College debt is something that can follow many people around for years after they graduate. Student loans are becoming more and more necessary for many college-bound men and women due to the fact that the cost of attending a university is rising and scholarships and grants may not meet all of the financial needs of a student nowadays.
There are college debt assistance options available for anyone who has a large amount of college student, or simply an amount that is making it difficult for them to repay their loans. The amount of college debt varies from student to student, but with federal student loans many college graduates have the option of student loan forgiveness after a set amount of years in repayment.
Usually, after 10 years of repaying student loans an individual in a public service related job will be eligible for student loan forgiveness. Anyone else may have to wait for 25 years, or 20 years thanks to new laws that are set to go into effect in the near future, if they wish to receive forgiveness on their student loans.
While these time frames for forgiveness may not help some college graduates with their student debt, there are other assistance options available to help anyone who is having trouble making repayments on their student loans. There are alternatives like student loan consolidation, forbearance programs, and income-based repayment plans that are available from Direct Loans, an organization within the Department of Education which handles student loans.
Student loan debt is not always something that can be avoided when attending a university or college, however, there are multiple ways in which debt can be made more affordable when it comes to repaying. Low interest rates are available on many federal student loans and programs like the ones listed above can help making repayments a little easier.
It will be in a college graduate’s best interest to contact their lender if they’re having trouble repaying their student debt. Oftentimes, a student loan lender is going to be able to offer suggestions that are more applicable to a specific situation and find a program that will be best suited to assist individuals with their particular student loan debt.