College graduates are finding that it is more common to exit the school with some form of student loan debt which must be repaid, typically, a few months after they have graduated. While student loan debt has now become a necessity for many who are attempting to earn a college education, there may be college loan debt relief plans that are available for those who have certain types of loans and have entered into a specific career.
As an example, student loan debt relief plans are available for individuals who have federal student loan debt and enter into a public-service field after college. Students who work in a public service related career may find that they can have their federal student loans debts erased after 10 years of repayment if they are in a Direct Loans repayment plan and qualify.
Private student loans may also offer forgiveness options for college graduates who are working in specific careers, but some of the most well outlined forgiveness plans for college debt relief come from federal student loans. Private student loan holders can talk with their lender about forgiveness options but any graduate with federal student loan debt can simply consult the Direct Loans website to see what qualifications are required and begin their journey to student loan debt relief.
Not every college graduate will be able to take advantage of a student loan forgiveness option, but there are ways of making the repayment of student loan debt more affordable. Income-based repayment options, forbearance plans, and student loan consolidations are also available that can be beneficial for anyone who may be having a difficult time repaying their college loan debt. While it will be dependent upon the type of college loans one has as to which repayment option will be beneficial, with forgiveness plans, repayment options, and even forbearance programs available, handling student loan debt can be much easier and affordable for today’s college graduates.