Numerous students have been seeking federal loan cancellation options on their student loan debt after graduation. While student loans have become necessary for many individuals, there are certain opportunities for those who have federal student loan debts to make repaying this debt obligation more affordable or, for those who qualify, their student loan debt may be forgiven completely.
While there are varieties of college loans that can be obtained, federal student loans are often the most common since they require no credit check for those who may have a bad credit score and are available to the majority of college students no matter their class rank in school. Federal student loans often come with affordable interest rates and have repayment options that can make repaying more affordable.
However, college graduates who have federal student loan debt and work in a public service related field may qualify for student loan forgiveness options after a set amount of time in repayment. Typically, students who qualify for a student loan forgiveness option are in a Direct Loans repayment program, which is common for individuals who have federal student loan debt. The Direct Loans program oversees federal student lending and, for the majority of students, is their source for federal student loan information.
Direct Loans offer forgiveness on federal student loan debt for public service employees, who qualify, after they make 10 years worth of repayments on their debt. Also, income-based repayment plans, student loan consolidation options, and forbearance plans are offered to students who may also have trouble repaying their federal student loan debt. While not everyone will qualify for a ten year forgiveness option on their student loan debt, federal student loans, again, can offer college graduates the ability to find an affordable repayment option for their personal financial situation.
Students who feel they qualify for possible student loan forgiveness or need help repaying their student loans are often advised to consult the Direct Loans website for more information and assistance that may be available for their personal student loan situation. While student loan debt, again, is at times unavoidable for certain college students, it does not have to be financially burdensome for years after one graduates and leaves their college or university.