Many college graduates are struggling to repay their student loan debts as unemployment and a weak job market have caused financial difficulties to arise in numerous ways for a variety of individuals. Some graduates were simply unable to find employment that allowed them to meet certain costs, like repaying student loans, but there are ways in which college graduates have been able to handle their college loan debt.
Student loan debt forgiveness options are one route that many graduates seek, but typically, this type of student loan assistance is only available to individuals who work in a public-service field and, in many cases, are only offered for federal student loans. Yet, student loan forgiveness despite being one way that college graduates have met the costs of student loan repayment, does have its drawbacks.
The downside to this is these student loan forgiveness plans do require repayments to be made for a set period of time, which again, has been difficult for some graduates. However, there have been graduates who use options like student loan consolidation plans, income-based repayment programs, or have chosen to obtain a forbearance on their student loan repayments.
While some college graduates may be able to alter the amount they must pay from month to month, it needs to be understood that by extending student loan repayment timeframes or dropping one’s minimum monthly requirement on student loan debt, a higher overall cost may be paid. However, at the present time, students who are unable to meet these high costs and run the risk of missing payments have opted to take lower payments in the hopes that they can meet more than their minimum monthly requirement in the near future and more quickly erase their college loan debt.