Federal student loan forgiveness may be an option for public service employees who qualify and can be helpful for anyone who is trying to repay a large amount of student loan debt. Federal student loan forgiveness for public service employees qualifies for a wide range of careers like public safety, law enforcement, health service and education employees; and for these people student loan forgiveness may be of great assistance in getting out of debt.
Typically, a public service employee will need to be enrolled in a Direct Loan repayment program in order to qualify for this type of forgiveness. Usually, a public service worker can qualify for forgiveness after 10 years worth of repayments, which for some, is going to be very helpful since the amount of debt they may have acquired while pursuing their education can be a sizable amount.
However, anyone who may have loans that will be repaid before this 10 year forgiveness option is available can still benefit from certain other repayment assistance options for federal student loans. Some student loans, for instance, can qualify for an income-based repayment plan, student loan consolidation, or forbearance and deferment plans if a college graduate is having difficulty making repayments.
It is often advised that anyone with student loan debt contact their lender for more assistance concerning their specific student loan situation. While the types of loans and amounts will vary from student student, there are certain types of repayment plans that can be of use for different situations.
The cost of attending a college or university is on the rise and many people are not able to obtain the funds for scholarships and grants to meet the entire costs of pursuing an education. However, just because one obtains student loan debt does not mean that it must be a financial burden for years down the road, so anyone who has borrowed federal student loans, again, may want to contact their student loan lender and ask about services that may be available to make repaying their student loans more affordable.