The Obama Administration has made student loan forgiveness an easier option for college graduates that are trying to get out of student loan debt, but some of these changes are not set to take place for a while, so current students are looking for student loan forgiveness options in the now.
While there have been changes made in the student loan forgiveness process, it’s not to say there are no student loan forgiveness options now. Current college students, graduates, or even soon-to-be college students that may not fall under these new laws still have forgiveness options available to them.
Certain college students and graduates may qualify for income-based repayment options of federal student loans, which means that your repayment amount will be based on your monthly income. There is also loan forgiveness after a set period of time for non-public service jobs and public service occupations as well.
Specific jobs, like public service, teaching or governmental jobs will bring about faster student loan forgiveness or will pay off a percentage of your student loan debt for each year of service.
Student loan forgiveness options will vary depending on a person’s personal situation, but a good starting point in finding your eligibility for student loan forgiveness is to talk with your lender or do some research on Google.