Many people who graduate from a college or university often have some form of student loan debt which must be repaid. This is typically due to the rising costs of attending a college or university and the need of many students to supplement their financial aid with student loans. However, there may be student loan forgiveness options for certain graduates who have federal student loans and enter into specific careers.
Typically, anyone with a federal student loan may qualify for student loan forgiveness after 25 years of repayment. However, college students who work in public service related fields may be able to have their student debt forgiven after only 10 years of repayment.
Public service related jobs, like teaching, can give college graduates the opportunity of having their loans forgiven if they are in a Direct Loans repayment plan with their federal student loan debt and they make on-time payments for the 10 year repayment period. There are also repayment assistance plans available through Direct Loans, like an income-based repayment plan for individuals whose salary does not afford them the ability to easily repay their federal student loan debt.
Student loan forgiveness is not guaranteed and it will be dependent upon individual’s college loan debt situation, as well as their career, before they may qualify. However, federal student loan debt is often handled by the Direct Loans program and anyone who feels they may qualify for student loan forgiveness should contact their lender to ask about qualifying for this debt relief.
While student loan debt is sometimes unavoidable, there are options for college graduates who may be struggling to repay their college loans. Again, talking over options with your student loan lender or consulting the Direct Loans website will be the place to start for anyone who needs assistance in repaying their student loan debt or who may qualify for federal student loan forgiveness.