Student loan is a very attractive offer, although relatively few people choose it. After graduation, there is a 2-year grace period, during which we do not have to pay it back. Only after this period (very small) interest begins to accrue. It happens, however, that for one reason or another we still have trouble paying it back or simply want to get rid of this ballast at least partially. We begin to wonder if the student loan cancellation is possible at all. How to do it and who can count on that his application will be approved?
Loan remission for the best
Redemption of part of the loan is not only possible for people who are in a difficult financial situation and simply repay it. The student loan cancellation system also rewards people who have demonstrated extensive knowledge and commitment during education. Depending on our position in the ranking of students from a given year, we can count on a partial cancellation of our commitment. In some cases, it will be up to 50% of the amount to be repaid. This option is available to people who are in the elite group of 1% of the best students in a given academic year. Fortunately, however, slightly less talented students can also count on some relief. People from a group of 1 to 5% of the best students will be able to enjoy a 35% loan cancellation. And from the group of 5 to 10% – write off 20% of the loan amount. As you can see, science really pays off.
Cancellation of student loan due to inability to pay it back
Although student loans are granted on very favorable terms, this does not change the fact that at some point we will have to start paying back. It may then turn out that for various reasons this is not possible. This situation has been foreseen and the possibility of canceling up to 100% of the loan amount to people who simply cannot repay it has been created. The entire loan is canceled in the event of the death of the person who took it, but also in its permanent inability to pay it back. For example, as a result of an accident and the resulting disability. If, however, we have experienced temporary difficulties, we can count on the redemption of part of the loan. They can be death or illness of a family member, but also a natural disaster (for example, destruction of a house due to fire or flood) or loss of income. Therefore, when difficulties arise with paying off the loan, instead of running away from liability, we should try other solutions – such as applying for a loan remission. We can do this at any time in the bank where we took out the loan.
Redemption of a student loan is possible as a whole or in part. It is worth getting interested in it if we have achieved high academic results or experience difficulties that interfere with the payment of obligations.