Many college students often leave school with some form of student loan debt and for those with a high amount of debt they are often looking for ways to quickly eliminate their college debt so that they don’t start out their post-college life owing a large amount of money.
There are a number of ways one can eliminate college debt or at least make it more manageable. For someone with multiple college loans there is the option of getting a low interest student loan consolidation. Typically, the federal student loan lender, Direct Loans, have some of the lowest interest rates when it comes to a student loan consolidation. However, you may want to look around to see what rates other consolidation companies or banks may offer and the extent of their repayment periods.
Also, with Direct Loans, there are income-based repayment programs and student loan forgiveness programs for anyone with a substantial amount of federal student loan debt. Student loan forgiveness can be available in 10 years for anyone in a public service related job or 25 years for anyone not in a public service occupation.
While these may seem like long terms, anyone with a large amount of debt may benefit from the forgiveness programs but anyone with a small amount of debt can make repaying their student loans debt more affordable with an income-based program.
Anyone with a large amount of student loan debt may also want to contact their lender to see what options are available and making their repayment schedule more affordable or if there are any options for student loan forgiveness on their college debt. Keep in mind, for those who are consolidating, even with a low interest rate you may end up paying a lot over the long run, so paying more than your minimum balance each month may benefit you as well.