Student loan debt is a problem for many college graduates and it is something that can follow one around for many years after leaving a university and entering the workforce. Many graduates often have some form of student loan debt and in many cases this debt is quite substantial.
However, student loan debt is not something that has to be crushing or something that needs to be overly burdensome. There are ways to handle student loan debt and there are some options for federal student loans and debt forgiveness.
Many people that have a substantial amount of student loan debt will often turn to student loan consolidations. Student loan debt consolidations offer someone who has a large amount of debt the option of rolling all of that debt into one place. This may be a good option for some people, but for others it into a student loan consolidation may not be in their best interest.
Anyone who has a small amount of student loan debt or only a few student loans outstanding may be able to benefit from simply paying them separately. Consolidating student loans even with a low interest student loan consolidation loan is going to give that interest-rate more money which interest and build upon.
Looking at your personal financial situation and weighing your options by figuring out whether it’s more affordable to keep pay you loans separately or to consolidate is something each person considering a student loan consolidation will have to do.
Yet, for federal student loans there are student loan forgiveness options. Depending on one’s career, being either public service oriented or not, a college graduate will be able to have their loans forgiven after 10 years, for public service jobs, or 25 years for non-public service jobs.
If student loan debt is causing you trouble your best options are to either sit down and calculate how much more you will pay over the life of your loans versus getting a student loan consolidation or simply talk with your student loan lender about forgiveness options or income-based repayment plans.