Certain graduates who exit college with student loan debt may have options to acquire a job that will allow them to have their student loan debt repaid as a federal repayment program is open to employees who have student loan debt upon graduation, but choose to enter into a specific employment option that will, again, help them find student loan debt relief while they are employed. Understandably, there are some students who may qualify for student loan forgiveness, while others will opt for student loan consolidation plans or income-based repayment programs, but students who are eligible for this program may not have to worry about repaying their debt if they meet certain qualifications.
According to the guidelines for this federal student loan repayment program, certain agencies will make payments on a loan of up to $10,000 each calendar year for a total of up to $60,000 for any particular individual. While students need to understand this is not a forgiveness program, it does help further the efforts of students in need of debt relief from their student loan obligation after college.
While this has been an opportunity that some employees have been able to benefit from after college, it needs to be known that students who receive this assistance must agree to remain in a particular area of service within a federal program for at least three years, otherwise they may have to repay their agency all of the assistance they received if they leave or are discharged from the position for reasons like misconduct or the inability to perform the duties that their job requires.
Understandably, there are some students who may be able to find a career opportunity that matches closely with their future aspirations, which would also allow them to not only have a stable income and begin their career after college by working for a federal agency, but it will lead to student loan debt forgiveness without a graduate being burdened under the weight of repayment obligations. However, students must also understand that these repayment option will only be offered to individuals whose loans are federally insured, as a private loan, for instance, would not be repaid under this particular provision that allows graduates working with federal agencies to have their loans repaid.
Students are facing high tuition costs and in many cases some are simply unable to find scholarship or grant assistance that will allow them to avoid student loan borrowing during their college career, so repayment options after school may need to be explored so that students do not struggle to repay their federal student loans if they have borrowed a sizable amount during their pursuit of an undergraduate or graduate degree.
Obviously, students can benefit from student loan assistance and federal student loans often offer repayment options that can be quite affordable, but advisors want students to look for free funding that will allow them to avoid borrowing, and before even considering a private loan, counselors often suggest that students exhaust every avenue they may have when it comes to funding their education. However, if a student does find themselves in a position where federal student loan debt must be repaid, exploring these student loan repayment options through federal employment opportunities can, again, pay off for those who may have a great deal of debt, as long as these individuals are willing to accept the requirements that their job entails so that they can have this repayment opportunity available for their particular situation.