Michigan Cancellation of Agreement of Non-Enforcement (CANON) is a policy that was established to help relieve the burden of student loan debt for Michigan residents. This policy allows borrowers to have their student loans discharged or forgiven in certain cases. CANON applies to federal and private student loans, as well as to state-guaranteed loans, and allows borrowers to get out of their debt obligation if they meet certain criteria. There are three types of CANON: Michigan Public Service Cancellation, Michigan Teacher Loan Forgiveness, and Michigan Military Cancellation. Michigan Public Service Cancellation is available for borrowers who have worked in a public service job for at least 10 consecutive years. To be eligible for this program, the borrower must have an outstanding balance on their loan, have made 120 consecutive on-time payments, and must have been employed in the public service job for at least ten years. Michigan Teacher Loan Forgiveness is available for borrowers who teach full-time in a public or private school for at least five consecutive years. To be eligible for this program, the borrower must have an outstanding balance on their loan, have made 120 consecutive on-time payments, and must have been employed as a teacher for at least five years. Michigan Military Cancellation is available for borrowers who are members of the military and have been deployed for at least 90 days. To be eligible for this program, the borrower must have an outstanding balance on their loan, have made 36 consecutive on-time payments, and must have been deployed for at least 90 days. Michigan Cancellation of Agreement of Non-Enforcement is a policy designed to help Michigan residents relieve the burden of student loan debt. All three of the programs have their own criteria to be eligible, but the overall goal is to provide relief and get borrowers out of their debt obligation.
Michigan Cancellation of Agreement of Non-Enforcement
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How to fill out Michigan Cancellation Of Agreement Of Non-Enforcement?
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