Student loan debt forgiveness plans have been made available for individuals in a variety of careers who have federal student loan debt. Typically, private student loan forgiveness will be at the discretion of the lender, but there are clear outlines and rules for federal student loan forgiveness plans that can be used by those college graduates who have acquired Federal student loan debt.
For public service workers, federal student loan debt can be forgiven after about 10 years of repayment, as long as the individual is working for a public service or nonprofit organization and continues to do so until the loans are forgiven. This can be very beneficial for many people who have acquired a large amount of federal student loan debt and will be unable to pay off what is owed on their student loans in a reasonable amount of time.
Many careers like teaching, law enforcement, and other service oriented occupations are often in need of workers and these debt forgiveness options can be an incentive for those who have federal student loan debt and may be unsure about what career they wish to pursue. Having student loan debt forgiven after 10 years of timely repayments is something that can attract many people into these public service areas and be beneficial for nonprofit and public service industries overall.
Also, the New York Times reported that students who are not in public service areas may be able to have their student loan debt forgiven after 20 years, in the near future, if they borrow federal student loans. Currently, it’s reported that only after 25 years of repayment can these individuals obtain a cancellation of their student loan debt.
While student loans can be burdensome, these debt forgiveness options can be beneficial for those who qualify and anyone who feels that they may be able to either take advantage of these student loan cancellation options or repayment assistance options that are offered for federal student loans may benefit from contacting their student loan lender to talk about their personal student loan situation.