Anyone who has student loan debt may be able to qualify for a student loan forgiveness plan from their lender. Typically, federal student loans have the most clear-cut rules when it comes to getting out of student debt obligations, and it is for this reason that many students choose federal loans rather than private.
Federal student loan forgiveness often is offered to individuals who graduate and enter into a public service field as a career. Anyone who works in a public service related career may be able to qualify for student loan forgiveness after 10 years of repayment.
However, individuals with federal student loan debt that are not a public service related career may be able to qualify for student loan forgiveness after 25 years of repayment. In the near future, new legislation is set to drop this term for non-public service student loan forgiveness to 20 years of repayment.
While there may be some students who will benefit from student loan forgiveness plans, there are some individuals who may not have enough federal debt to qualify for the forgiveness options. Simple put, individuals who will have their student loan debt paid off before one of these time limits is met often worry that they still may struggle when it comes to repaying their debt.
Federal student loans often have a variety of repayment assistance options that range from forbearance programs to income-based repayment options. Anyone with multiple student loans or a large amount of student loan debt is often advised to contact their student loan lender and ask about various repayment options or if they qualify for a forgiveness years down the road.
Typically, Direct Loans, a program within the Department of Education that handles student loans, can offer various assistance plans for anyone who is struggling to repay federal student loan debt. While taking out student loans may be unavoidable for many individuals in college, this debt does not have to be burdensome for years after graduation.