Many college graduates often leave school with some form of student debt. Often student loans are necessary to pay for some costs of college no matter how much money scholarships or grants may bring in. However, there may be student loan forgiveness or repayment plans that make getting out of student loan debt a little easier.
There are those who feel student loan forgiveness is unfair and are not happy about the upcoming changes in student loan laws. However, student loan forgiveness is going to be more accessible in the future, in some ways, than it is now.
Currently anyone with federal student loan debt and on a Direct Loan repayment schedule qualifies for some form of forgiveness, in many cases. Those who are in a public service career often can be forgiven of their student loan debt after 10 years of repayment. Anyone not in a public service career may be able to qualify for student loan debt forgiveness after 25 years.
While new laws will drop this non-public service timeframe down to 20 years many people still believe that student loan forgiveness should not be offered. However, what many people don’t realize is that these loans are only forgiven after payments are made over this timeframe and students do not get off free and clear from paying student loans.
There are also programs to help anyone struggling with repayment by offering them income-based repayment plans. If someone meets the requirements of these plans they may only have to pay a percentage of their monthly income towards their student loan debt.
The best way for anyone to find out their student loan forgiveness options is to contact their student loans lender and see what forms of repayment and forgiveness assistance are available.