Student loan debt is something that many people carry with them after graduation and, for some individuals, student loan forgiveness may be an option. Typically, the most well outlined form of student loan forgiveness and cancellation comes from federal student loans. While there may be cases where private student loans will be canceled, it may be dependent upon one’s private student loan lender as to the requirements of the forgiveness options.
However, federal student loan debt can be forgiven after a set amount of time and repayment for specific individuals. Commonly, public service employees who have federal student loans debt can qualify for the cancellation of their federal student loans after 10 years of repayment. While non-public service workers may be able to qualify for the cancellation of their loans after 25 years of repayment, this public service employment forgiveness option is one of the best routes these employees can take.
Public service workers, who are enrolled in a Direct Loans repayment program, must make 10 years worth of payments so that they may be considered for student loan forgiveness. It’s usually required that a public service worker be employed in their public service occupation when they began their payments and employed upon the cancellation of their federal student loan debt before this option will be offered.
However, those public service workers and non-public service employees who are struggling to repay their student loan debt do have options, like student loan consolidations, forbearance plans, and income-based repayment programs that can be beneficial when repaying student loans debt. Anyone who may have questions about their particular student loan situation or to ask if they meet the qualifications for federal student loan forgiveness can contact their student loan lender or visit the Direct Loans Program website for more information.