College graduates that have student debt are often stuck making payments for years on student loans. While some people are able to pay off student debt relatively fast, others have student debt that seems so insurmountable that one wonders if it can ever be paid back. It’s no surprise that many people look for student loan forgiveness and while there are many forms of student debt forgiveness, are they all the same and worth the time?
Some forms of student loan forgiveness come in the form of jobs. Certain careers or employers will pay off your student debt, usually a specific amount each year you work with them, while others will pay off the full sum after a specific time.
Teaching jobs, governmental jobs, and the like may offer student debt programs that either pay off your loans or at least provide you with assistance to do so. While these jobs aren’t always plentiful, looking into jobs that provide forgiveness in the area that you hope to build a career may yield great results.
However, there are some debt forgiveness programs that require you to pay years, even decades, before they forgive your student debt, and while this may help some college graduates, many people end up paying more or just as much had they simply stuck to a student loan repayment schedule.
While a student loan forgiveness program is going to be something that is specific to individuals, there are some universal points to remember. If a job offers you the benefit of repaying student debt, you may want to consider taking the position for that reason alone. You gain experience and get your debt under control by simply going to work.
If you are offered a forgiveness plan that requires payments for a certain number of years, look at how much you will pay over the life of that forgiveness program versus the cost of you setting a budget with your finances to pay off student loans yourself.
Before going forward into any forgiveness program, do the research and look at how that forgiveness program or job is going to factor into your life. While some student debt forgiveness programs are a waste of time, others can be greatly helpful in getting rid of student debt.