Student loan forgiveness options are available for individuals who have a large amount of college debt and who may be struggling to make the payments which will totally erase their student debt. College students often are required to take out student loans in order to meet the rising costs of college tuition and as a result federal student loans often come with a forgiveness option for those who may be facing repayment of their student loans for years down the road.
When it comes to federal student loan forgiveness, anyone who has a public service job may be able to have their loans forgiven after 10 years of prompt repayment and anyone who has a non-public service job may be able to have their debt forgiven after 25 years. These time frames can be beneficial for some people, but others may not have the amount debt which would allow this option to be helpful.
The Direct Loans program, which handles student loans for the Department of Education, has certain student debt assistance options for anyone who may be struggling to repay their loans. Student loan forbearance programs or income-based repayment plans can be helpful for anyone who may be having trouble repaying their student debt.
Anyone who may feel they qualify for student loan forgiveness or might be having trouble repaying their loans should contact their student loan lender and talk about options that may be available. While not everyone may be able to take advantage of student loan forgiveness plans, there are forms of aid that will help anyone when it comes to repaying college loan debt.