Forgiveness is always a good thing-especially when it amounts to tens of thousands of dollars! One source of funding for college tuition that doesn’t have to be paid back as long as certain criteria are met is scholarship loans. Scholarship loans, also known as tuition forgiveness programs, are more common in some fields than others. They are ways of encouraging students to consider certain fields where there is an ongoing need.
If you are pursuing a degree in education with the intent of becoming a public schoolteacher, a tuition forgiveness program might be a terrific way to help finance your schooling. Those seeking education in certain areas of the medical field may also find such financing available. State government, municipal governments, public interest groups, private groups, and individuals are all becoming more and more enthusiastic about tuition forgiveness as a way to attract trained professionals to work in underserved urban and rural communities.
In order to qualify for tuition forgiveness, you must agree to certain terms. You will probably be required to work at a particular job for a period of time after graduation. Should you decide to leave that job, the loan would need to be paid off with interest. These loans are scheduled in one of two ways: Some organizations pay your tuition upfront, while others pay off your student loan as long as you are working at the job you agreed to. A tuition forgiveness program may limit your freedom of choice for a period of time following graduation, but you will be doing important work. Besides, who can argue with financial forgiveness?
by Mometrix Test Preparation | Last Updated: April 8, 2019