Why The Government Might Consider to Give Student Loan Forgiveness
Sometimes life gets hard in the generation were living in. Some of us cannot escape getting the most basic of an education without debt. Most of the people if they cannot get bursary or scholarships tend to get loans so as to finance their studies in their quest for knowledge. Because it is not usually a guarantee that after you do your studies, you will get a job that will help you pay back the loan together with the interest you end up paying more because the loan accrues over the years. Since it is usually the government idea to give loans to people who want to further their education they should also come up with ways to help people repay the loans. Therefore in this article we will discuss some of the reasons why it would be important for the government to give student loan relief.
It encourages them to work hard. We should be aware that there is a big difference between having a loan discharged and having a loan forgiven. Forgiveness of a loan means that you should have actually paid the loan but you are freed from the duty of paying it especially because you are working on areas with harsh conditions. It kind of motivates a person to work harder when they know they are working for themselves and not just working to pay a loan.
It might sound contradicting but having student loan relief encourages students to pay their loans. In most instances loan relief are given when a student has been consistently paying their loans over the agreed period of time and they therefore qualify to receive a loan relief which encourages them to keep paying their loan in the installments that were agreed upon. The government benefits from the repayment of loan from the students as there are minimal deferred payments as well as bad debts. This repayment of loans enables the government to sponsor other students by giving them loans especially when they want to further their studies.
The people who might want to receive student loan forgiveness or relief it is important that they ensure they are conversant with the laws governing student loans in their country. To keep one from getting into trouble by going against the rules that have been said concerning student loans one should always ensure they are conversant with them before they take up a student loan. The government should also take up the responsibility of ensuring that they educate the public on how student loans operate and their repayment processes.