New student loan laws are going to make things easier for some to get student loan forgiveness, but there are current options available to graduates of college or those in college that may not fall under these new laws set forth by the Obama Administration.
Typically, public service fields are the best way to go about getting a student loan forgiven. There are also jobs, like federal government jobs that will repay student loan debt, a certain percentage up to specific amount, but this is contingent upon how long you work for that organization.
Public service jobs, like governmental work, teaching, or jobs in the health care field often allow student loans to be forgiven after ten years of repayment, but this typically occurs if you are in an income-based repayment program, but students are advised to check with their lender on options available to them.
Again, federal student loans are the only type of student loans that will be forgiven, as private lenders don’t have a universal policy about forgiving student loans. However, contacting your lender is the best way to find out forgiveness options specific for you.
With federal student loans it comes down to your career and if you are in an income-based repayment plan or not. Public service employees may qualify for forgiveness after 10 years while non-public service workers will qualify after 25 years. Some of these laws are set to change down the road, but taking time to research forgiveness options specific to you may yield some beneficial results.