Student loan forgiveness options may be more easily available for college graduates who have accrued a large amount of student loan debt. The Obama Administration has made new laws to help students with college debt and these new laws were set to go into effect in a few years.
However, there are current student loan forgiveness laws that can be beneficial for anyone who is dealing student debt. Typically, student loan forgiveness is offered on federal student loans and it does require a certain amount of time which one must repay these loans in order to qualify.
Someone who works in a public service related field may be able to have their debt forgiven after 10 years of repayment. Anyone who is in a non-public service job can have their loans forgiven after 25 years of prompt repayments. These forgiveness options usually require that anyone with federal student loan debt be in a Direct Loans repayment program.
Some college graduates feel that these time frames are not going to be beneficial, but with the rising costs of college there are many people who can take advantage of this forgiveness program. However, if anyone stands to repay their loans before this time frame would apply to them there are still options that can help with student loan debt.
Forbearance plans and income-based repayment options can benefit anyone who may be having trouble repaying their student loan debt. Forbearance will allow the college graduate to forgo paying their student loan debt for a set amount of time. The income-based repayment plan will only require you to pay a small percentage of your monthly income toward your student loan debt. Both of these options can be helpful for anyone struggling to repay their student loans.
The best bet for anyone who may be struggling with student loan debt should be to first contact their student loan lender and ask about what options may benefit them. College debt is sometimes necessary in order to obtain a degree but it does not have to be burdensome for years after graduation.