Federal student loan debt forgiveness may be available for certain public service employees who are enrolled in a Direct Loans repayment program and make payments on their student loan debt for a set period of time. There are many college graduates who have some form of student loan debt, due to the rising costs of college tuition and the inability for scholarships and grants to meet the entirety of these costs, but there may be forgiveness of student loans for public service employees who make 10 years worth of repayments on their student loan debt.
Public service employees often have the best options for having their student loan debt forgiven if their loans are federal student loans and they are in the proper repayment plan. While there may be certain private loans for college graduates that may offer similar forgiveness programs, the federal public service loan forgiveness program has allowed many the opportunity to have their debt dropped after this 10 year period.
Typically, the qualifications of this plan, which forgives the remaining principal and interest balance on one’s student loan debt after 120 payments, or 10 years worth, requires that an individual with federal student loan debt seeking student loan forgiveness be employed in a public service related occupation for the entirety of this repayment time period.
There are countless public service employees who have acquired a great deal of student loan debt and, as a result, can benefit from this forgiveness option. There are also plans, like income-based repayment programs, that can make meeting monthly student loan repayments easier for those who may not have the income that will allow them to repay the entirety of their student loan payment requirement.
Together, repayment assistance plans and forgiveness options have given individuals who have a high amount of student loan debt and work in a public service job the opportunity to alleviate the burden of student loan debt sooner. While not everyone qualifies for this type of forgiveness, these monthly repayment plans can also benefit those with federal student loan debt but may not qualify for forgiveness.
Federal student loan forgiveness plans and repayment assistance options are offered through Direct Loan Program which oversees federal student loan lending and repayment. Individuals who have federal student loan debt and may be struggling to make repayments on their monthly student loan bill or who feel they may qualify for this forgiveness option can consult the Direct Loans website or speak with one of their student loan representatives about assistance that may be available for their personal student debt situation.