College graduates may have student loan forgiveness options from certain sources like federal student loan lenders in cases where graduates are working in fields like those which are public service related. The cost of attending a college or university, tuition, fees, and extra expenses are all becoming more expensive and have required many to turn to student loans to supplement any financial assistance they may have.
Yet, college loans are difficult for many students to repay at the present time, especially since the job market is unwelcoming and has not provided graduates with the income they need to meet all of their financial needs. However, college graduates who have federal student loan debt may qualify for student loan forgiveness options or other forms of college loan repayment assistance.
Federal student loans offer certain public service employees the opportunity to have their student debt forgiven after 10 years’ worth of repayment. There are many college graduates who can greatly benefit from only having to repay 10 years’ worth of their college debt, since their college loan debt may be quite high, but there are some individuals who simply cannot benefit from these forgiveness plans.
In cases where forgiveness is not available, federal student loans often have income-based repayment options, forbearance plans, and student loan consolidation programs which can make the cost of repaying federal student loan debt more affordable. While many student aid advisors often counsel students to seek out as much funding from scholarships and grants as they can before turning to federal student loans, or any other student loans for that matter, sometimes borrowing for college is simply unavoidable.
Yet, students who may be able to meet their federal student loan repayment for 10 years may have their debt erased or they might find options that can cut their monthly student loan repayment obligation down to a more affordable level. While not all college graduates can benefit from forgiveness plans, there are various repayment options that can help individuals who are having a difficult time meeting their student loan repayment schedule.