College students that exit a college or university often have some form of student loan debt following them around. Student loans are sometimes necessary since the cost of attending a university or college have grown substantially over the years, but student loan debt does not have to be a burden for college students years after graduation.
There are student loan forgiveness options for college debt that may be able to make paying off student loans easier or at least cut off some of the time in which students would be repaying. When it comes to federal student loans these forgiveness options are quite clear-cut and can be beneficial for anyone with federal student loan debt.
Typically, someone who has a public service related job will be able to have their loans forgiven after 10 years of prompt repayment through a Direct Loans repayment program. Anyone else, outside of public service jobs, may be able to have their loans forgiven after 25 years of repayment, but this is set to drop to 20 years in the near future.
Also, student loan debt can be handled through student loan consolidations, forbearance programs, and income-based repayment plans, all of which can help a college graduate deal with their student loan debt. Each debt situation for a college graduate is going to be different so it’s advisable for anyone who is struggling to repay their student loans to contact their student loan lender.
While every student loan assistance option or forgiveness options may not be available for everyone who has college loan debt, student loan lenders are often in the position to help those with debt figure out what form of assistance might be best for them or what plans are available to help them handle the repayment of their student loans so that it will be more affordable.