Students that are looking for ways to alleviate their college debt may want to explore debt forgiveness options from their lender. Commonly, federal student loans are borrowed by most college students and these loans have very specific guidelines for debt forgiveness qualifications.
Anyone in the public service career may qualify for student loan debt forgiveness after about 10 years of repayment. Any non-public service career would require 25 years of repayment before forgiveness would be an option, however this is set to be dropped to 20 years in the near future.
The requirements of federal student loan forgiveness, usually, is that the student must be enrolled in some form of a Direct Loans repayment schedule, which is the program that handles federal student loans from the Department of Education.
While many people feel that student loan forgiveness may take too long to be of any real help, there are people who stand to greatly benefit from student loan forgiveness even after 25 years of repayment. However, people who may have their student loans paid off before these repayment requirements are met may benefit from an income-based repayment plan.
Obviously, if you’re able to afford your student loan repayments or even pay more on your student loans than the minimum monthly payment, you should make all the strides you can toward getting out of student loan debt as quickly as possible. Yet, if you are struggling with your student loan payments an income-based repayment option can make paying back your student loans more affordable.
Talking to your lender is going to be the first step you need to take when it comes to finding out what options are available for you or what steps you need to take in order to qualify for student loan debt forgiveness or for getting assistance with repaying student loans.