There are some times in our lives when life gets too hard for us. Some of us cannot escape getting the most basic of an education without debt. For most students who are not in a position to secure bursary or scholarships they end up getting loans to finance their studies. Even after you get the knowledge it is not usually a guarantee that you will definitely get a job after your studies that will facilitate your payment of the loan and in turn it continues to grow as it earns more and more interest. In most cases the governments of different countries come up with ways to help people do their studies by giving them loans and therefore they should be on the front line to ensure that the people are able to repay their loan on time. In this article we are going to discuss why it is important for the government to give student loan forgiveness.
It motivates them to keep working hard. Even before we continue with this article it is important to Note that there is a difference between being discharged from a loan and being forgiven a loan. 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. When you are freed from the duties of paying a loan it gives you confidence even when you are doing your work as you are no longer working to pay a loan.
As much as it sounds contradicting giving students loan relief encourages them to pay their loan more. If the policy of giving loan relief is on the basis of how consistently somebody plays back their loan or on the installments agreed then it motivates the students to pay their loan even more to ensure that they benefit from the loan relief. This is a gain on the side of the government as they will be minimal deferment of payments and even bad debts. . When loans are repaid it makes it possible for the government to give more loans to other students who might be wanting to further their studies yet they do not have the capital.
If a person is interested in receiving student loan forgiveness or relief they should ensure that they are conversant with the laws governing student loans in their country and how they can or how they cannot acquire student relief. 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 the responsibility of training the public concerning student loans borrowing and all the repayment plans that are available to help them make a sound decision.
