Student loan debt relief has been a problem for numerous graduates as a high amount of student loans may be required before students can meet the entire costs necessary to acquire their college education thanks to increases in tuition and fees at many universities across the nation. However, students who plan to enter into a public service employment opportunity after graduation may find that they can qualify for student loan debt forgiveness on federal loans.
Federal student loans are one of the more common types of debt which students will acquire due to the fact that they can come with low interest rates, maybe more available to students who may have a bad credit score, and they do offer these repayment options after graduation. However, students who do enter into public service fields like teaching may have the option to have their debt forgiven after a set amount of time in a repayment period from the Direct Loans program.
Obviously, students may have the option of repaying their debt after graduation in a timely manner due to the fact that they could have only acquired a small amount of debt, but for individuals with a substantial amount of federal debt from college loans, this forgiveness option is something that many advisers often suggest graduates explore as it can help many public service employees erase their debt faster.
However, student do have to still meet monthly payments on their federal loans for a set period of time before this forgiveness option will be granted. Typically, public service employees who qualify for federal student loan debt forgiveness will have to make payments on their loans for at least 10 years before the remaining balance is dropped.
While there are, again, some students who can erase the amount of debt they have before this 10 year period has arrived, individuals who may have a large amount of student loan debt could benefit from not only this forgiveness option, but there are also repayment plans that can coincide with this forgiveness opportunity that will also lower the monthly amount a student must meet when they are attempting to erase their student loan debts.
Federal student loan consolidation plans or repayment options that allow students to only pay a small percentage of their monthly income towards their student loans each month can work along with this forgiveness option and provide not only more affordability on a month-to-month basis as a student is attempting to erase their debt, but after the 10 year repayment period has been met, these graduates in public service fields can have the remaining balance cleared and they will be student loan debt free. Obviously, these types of forgiveness plans are hoped to draw more individuals into the public service sector, but not all careers may qualify under a Federal student loan forgiveness plan and may require a graduate to contact their lender about qualifications for not only student loan debt forgiveness but other forms of repayment assistance that can help make repayment more affordable.