Many individuals who leave college often have some form Federal student loan debt due to the rising cost of college tuition and fees. Federal student loans can be quite affordable but it’s understandable that anyone who has a large amount of debt would want to seek out a way in which they can erase their debt as quickly as possible. This is where a Federal student loan forgiveness option may be helpful.
Public service employees may be eligible for a federal student loan forgiveness option after a 10 year repayment period. Direct Loans is a program within the Department of Education which handles student loan repayment and can help anyone with student loan debt who needs assistance in managing what they owe.
Qualifications for student loan forgiveness from Direct Loans often require that an employee be in a full-time position at a public service organization when they are repaying their student loans. They must be in this job when applying for forgiveness and when the balance of their loan is forgiven as well.
Also, an individual seeking forgiveness for their student loans must make 10 years worth of repayments, which must be on time and satisfactorily meet the monthly payment due on a Direct Loan statement. Typically, an individual must also be enrolled in a standard repayment plan or an income-based repayment plan from Direct Loans so that they may qualify for this type of forgiveness.
Individuals who feel they may qualify for student loan forgiveness on their federal student loan debt are often advised to contact Direct Loans or to visit their website to inquire about an individual’s ability to qualify for forgiveness. While there may be options for forgiveness for individuals who do not work in a public service field, individuals who want their student debt forgiven after 10 years will need to meet these qualifications and be approved to do so by Direct Loans.