Forgiveness For College Student Loan Debt–How Will New Student Loan Forgiveness Laws Work?

College student loan debt is very common as the cost of attending a university is on the rise. Any school from a community college to a large university seems to be increasing the cost of tuition and fees which students must pay in order to attend. This has forced many students to borrow student loans in order to meet these costs.

However, there are new laws that are set to go into effect in the near future that will make student loan forgiveness more of an option for those who have a large amount of student loan debt. There are current laws, for federal student loans, that allow students to have their debt forgiven after a set amount of time in repayment. These repayment plans usually are required to be through the Department of Education’s Direct Loans program.

Typically, a college graduate who has entered into a public service career will be able to have their debt forgiven after 10 years of repayment. Anyone not in a public service career will have to pay for 25 years before they may qualify for student loan debt forgiveness, but this is set to drop to 20 years when the new law’s take effect.

There are a variety of other assistance programs that are available from the Direct Loans program that can help anyone who is struggling to repay their student debt get a more affordable repayment plan. It’s been advised that anyone who feels they may qualify for student loan forgiveness should contact their lender and ask about student debt forgiveness plans.

While, again, not all student loans will be forgiven, there are many ways in which a college graduate can make repaying their loans more affordable and avoid being crushed by student loan debt for years down the road.