Student loan debt is something that the majority of college students will accrue over their college career and while many students are able to easily handle and pay back their student loans, many more college graduates are faced with a large amount of student loan debt that follows them for years.
However, there may be student loan forgiveness options for those who have federal student loans. Direct Loans is the student loan company that handles governmental student loan business, for the most part, and finding options like student loan consolidation or student loan forgiveness will be available through them.
While student loan forgiveness options aren’t available for everyone, individuals with federal student loans and on a Direct Loans repayment plan stand the best chance of getting their loans forgiven. Typically, public service workers are forgiven of their loans after 10 years of repayment and non-public service workers after 25 years, although new legislation is set to change that to 20 years in the future.
This may seem like a long time, but anyone with a large amount of student loan debt can benefit from these forgiveness options, as well as, repayment options like income-based repayment plans.
One of the best ways to find out if there are student loan forgiveness options available for you is to contact your student loan lender and ask about available plans. Sometimes student debt is unavoidable, but for many it doesn’t have to be something that causes financial strain for years after college.