When college students graduate they often have some form of student loan debt which they have to carry with them into the real world and for many this is something that may become a problem down the road. There are ways to combat college debt or even qualify for student loan forgiveness options for students who are going into a specific field of work.
While debt forgiveness options are not solely for this group, it’s quite easy for someone in a public service field to qualify for student loan forgiveness. Typically, when dealing with federal student loans the Direct Loan program can offer those with federal student loans a forgiveness option after 10 years of repayment and public service.
While private lenders may offer similar forgiveness options, federal student loans are the most common form of student loan debt that college graduates carry with them, so anyone in a public service career with federal student loan debt may want to research this option.
Again, forgiveness options are not only available for public service workers, but nonpublic service workers as well. There are also income-based repayment plans for anyone with a large amount of debt who may not be able to pay off their student loans with their current income.
Anyone who is struggling with college debt and may feel overwhelmed might want to contact their lender to see if there are income-based repayment plans, forbearance options, or student loan forgiveness opportunities available down the road. While sometimes student loan debt is unavoidable, being weighted down and carrying college debt with you years down the road doesn’t have to be a necessity.