There are student loan forgiveness programs that are available for individuals who may have federal student loan debt. The federal government often will forgive student loans for a couple of reasons and depending on what career a college graduate has entered into after school.
Usually, anyone with federal student loan debt can qualify for student loan forgiveness after 10 years of repayment when they work in a public service related field. Individuals who do not work in a service related field will be able to qualify for forgiveness after 25 years of repayment, but this is set to drop to 20 years in the near future.
Many individuals have a vast sum of student loan debt and can benefit greatly from these forgiveness options. Usually, Federal student loan debt requires someone to be in a Direct Loans repayment plan before they can qualify for these forgiveness options on their student debt.
However, anyone who may have a smaller amount of debt and might not be able to benefit from these loan forgiveness options may have other forms of student loan repayment assistance available to them. Options that range from forbearance programs to income-based repayment plans can work in someone’s favor when it comes to repaying their student loan debt.
Contacting your student loan lender is one of the first steps you should take when seeking student loan forgiveness or a student loan assistance program for repayment. Student loan debt is sometimes unavoidable but there are ways in which federal student loans can be made more affordable when it comes to repayment.