It’s not uncommon for someone to leave college and have obtained some sort of student loan debt. Student debt is something that people should try to avoid, but as the cost of tuition rises at many universities and colleges, sometimes a student loan is inevitable.
However, those who take out federal student loans may have a good shot at a student loan debt forgiveness program. While some private student loans may offer forgiveness programs, federal student loans have programs and laws in place that can make it easier to be forgiven of your debt down the road.
Anyone with student loan debt and in a Direct Loans repayment program may be able to have their student loan debt forgiven after a set amount of time. Usually, those in public service jobs can have their debt forgiven in 10 years or so, as long as they make on-time payments for that timeframe. Anyone not in a public service job will have 25 years of repayment required before forgiveness is available but this is set to drop to 20 years when a new law takes effect in the future.
Yet, for those who are struggling to make their student loan payments there are programs like deferment, forbearance, and income-based repayment options that are available to anyone with federal student loans. These options can help someone avoid becoming delinquent or defaulting on their student loans.
Anyone with federal student loan debt that may be wondering if they qualify for student loan forgiveness or if they’re having trouble paying their student loan may want to contact their student loan lender and ask about assistance options or forgiveness plans that may be available.