In the coming weeks the spring semester at many colleges and universities across the nation will begin and, for this particular semester, there are students who are seeking financial assistance through scholarships, grants, and even student loans. However, those who have graduated and are attempting to repay their debt may have found that, over the past months, the unwelcoming job market has presented a problem when it comes to affording their monthly student loan repayment obligation.
The ability of some college graduates to repay their student loans has been difficult, to say the least, yet there are opportunities for affordability when it comes to repay one’s student loan debt obligation. However, there are some college graduates who may qualify for debt forgiveness on their student loans.
These particular debt relief options are available to specific individuals, typically in cases where they have federal student loan debt which they are repaying. Also, it may be required that students who qualify for this type of forgiveness enroll in a federal student loan debt repayment plan within the federal lending program offered to erase student loan debt under certain conditions.
Most commonly, students who are working in a public service career will have the best opportunity at having their debts forgiven. While the students may have to be participating in a Direct Loans program, like an income-based repayment option, many forgiveness plans offered to public service college graduates will only require that an individual make payments on their debt for 10 years, after which the remaining balance of their student loans will be erased.
There is also the opportunity for some students to have their debt erased after 25 years of repayment, but this is typically for individuals who are not working in the public service sector. Yet, again, college graduates who qualify for student loan forgiveness may be required to be enrolled in certain repayment programs for their federal student loan debt, but these repayment plans are typically meant to make a graduate’s repayment obligation more affordable.
Understandably, not every graduate may qualify for these student loan forgiveness options, so consulting one’s student loan lender can provide more information on an individual’s particular situation. Also, some graduates may not have a college loan debt amount which will take a substantial time to repay, so these graduates may not benefit from a forgiveness option either, but students with a high amount of federal loan debt in the public service industry have been prompted to look into their student loan forgiveness options, which could help them erase their debt in a timelier manner.