Student loan debt it is often unavoidable for anyone attending a college or university. However, depending upon one’s career and the types of loans they have acquired while in school, certain college graduates may qualify for student loan forgiveness after a certain amount of time in a repayment plan.
Usually, Federal student loan debt has the best forgiveness options available to those who have acquired these types of college loans. Public service workers also have the some of the best opportunities when it comes to obtaining student loan debt forgiveness, as these types of careers are not always highly sought out by college graduates, so federal lenders often wish to give these individuals a break on their student loan debt.
While there can be options for non-public service employees concerning debt forgiveness options, some of the most clear-cut and easiest student loan debt forgiveness plans are going to be available to those public service workers, like medical employees, educators, and law enforcement employees who show a willingness to repay some of their debt.
The Direct Loans program handles federal student loan debt and any public service worker in a repayment plan from Direct Loans may qualify to have their debt forgiven after 10 years of repayment. Usually, non-public service employees can qualify for student loan forgiveness after 25 years of repayment, but new legislation is set to drop that to 20 years in the near future.
Student loan debt forgiveness is not guaranteed, but if a public service or non-public service employee shows a willingness to repay their debt, there may be options in certain situations where these people can have their loans completely forgiven after these timeframes are met. This can be of great help to individuals who have a large sum of college loan debt and who may be struggling to repay their loans.
Individuals with federal student loan debt are often advised to contact their lender and ask about student loan debt forgiveness options, so as to see if they can qualify in their current student loan debt situation. Again, this option may not be open for everyone but there are also repayment assistance plans, like an income-based repayment program, that can help make repaying student loans more affordable.