Student loan debt is something that can be troublesome for many after they graduate, but it does not have to follow one around for years, becoming a financial strain, after they exit a college or university. Certain individuals may qualify for student loan forgiveness options or may have their debt canceled if they meet certain requirements. Man college graduates have been able to use this forgiveness option and erase their college loan debt after a set period of time in repayment.
Typically, federal student loans have a very well outlined procedure for qualifying to have one’s student loan debt forgiven. Student loan forgiveness is commonly given to individuals who are in public service fields, like teaching, law enforcement, or the medical field, and individuals who work in these areas of public service may be able to have their federal student loans forgiven after 10 years worth of repayment.
Some are unaware that their student loan debt can be forgiven and, as a result, have been struggling to make their student loan payments for years despite working in a profession that may afford them the opportunity to be granted forgiveness of their college debt. Individuals who work in public service areas are often advised to contact their student loan lender to see if they qualify, or what steps they need to take in order to meet these qualifications.
The Direct Loans program oversees federal government student loan lending and is a useful starting point for anyone who is seeking specific qualifications for federal student loan forgiveness related to their student debt situation. Usually, the basic requirements for forgiveness are that an individual be in a public service occupation when they began and finish their 10 year repayment term, and be enrolled in a Direct Loans repayment plan. Often, anyone with federal student loans will be working with Direct Loans so meeting these qualifications isn’t overly difficult in most cases.
While there can be student debt cancellations for individuals who have become disabled, there are alternative assistance plans when dealing with college debt. If forgiveness is not an option, there are economic hardship deferment or forbearance plans, as well as, income-based repayment programs and student loan consolidations which can help someone with multiple student loan debts overcome monthly payments on their loans.
Also, the Department of Education is another resource that individuals with student loan debt can use when looking for repayment assistance options, forgiveness of student loan debt, or for individuals who simply have more questions about combating their student loans in a way that is affordable for their personal financial situation.