Student loan forgiveness options are usually available to those with federal student loans, but forgiveness isn’t an instant occurrence for those with student loan debt. While there are changes coming in student loan laws, student debt forgiveness is still available.
Anyone with federal student loans, and is under a repayment plan with Direct Loans, may be eligible for student loan forgiveness after 10 years if they work in a public service field. This is contingent upon timely payments for that period of time.
However, someone in a non-public service career may be eligible for student loan forgiveness, under the same guidelines after 25 years, but this is set to change to 20 when new legislation takes effect.
Handling student debt, outside of forgiveness options is going to either require budgeting and making payments on various forms of student debt, which is the norm for many students, or it will require a student loan consolidation.
Anyone having trouble with their student financial aid debt should contact their student loan lender for assistance options. The student loan forgiveness plans above are only for federal student loans, but anyone that is struggling to make their student loan payments needs to seek out assistance before it becomes a problem.