Question

What is a loan forgiveness program? everfi
1. A legal action that can be taken if the loan company has discriminated against you.

2. A program that allows you to correct mistakes on a loan application.

3. A program that reduces or wipes away the amount of your loan if you are eligible.

4. A policy of most loan companies where up to 6 late payments are accepted without penalties.

Answer 1

Answer:

Option 3.

Explanation:

Answer 2

A program that reduces or wipes away the amount of your loan if you are eligible  is a loan forgiveness program. The Public Service Loan Forgiveness Program is designed to encourage people to get into and stay in full-time public service careers.

How does loan forgiveness programs work?

If one is qualify for full forgiveness, cancellation, or discharge of its loan, they are no longer obligated to make payments.

If one is only eligible for forgiveness, cancellation, or discharge of a portion of their loan, they must return the remaining sum.

Thus, option c is correct.

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