Student loan debt is often a problem for many college graduates as the cost of attending a college or university is on the rise. More student loan debt has been acquired by college students over the past years in order to meet these rising costs but for some who graduate with a large amount of student loan debt repaying their college loans can be problematic due to principle amounts and interest rates.
However, certain students may be able to obtain forgiveness of their student loan debt and have their college loans paid off faster. For instance, college graduates who have federal student loans may be able to seek forgiveness on their college debt if they work in a public service industry.
Federal government student loan forgiveness plans may be an option for these individuals who are working in a public service field and make repayments on their student loan debt for at least 10 years. Those who qualify, after a set amount of time in repayment, may find that the remaining balance of their federal student loan debt will be forgiven. This, obviously, is beneficial to students who may have acquired a large amount of college loan debt but may not be able to quickly repay this debt after graduation.
College loan costs can be a concern for many and, for those who do not qualify for a forgiveness plan, repayment assistance options may also be available. Programs like income-based repayment plans may allow certain college graduates to only pay a small percentage of their monthly income towards their student loan debt. While not every college graduate will enter into a field where they will be awarded a salary that will allow them to quickly erase their debt but with options like forgiveness plans an income-based repayment programs, college graduates have a better opportunity at either erasing their debt faster or making their repayment costs more affordable.