College loans are often the bane of many college graduates, as they tend to follow people around for years and years after graduation. However, there are some new student loan forgiveness options that may benefit college graduates looking to get out of debt.
When the Obama Administration sets new laws in place, which were passed with the healthcare bill, it will provide college graduates with more affordability in terms of their loans. Many graduates are going to be able to repay their loans with a monthly amount based on their income, which is going to make repaying student loans more affordable as well.
Also, those working in public service jobs have the chance to get their loan forgiven after ten years while the new law takes five years off of others in non-public service areas so they can qualify for student loan forgiveness after twenty years.
Interest rates are likely to be lower for many borrowers as federal loans will come from the government rather than through a bank, so this is going to benefit college students as well.
While getting grants and scholarships should be a student’s first priority, these new laws are hoped to lessen the burden of student loans and allow more people to afford a college education.