College graduates that leave school with a high amount of college debt often look for student loan forgiveness options in the hopes of lessening the financial burden that student debt often brings. While there are ways in which one can cut or eliminate their student debt, it’s not available for everyone.
Usually, those who are in public service fields like teaching, volunteer work, or the medical field have the best chance of getting their federal student loans forgiven. There are also jobs, like military service and governmental jobs that will afford debt forgiveness as well, so if you are still in college you may want to look at options related to or in your desired career that can help you get rid of your student loan debt simply by working with an organization or company.
However, those that are already in a career may not be so lucky as some jobs and careers don’t offer federal student loan forgiveness. There are however, income-based repayment plans that will cap your monthly student loan payment to a small percentage of your income and typically after 25 years of repaying you are forgiven of your remaining student loan debt. This might only be a good option, however, for those with a high amount of student debt as many college graduates may be able to pay off their loans and interest in that timeframe.
While student loan debt forgiveness isn’t being given away freely, you may want to talk with your student loan lender if you are having trouble making payments, want to know about income-based repayment options, or feel you may qualify for some form of student loan forgiveness.