Student loan debt can be burdensome for anyone who has a large amount and may not have the income from their job to make the monthly student loan repayments that are required for their particular debt. However, federal student loan debt, which is quite common among college students, has certain student loan forgiveness options and repayment assistance plans that can be beneficial for anyone drowning in student loan debt.
Forgiveness options for student loan debt from the federal government often fall into two categories. Federal student loan debt for anyone who has a public service job may be forgiven after 10 years of repayment and anyone in a non-public service job may have their debts forgiven after 25 years of repayment. There are new laws set to go into effect in the near future and may make student loans more affordable since they will be directly from the government and not using a private lender as a middleman.
However, if a college graduate does not have enough debt where these forgiveness time frames would be beneficial there are certain repayment assistance options for federal student loans that can be quite helpful. There are student loan consolidations, forbearance programs, and even income-based repayment plans that can help make repaying student loan debt more affordable for anyone who may be struggling.
These options usually require that the college graduate with federal student loan debt be enrolled in a Direct Loans repayment plan, which is the program that handles federal student loans within the Department of Education. While there are different types of student loan debt and the specifics of how these forgiveness options or repayment assistance plans will affect someone with student debt are dependent upon their personal situation. Yet, contacting your student loan lender is going to be one of the first steps that must be taken if you are having trouble repaying your student loans or feel you qualify for student loan forgiveness.