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Immigrant Amnesty Versus School Loans
| In many parts of the world, amnesty on student loans is possible. In case a borrower has delayed and defaulted in his repayments, the amnesty presents him with an opportunity to rectify his mistake and to start afresh on repayment of the student loan. Most of the times, penalties and late fees for delayed repayment of the loan are cancelled, which greatly reduce the outstanding loan amount. However, the borrower would be charged with interest on the outstanding loan amount at the same interest rate at which the loan was issued. |
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Amnesty can be granted in the case of non-resident students, who delayed the repayment of the student loan because they were staying overseas. Such students can apply online using student loan amnesty applications. The student must specify his current postal address. If the application is accepted and you are considered for amnesty by the student loan amnesty team, then they will send the details of the changed repayment options to your current postal address. The borrower will need to strictly satisfy the amnesty repayment obligations. The amnesty repayments installments will be decided based on the outstanding loan amount.
In spite of granting an amnesty if the non-resident student borrower fails to meet the amnesty repayment obligations, then in that case, a penalty will be added to his outstanding loan amount. The penalty sum would depend on the number of amnesty repayments made.
If the borrower is still overseas, even after he meets his amnesty repayment obligations, then he becomes entitled to a repayment holiday. While on the repayment holiday, although the interest will continue to be charged on the student loan taken, yet the borrower is not bound to make any compulsory repayments. However, to maintain a low ceiling of the accruing loan amount, it is advisable that the borrower voluntarily makes occasional repayments.
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