Student loan forgiveness options are often sought out by graduates who may have acquired student loan debt during their college career. There are also many debt management options for student loans when it comes to repaying student debt over the years after school.
The most clear-cut student loan forgiveness options come from federal student loans. Many students often turn to federal student loans in order to get an affordable student loan that will help them pay for college and not charge a high interest rate due to having little or no credit.
Federal student loans offer forgiveness for individuals who enter into a career that is public service oriented after 10 years of repayment and may offer forgiveness for non-public service workers after repayment over 25 years. This timeframe for those who do not work in a public service related career is set to drop to 20 years in the near future.
However, if a college graduate may not stand to benefit from these student loan forgiveness options, there are other plans that can simply make repaying student loans more manageable. Federal student loans often come with income-based repayment options, forbearance programs, and other forms of assistance to make repaying easier.
Any college graduate that may be having trouble repaying their student loan debt might want to contact their student loan lender and talk over options. Most often, students with federal loan debt will be working with Direct Loans, a program within the Department of Education which handles student loans.
Even though student loans may sometimes be unavoidable when it comes to paying for college, there is no reason that they have to be burdensome years after graduation.