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?

Best answer:

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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Senator Elizabeth Warren has a pretty novel idea — let’s give students the same interest rate we give the big banks! Find out more about Senator Warren’s bi…

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17 thoughts on “What do the words ‘endorser’ and ‘forgiveness’ mean relating to a loan?”

  1. Students don’t take out loans to get $100 designer jeans and to eat out
    every night. They have to take out those loans to pay tuition and fees, and
    their room and board contracts. As for minimum wage having gone up: min
    wage was $1.60/hr in 1968, and it’s $7.25 now. That’s a 453% rise in 45
    yrs. Tuition at Northwestern in 1968 was $1800/yr. It’s $50,000/yr now.
    That’s a 2778% rise. Over 6 times the rise in min wage!! THAT’S why
    students have to borrow more $ today. Not for luxuries.

  2. I must also add that I think it is important to call it socialism (again,
    as I interpret it) because often the right wingers who are quick to dub
    every public institution as socialist/communist/Stalinist interchangeably,
    yet are some of the biggest proponents of socialism for the rich and free
    enterprise for everyone else.

  3. Except that I’m going into teaching with that degree. I don’t want to be an
    actuary or a mathematician. I want to teach and encourage high school
    students to pursue degrees in STEM fields.

  4. Read that post, she was a mediorce professor and no one hired her for a
    plum poistion until she claimed native American status

  5. student loans have a tendensy to be write offs (gov pays fed for sudent
    loan debt happend in canada propably will happen in us aswell

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