If you’re no longer required to make payments on your loan(s) due to service in a certain type of job (in the nonprofit/public sector), this is generally called forgiveness or cancellation.
Detailed explanation-5: -If you receive one-time student loan debt relief and are then determined to have been eligible for forgiveness under PSLF, we’ll adjust your loan and apply the PSLF discharge. The PSLF discharge may include a refund on certain eligible payments made after you have already made 120 payments.