Federal student loan forgiveness opportunities have been made available to students in the past and to current college graduates are looking for ways in which they can benefit from a forgiveness opportunity. The cancellation of student loans is something that can be quite helpful for those who have a large amount of student loan debt, but there are certain requirements that must be met.
While private student loans may offer forgiveness options for certain individuals, the most clear-cut forgiveness plans available are for those who have federal student loan debt. Typically, public service employees have the best chance and the shortest repayment time frame when it comes to obtaining college loan forgiveness on their debt. Students who are enrolled in a Direct Loans repayment program and who qualify for this forgiveness option often are required to make 10 years worth of repayments before their debt is forgiven.
The Federal Direct Loan program within the Department of Education oversees student loan lending and can also help individuals who have questions about their student loans and repayment options. While there are various programs for students working with the Direct Loans Program, forgiveness options available to public service employees can help those who have a large amount of debt. In the past, many college graduates have exited their university with a sizable sum student loan debt due to the fact that the cost of attending a college or university is on the rise.
Yet, these public service workers may only have to repay 10 years worth of their debt if they are employed, full-time, in a public-service field when they begin their student loan repayments and finish the required repayment period. However, some public service workers do not have a large enough some of student loan debt for this ten-year cutoff to be beneficial. For those students, and non-public service workers as well, Direct Loans has been offering repayment assistance options like income-based repayment plans, forbearance on student loan payments, or even student loan consolidations for those who have multiple student loan debts.
Since each student loan debt case will be different, college graduates who feel they may qualify for student loan forgiveness or who are in need of some form of student loan repayment assistance are often advised to contact their student loan lender or consult the Direct Loans website for more information.