Many college graduates who are repaying their college loans often seek out student loan forgiveness options for their debt. Federal student loans often have set periods of time in which repayments must be made before a student loan can be forgiven.
Currently, anyone who has a public service related job should be able to qualify for student loan forgiveness after 10 years of repayment. Anyone who is in a non-public service job may be able to have their debt forgiven after 25 years of repayment. These laws are set to change in the near future but are still beneficial to people who are struggling to repay their debts presently.
Federal student loans often all are handled through the Direct Loans program from the Department of Education. In order to qualify for a forgiveness of your federal student loans you may have to be enrolled in a Direct Loans repayment program, but you will need to talk with your lender to make sure this is the case for your personal situation.
However, if you are simply having trouble repaying your student loans and fear that the student loan forgiveness option may not benefit you, there are certain types of repayment assistance that you can use to make the burden of repaying debt easier. Again, your student loan lender will have options for your specific situation but usually forbearance programs or income-based repayment plans will be available.
Student debt is sometimes unavoidable when it comes to paying the costs of college tuition but it doesn’t have to be burdensome for years after graduation when you’re trying to repay. Many advisers would tell anyone who has a large amount of student loan debt that contacting their lender and explaining the situation is going to be the first step in making the repayment of their college debt more affordable.