What do the words ‘endorser’ and ‘forgiveness’ mean relating to a loan?
Question by Wapa: What do the words ‘endorser’ and ‘forgiveness’ mean relating to a loan?
I found these words in the text attached to a promissory note. What is an endorser and what does forgiveness of a debt imply?
Answer by Jeffrey
An “endorser” is a person who signs the loan.
“Forgiveness of the debt” is a clause that specifies under what circumstances some percentage of your loan will be reduced and by how much.
For example, if you have a Federal student loan, it is possible to have a certain percentage taken off from the original amount if you work in an inner city public school as a teacher.
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