Loan forgiveness or Reverse scholarship programs
Coming out of our Summit conference there have been a few scholarship clients expressing interest in the concept of loan forgiveness or reverse scholarship programs. Loan Forgiveness (also known as Reverse Scholarships) is a process of awarding scholarships after the expenses have been incurred. These funds pay back loans taken by students, rather than paying schools directly prior to attendance to negate the need for loans. These are commonly linked to a commitment to work in a geographic region or specific field of study.
I would like to open this space to continue the conversation around this topic. If you already do this, how has it worked for you? What are some of the important aspects of your program? If you are interested in doing it, what are your questions or concerns?
Comments
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Does the repayment i.e., the forgiveness of loans create a taxable event for the student?
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We are meeting with a potential funder this week who is interested in starting this type of scholarship. Does anyone have any experience or knowledge they could share on how to get this started and make it successful? Thank you!
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