Student loan forgiveness plans are often sought by individuals who graduate college with a large amount of debt on their hands. It’s understandable that any college graduate would want to be rid of their student loan obligation as quickly as possible but for many it’s simply not an option.
However, college graduates who have federal student loans may be able to qualify for student loan forgiveness options and future changes in the forgiveness options have been made possible by the Obama Administration. Congress passed laws that can make it easier to repay student loan debt for certain individuals that have federal student loans.
Currently, anyone with student loan debt that was working in a public service career may qualify for student loan forgiveness after 10 years of repayment. Anyone not working in a public service field may be able to qualify for student loan forgiveness after 25 years of repayment, but this is set to drop to 20 years and the near future.
College debt is something that is necessary for many students as the cost of college is rising and many students are finding they need to supplement their scholarship and grant income with student loan financial aid. However, these student loan forgiveness options for federal student loan debt may be helpful for those who have acquired a large amount of student debt over their college career.
Anyone who may not qualify for this type of forgiveness or who simply may not have the amount of debt that would allow these repayment terms to be helpful may find other forms of student debt repayment assistance. Federal student loans have income-based repayment options, forbearance and deferment options, and even student loan debt consolidation plans that can be beneficial to helping any college graduate manage their debt.
Anyone with federal student loan debt that may be struggling to repay their student loans or who may feel that they qualify for student loan forgiveness are often advised to contact their lenders to see if student loan forgiveness options or repayment assistance options will be applicable for their situation.