Student loan forgiveness plans and repayment assistance options are available for individuals who have student loan debt that is becoming burdensome or large in amount. Federal student loans often have the most clear-cut forgiveness plans and repayment assistance options. The Direct Loan program from the Department of Education lays out the qualifications an individual must meet before they can have their student debt forgiven.
The forgiveness options for individuals in a public service career often fall under a 10 year repayment timeline. Typically, an individual must be in a public service job when they apply for student loan forgiveness, they must make 10 years worth of repayments on their student loan debt, and they must still be working in that public service position when their debt is forgiven.
However, forgiveness on debt is not available for everyone but there are repayment assistance options for those who are struggling with student loan debt. There are plans that range from student loan consolidations to income-based repayment plans that can help students better manage their college loan debt repayments.
Speaking with a student loan adviser from your student loan lender is going to be the best option for finding out what plans are going to be right for you. However, it will be necessary to do research and look at how the long-term effects of any repayment plan will affect you financially before deciding.
While interest rates on federal student loans can be quite affordable, a long period of repayment can cause an individual who is repaying their student loan debt to pay more over the timeframe of their repayment than is necessary. Again, researching repayment plans and how much will be spent in total will be necessary to finding the best student loan repayment plan for an individual’s situation.