Student Loan Forgiveness Options For College Debt–Can Public Service Employees Have Their Loan Debt Forgiven?

Student loan debt is sometimes unavoidable when attending a college or university. The cost of obtaining a degree from an educational institution is on the rise and oftentimes simple scholarships and grants are not enough to meet these costs. With this being the case, student loan debt is often acquired, and for some it can be a large amount. However, federal student loan forgiveness options are available to certain graduates with college loan debt.

While forgiveness options for federal student loans vary, public service employees usually have the shortest amount of repayment time required to earn student loan forgiveness. Federal student loans are usually handled by Direct Loans, a program within the Department of Education. Public service employees who are in a Direct Loans repayment plan may qualify for student loan debt forgiveness after ten years of repayment.

For non-public service employees this repayment period is around 25 year, but legislation set to take effect in the future will drop that to 20 years. Obviously, depending on the amount of debt someone has, these options could be very beneficial to those struggling to pay off their student loans.

However, individuals who may not have an amount of debt that will allow these timeframes to be useful may still have options from the Federal Direct Loans Program. Assistance plans like income-based repayment options or forbearance plans are offered for those who may have trouble making their monthly student loan payments. Talking over forgiveness or repayment options with your student loan lender is usually advised for anyone who feels they may qualify for student debt forgiveness or who needs help repaying their student loans.