Financial aid debt often follows college graduates around for years after they have left the university and are settled into a career. However, many people with college financial aid debt look for student loan forgiveness options as a way to lessen the burden of student loans.
New rules governing student loans are set to go into effect in the coming years, but the problem now is that many college graduates will not fall under those student loan forgiveness laws, but there are some options.
While they may not be great, graduates that have federal student debt from federal student loans may be able to consolidate their debt, enter into an income-based repayment plan, and depending on their career, have their debt forgiven in 10-15 years or 25 years.
This seems like a long time for many people, but career service fields require less time in repayment before they are forgiven and some occupations, like governmental positions, will pay back student loans, up to a set amount, for each year of employment.
Many graduates with a lot of debt may benefit from this forgiveness option, but again forgiveness of student loan debt is usually only for federal loans and graduates have to be in a consolidation and income-based repayment plan.
However, those that are feeling the pressure from student loan debt are often advised to simply check with their lender to see what options are available for student loan forgiveness.