Debt associated with student loans follows many college graduates after they exit a college or university, but for some, there may be the opportunity to erase certain types of college loan debt, like debt from federal student loans. Understandably, the rising cost in tuition has necessitated that more individuals seek out supplementary financial aid forms, like student loans, but federal student loans, which are quite popular with students, often bring more opportunities for not only repayment but also for forgiveness as well.
Students who wish to erase their student loan debt through these federal loan forgiveness programs may be able to do so if they have entered into a certain career. While there are options for college graduates to erase their student loan debt if they have entered a profession like teaching or work in a public service field, many graduates are unclear on what is required before they may qualify for these types of student loan forgiveness options.
Again, forgiveness programs, like those for teachers are available on Stafford Loans, but there are also forgiveness options which may be available to individuals who work in a public service related field. College loans which have been acquired through the Federal Direct Loan Program by individuals who are employed full-time by a public service organization typically bring the most clear-cut forgiveness opportunities. While some private loans or even other federal loans, under certain conditions, may qualify for various forms of assistance or even forgiveness, college debt forgiveness is typically not easily available to individuals who fall outside of these federal qualifications.
Yet, individuals who are a full-time employee of a public service organization will have to make 10 years worth of repayments on their debt before the remainder of their student loan balance is forgiven. While many feel that this may be unhelpful since there are students who can erase their debts before 10 years, many of these individuals may have to enter into an income-based repayment program, which will require that they only pay a specific percentage of their monthly income towards their federal student loan debt.
It goes without saying that not all college graduates may qualify for these forgiveness options on their federal student loan debt. Yet, public service employees, like teachers or other individuals have been prompted to contact their student loan lender to inquire about these options as, for those with excessive amounts of debt, these forgiveness plans can be greatly beneficial but getting enrolled in a forgiveness repayment plan will obviously be more beneficial the sooner it is done.