Higher education in Canada and the USA is getting expensive day by day. It is dragging people into deep, deep debt. Students get a loan to pay their tuition fees, books, hostel rooms, and many other expenses. But as they graduate, they have a huge debt coming towards them to pay.
But these debts can be forgiven by several Student Loan Forgiveness Programs offered by the state government and many other sectors. You can actually get free from this massive bulk of money standing in your way.
Types of Loan
Before August 1, 2000, the student loans that used to be offered were through credit union or banks. And their repayments were done directly to the banks.
But after August 1, 2000, up till now, the rules have been changed. Now, the loans are issued by NSLSC (National Student Loans Service Centre) and by the provincial student loan programs. These loans do not involve the credit union or the banks, but they are issued and repaid to the federal or provincial governments. And now these two loans (National student load and Provincial student loan) are combined and issued by the NSLSC.
Student Loan Forgiveness Programs
- Canada Repayment Assistance Plan
University graduates are eligible for Canada Repayment Forgiveness Programs to pay back their student loan easily. This program gives you an opportunity to monthly reduce the amount of loan or the cancellation of the whole loan altogether.
- British Columbia Loan Forgiveness Program
This student loan forgiveness program in British Columbia allows the students who have been recently graduated, to work at health care departments in the underprivileged areas of British Columbia. By working in these sectors, their loan is forgiven.
- Public Service Loan Forgiveness Programs
PSLF program is the best loan forgiveness program, and anyone can qualify for it who works at the Public Service departments. There is no hidden taxation and are forgiven 100%. PSLF gives federal student loan forgiveness when you have paid the debt of 10 years on time. Then no matter how much loan is left, once you have completed these 120 months, your loan will be easily forgiven.
- Nova Scotia Student Loan Forgiveness Program
Students who are the residents of Nova Scotia are eligible to apply for this program. You must have a degree at a university of Nova Scotia; then you will be eligible for 100% student loan forgiveness.
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- Pay As You Earn (PAYE) Forgiveness Program
PAYE and IBR (Income-Based Repayment) are somewhat similar student loan forgiveness programs. Your loan will be forgiven but after a particular time period. When you start earning, about 10% of your income is paid as your loan. After paying for 20 years, the remaining loan is forgiven.
If you are currently in a huge debt of student loan, you must consider these loan forgiveness programs offered in Canada and the US. And if you have already paid the larger amount, than don’t miss a chance, you can easily qualify for the forgiveness of the remaining student loan.