The Obama Administration has proposed new student loan forgiveness laws that are set to take effect in 2014 and they are going to, hopefully, make going to college and repaying student debt much easier. However, what current college students are worried about isn’t how new law will affect college loans in 2014, but how they can get student loan forgiveness now.
These “new” laws in the student loan program are making some great changes, mainly students will not have to go through private lenders for federal student loans, but they will be directly from the government. Popular federal loans have been offered to college students for years only the government went though lenders to make those loans. By eliminating the “middle man” more money is going to be offered for grants and other forms of college aid.
However, again, students are worried about what they can do in the now. Student loan forgiveness options are being altered in the new student loan laws, not created. There are loan forgiveness programs and options, as well as income based repayment options for current or past college students.
Mainly, careers are the best way to get a student loan forgiven. Civil service careers, governmental jobs, and certain volunteer opportunities offer student loan forgiveness options to those who qualify. Current students may want to research these options in the hopes of preparing for a career in a field that may offer student loan forgiveness or even pay back a portion of their student loans each year they work for a certain company.