Student loan debt forgiveness is something that is sought after by many college graduates who find himself facing a large amount of student debt after graduation. While students who have acquired student loans will often have to make repayments for some time after they graduate, there are certain forgiveness options, or student loan cancellation plans, that may be available for specific individuals.
One of the most clear-cut plans, when it comes to student loan forgiveness, is from a federal student loans. Federal student loan forgiveness is an option that may be available for individuals who have graduated college and have federal student loan debt. Typically, someone who has entered a public service field will have better options when it comes to student loan forgiveness than many others.
After 10 years of repayment, for those who qualify, federal student loan forgiveness may be an option for public service workers in a wide variety of fields. This program is set to encourage those who are in public service jobs to continue to work full time in these areas of service, which sometimes have difficulty finding individuals to remain employed in this type of work.
However, student loan forgiveness is not something that is available to everyone, but there are certain plans that can help individuals who are struggling to repay their student debt. The Direct Loan Program, which oversees federal student loans, has repayment plans that can be based on one’s income, forbearance plans, and even student loan consolidation options, all of which can be useful for certain individuals who are having trouble repaying their student loan debt.
While each college graduate’s student loan situation may be different, it’s often advised that students who are having trouble repaying their debt or who may work in a public service related field and feel that they qualify for student loan forgiveness, contact their lender and talk over their options. While, again, not everyone may be able to obtain student loan forgiveness, there are plans that can make repaying student loan debt less burdensome and more affordable for almost anyone with federal student loans.