Student loan forgiveness after graduation has offered a variety of graduates the opportunity to find relief from their college debt, but the topic of student loan forgiveness is one that has many aspects and can either be offered to men and women who are in particular situations, in terms of their employment field, yet the methods which forgiveness is acquired may vary. Obviously, there are well-known student loan forgiveness opportunities for public service employees after graduation who continue to meet payment obligations for a set period of time within a Direct Loans repayment program.
While this issue alone can be addressed in a variety of ways, there are also jobs that will help erase student loan debt outside of a traditional forgiveness option as these employment opportunities can repay one’s college loans as long as the worker agrees to terms and conditions, most commonly, through an agreement to remain employed for a set period of time. Usually, students can find these repayment programs through federal agencies which will hire college students and, for students who will agree to work for the agency for a set period of time, they may pay off their student loan debt of up to $60,000 maximum, at a rate of $10,000 per year.
According to Finaid.org, these programs are established so to allow, “…federal agencies to establish loan forgiveness programs to help recruit and retain employees.” While this is not a loan forgiveness program, it does make repayments on a student’s debt and, in exchange for service, could erase a graduate’s entire student loan debt obligation if they do not surpass the maximum amount allowed to be repaid and, obviously, work for the agency offering this program for a period that will allow their debts to be wiped clean.
Obviously, there are numerous benefits to federal employment opportunities, but one of the draws that have led students to serve with federal agencies is this debt relief program, as repaying a sizable amount of student loan debt could take years and, when interest is factored in, it could add up to a large amount of overall debt that has been repaid. However, students who wish to avoid missing payments on their debt after graduation, may be able to establish a career through one of these federal agencies, or who simply may be able to not only contribute to a federal agency but do so while their student loans are erased, could obviously benefit more so from this student loan repayment plan as opposed to a forgiveness program.
Graduates may want to weigh their options and simply see what federal jobs may be in their area that could offer this student loan repayment program, as forgiveness plans can not only be affordable and offer the forgiveness of one’s remaining debt after a set period of time, these repayment programs may allow for a student to enter into a career while also having their debt repaid by the agency for which they work.