College loan debt is something that is common among many graduates as the cost of tuition is on the rise at many universities across the nation. However, students have options when it comes to erasing student loan debt through a variety of repayment programs and student loan forgiveness options. Federal student loans have a variety of methods which can be implemented to help a college graduate make their student loan repayment process more affordable and shorter in duration.
Federal student loans are a common type of loan that is obtained by many college students. While there are private student loans that can help college students pay tuition costs, federal student loans are often more accessible since they do not require a credit check and can often come with lower interest rates. Also, federal student loans have forgiveness options after a student graduates and repayment assistance plans for those who may be struggling financially when time comes to repay their debt.
Direct Loans, the program that oversees student loan lending and repayment, offers a variety of plans which can help students deal with their student loan debt. In the past, some students have been able to take advantage of student loan consolidation plans, income-based repayment options, or even federal student loan forbearance programs which can help formulate a repayment plan that will be within almost any college graduate’s budget.
For certain public service employees, Federal student loan forgiveness programs are also available if a student meets the qualifications and is enrolled in a Direct Loans repayment plan. For these public service workers, repayment for a period of 10 years is often required and, provided the college graduate remains in a public service position while they are repaying their student loan debt, the remaining balance of their loans plus interest can be canceled after a 10 year repayment period is met.
While, again, student loan debt is something that is often required to help many college students meet the costs of tuition and fees that are currently on the rise, there are plans for federal student loan forgiveness and repayment for those who qualify which can make erasing student loan debt much easier. Despite the fact that not everyone may qualify for a forgiveness option, there are repayment programs available that can make the cost of student loan debt repayment more affordable for those with a high amount of student loan debt.