Student loans have been necessary for many individuals who were seeking to obtain a higher education. The cost of attending a college or university is on the rise and many individuals are unable to meet these costs out-of-pocket. While there are scholarships and grants available, many students must turn to student loans in order to make ends meet so that they can afford the entirety of their college tuition and fees.
However, after graduation student loan debt has become a problem for many since the job market is unwelcoming or a high amount of student loan debt has been acquired. Yet, there are student loan forgiveness options that may be available to certain graduates, like those who work in a public service area.
Public service student loan forgiveness plans are available on different types of student loans, but most common and well outlined are those forgiveness options that are available on federal student loan debt. Federal student loan debt can be forgiven after 10 years worth of repayment for certain college graduates who work in public service related areas.
Direct Loans is the program that deals with federal student loan debt and can offer these forgiveness options for public service workers. While there are options for non-public service college graduates, public-service college graduates have the shortest amount of time which they must repay, again 10 years, and may have the best overall options when it comes to getting their debt forgiven.
Public service employees, as well as non-public service workers, may have certain forgiveness options but anyone with federal student loan debt who is having trouble repaying their student loans may find certain repayment programs that will fit their budget. Options like student loan consolidation, income-based repayment plans, or deferment and forbearance plans may be beneficial when it comes to repaying Federal student loan debt.
While college graduates can consult their student loan lender or for those with federal student loan debt there are resources online at the Direct Loans website, there are various repayment options that can make dealing with student loan debt more affordable and less burdensome after college.