Student loan forgiveness options are available for college graduates who may have a large amount of college debt. Typically, federal student loans have the best options when it comes to forgiveness, so any student that may have a large amount of federal student loan debt might benefit from a forgiveness plan.
Usually, an individual can be forgiven of their student loans if they make 10 years worth of repayments on their student loans and are working in a public service related job. Any individual in a non-public service related job may have to make repayments for up to 25 years before they can qualify for student loan forgiveness.
However, these Federal student loan forgiveness options are usually associated with an individual who is repaying their student loan debt through the Direct Loans program, which is part of the Department of Education. Some college graduates may be able to benefit from Federal student loan forgiveness, but others who may not have the amount of debt that would allow them to take advantage of these forgiveness options do have other student debt assistance plans which they can use.
Someone who may be able to pay off their debt before these timeframes for forgiveness would be applicable may be able to use options like an income-based repayment program or a forbearance program that would allow them to better handle their student loan debt if they are having trouble making repayments.
Each college graduate’s student loan situation is different so it will probably be in one’s best interest to contact their student loan lender to talk over these assistance options. While student loan debt can be troubling, there are ways in which anyone who owes money on their federal student loans can repay these loans in a more affordable way.