Many graduates who have college loan debt often seek out forgiveness opportunities as there are some student loan forgiveness options which may offer student loan debt relief for individuals who work in public service careers. However, student loan forgiveness may also be available to those outside of public service careers, but certain repayment plans may be required before graduates can take advantage of these opportunities to have college loans erased.
Federal student loan forgiveness opportunities are available to public service employees who are enrolled in debt repayment programs like income-based repayment options and may be an option for individuals who consolidate their student loans debt with Direct Loans. Usually, federal student loans have some of the more clear-cut requirements for student loan forgiveness plans but there could be forgiveness options for private student loans as well.
Private lenders will usually set guidelines for borrowers when it comes to repaying student loans or for student loan forgiveness opportunities, but there are not always forgiveness options on private loans, so borrowers may have to talk with their lender to see what options are available.
For those who have federal student loan debts and qualify for a forgiveness option there is a substantial amount of time during which repayments must be made, but for those with a large amount of debt this can still be a helpful option. Public service employees who qualify for student loan forgiveness may have to make repayments on their student loans for 10 years, while those not in a public service career may have to make repayments for 25 years before their debt can be forgiven.
However, this timeframe for repayment, while it may seem lengthy to some, could be made more affordable through options like income-based repayment plans which will lower the monthly payment obligation of a graduate to a small percentage of their monthly income. For graduates who have entered into a job that does not afford them the income to meet the entirety of their monthly student loan debt repayment obligation, this option can not only allow them the chance to find affordability in their student loan debt repayment obligation but this affordable repayment can last the entirety of there repayment timeperiod until forgiveness is granted.