I-WORK Loan Forgiveness

For each year that a former I-WORK student resides in their home country/region following their leave or graduation from BYU-Hawaii, 25% of their I-WORK loan will be forgiven. Each year, former I-WORK students must submit documentation to the BYU-Hawaii Financial Aid Office verifying that they are indeed living in their home country. Either of the following documents will be acceptable:

1. I-WORK Loan Forgiveness Verification form

2. Bishop’s Endorsement/Letter

3. Local tax form indicating residency in country for the past year

Forgiven loans will never have to be repaid.

If an I-WORK student decides not to return to his/her home country or target area (Pacific Rim & Far East) he/she will become subject to the repayment terms and conditions of the loan agreement.

The following are the basic loan terms:

-Interest accrues on loan balances at the rate of 4% per year

-The loan will be amortized over the period of 8 years

-There is a 6 month grace period that begins as soon as the student is no longer enrolled at BYU-Hawaii

-During the grace period no interest accrues and the student is not required to make any monthly payments commitment, students are responsible for their own travel cost.