Many college graduates often have some form of student loan debt which they carry with them upon exiting their university. Many students who often obtain federal student loans in order to help them pay for the cost of college, which seem to be on the rise from year to year. It’s understandable though, that when a student graduates they want to formulate a plan that will allow them to rid themselves of college debt as soon as possible.
While the amount of college debt is going to vary from student to student, there are some federal student loan options that can help anyone make the cost of repaying their loans more affordable. Plans often range from student loan forgiveness to forbearance and from programs for those who may have trouble repaying their college debt.
The Obama Administration has set new student loan laws to go into effect in the coming years, but currently students who are on a Direct Loans repayment plan may be able to have their loans forgiven after 10 years, if they work in a public service field or 25 years if they work in a non-public service field.
Also, students may be able to obtain a student loan forbearance plan or deferment option if they are having trouble meeting their student loan payments at the present time. There are also assistance options like income-based repayment plans that will keep a college graduate’s monthly student loan payment low as it will only be a small percentage of their monthly income.
Anyone who may be struggling to repay their debt might want to talk with their lender about these options or what other forms of assistance might be able to help them with their personal college debt situation. Sometimes college loans are unavoidable, but they do not have to be a financial strain for years after someone graduates.