Individuals with federal student loans may have loan forgiveness options if they work in a public service field or are a teacher. Commonly, teachers will have a good deal of student loan debt and often may be unable to pay off this debt in a timely manner, so student loan forgiveness maybe a very helpful option for educators.
Most often, Federal student loan forgiveness plans for teachers will come after 10 years of repayment. Loans that can be forgiven must not be in default, or delinquent, and typically, the teacher will have to be in some form of Direct Loans repayment program for their federal student loan debt.
Some individuals have such a substantial amount of debt that it will take years for them to get rid of their student loans, so qualifying for a student loan forgiveness option is something that should be looked into by individuals who work in a public service field, specifically those who are teachers. While not everyone will qualify or be able to benefit from student loan forgiveness, federal student loans can be easily managed, affordable, and even forgiven for the right individual.
Direct Loans is a program which handles student loans for the Department of Education and anyone who has federal student loan debt should know of this program. Contacting Direct Loans or visiting their website can provide the tools that a teacher may need to see if they qualify with their particular student loan debt for student loan forgiveness in the future. Again, forgiveness is not a guarantee for all individuals with federal student loan debt, but those who qualify can greatly benefit years down the road.