Federal student loan debt is often acquired by students who cannot meet the total costs of attending a college or university. While scholarships and grants are available for some individuals, many have to turn to this type of student loan financial aid in order to complete the payment of tuition and fees. Obviously, no one wants to be crushed by student loan debt after graduation, so there is help for individuals who may have federal student loan debt if they qualify for student loan forgiveness.
Federal student loan forgiveness options are available for certain individuals with student loan debt and who are in a Direct Loans repayment program. For instance, individuals in a public service career may qualify for student loan forgiveness after 10 years of repayment. While the specifics will be dependent upon their debt and career situation, many people who have a large sum of student loan debt may be able to lessen this burden by simply paying on the debt for a few years.
Also, individuals who may not qualify for student loan forgiveness or who may not have an amount of student loan debt that would allow them to take advantage of these forgiveness plans due to the fact that they can have their loans paid off before the timeframe is met, may be able to find assistance through certain repayment options from Direct Loans. Assistance plans like income-based repayment, forbearance, or even student loan consolidations may be helpful for individuals in certain college debt situations.
Since each federal student loan debt case is different it is often advised that those who have trouble paying back their student loans or who feel they may qualify for some form of student loan forgiveness should contact their student loan lender and ask about available options. While, again, student loan debt may be unavoidable for some it doesn’t have to be a financial burden for years after you graduate college.