The Federal Housing Administration (FHA) announced on Thursday that borrowers who qualify as eligible for FHA loans through the College Scorecard can now get their payments forgiven if they complete at least one year of post-secondary education in the United States.
The College Scorecards are the federal government’s efforts to help students who were not able to pay their college loans in full and who are pursuing post-graduation work.
The agency said the program will provide financial aid to students who are currently in repayment or enrolled in a college program that has already forgiven all or part of their loans, but who have not yet completed at least five years of education.
FHA also announced that it would expand its loan forgiveness program for students with the American Community Survey (ACS) to include the College Scores.
The program will now include students with an SAT score between 1600 and 2700.
Students with a high school GPA above the median will be eligible for loan forgiveness if they graduate with at least a 2.5 GPA.
In addition, students with a Bachelors degree, or those who have taken a four-year or four-credit associate’s degree or associate’s certificate program will be able to receive the loan forgiveness, as long as they completed at the time of their application that they had taken at least 25 credit hours at an accredited college or university and were accepted into a full-time, full-credit college program.
For more information on the CollegeScorecard program, visit: http://www.hhs.gov/consumer/consumer-complaints/consumer_complaints.htm#CPSC-1401