Student Loan Forgiveness And Repayment Options—How Do Graduates Handle Student Debt?

Student loans forgiveness options are available to some college graduates, but with new student loan laws set to go into effect in a few years, current students and graduates will not be able to take advantage of these new procedures that make student loan forgiveness easier.

However, it still stands that certain careers offer either student loan forgiveness after a set amount of time repaying on student loans or some employers will repay all or a percentage of your loans for you, depending on how many years you work at that position.

One big downside currently, is these jobs that offer the best chance at student loan forgiveness are public-service jobs and those not in a career service job don’t qualify for student loan forgiveness until after 25 years of repayment.

This can be troubling, but there are some income-based repayment options available for those with a low income.  Anyone that may need at least 25 years to repay their loans could benefit from an income-based repayment plan and forgiveness after 25 years, but typically this only applies to Federal loans that are consolidated with Direct Loans.

Outside of these options, college graduates that don’t have that much debt only stand the best chance of getting rid of student loan debt by paying off their loans as quickly as they can to avoid interest rates costing more over the long run.