The month of May is usually a time where many students are preparing to enter college for either Summer sessions or may simply be ready for their summer vacation between Spring and fall semesters, yet financial assistance is still a necessity for some, as there are men and women who may not have received enough aid to meet their tuition costs for the fall of 2011. When this occurs, many students usually look for student loan opportunities that may be available late in the financial aid season, but when it comes to choosing student loans, advisers counsel these men and women to be selective and compare student loan options that may offer opportunities for debt relief like college loan forgiveness plans.
Since college loan debt is at the forefront of the debt obligations that many graduates are facing at the present time, taking advantage of college loan forgiveness and repayment opportunities, as well as alternative financial aid options that will help consumers avoid student loans altogether, will be in a college student’s best interest, especially after they graduated. Students who are graduating or may have recently graduated college in the early and mid weeks of May could be in a position where they have multiple student loans or simply one or two loans that must be repaid after their grace period has ended. For those who may have federal loans, as an example, there are typically more forgiveness and repayment options available and, as a result, those who have not borrowed loans or who may be deciding on what type of student loan they may need, this particular type of student loan source is worth exploring.
As an example, recent college graduates who may enter into a public service field could have their student loan debt forgiven after 10 years of repayment, if they meet certain federal student loan requirements. Also, those who may have a low income and are attempting to repay this debt over the ten-year period could find that federal loans also offer more affordable monthly payments through opportunities like an income-based repayment plan. When these opportunities are coupled together, they can offer students who are entering into these public service jobs the option of meeting a small monthly payment on their debts but also allow them to get out of debt after only 10 years, as the remainder of their student loan will be forgiven.
Yet, even those who are in a position where this particular Federal student loan forgiveness opportunity may not be available might have options from their private student loan lender, if this is the type of loan they have selected. There are some financial institutions that offer student loans and are attempting to compete with federal loan programs, in terms of rates, affordability, and repayment options, so students may want to check with their lender to see what forgiveness or repayment assistance may be available for their particular situation. No matter what the debt situation a graduate may have, though, focusing as much money as one possibly can on erasing these obligations or even considering student loan consolidation so that missed payments will not be a problem, are all options students may have to help them manage their student loan debt, erase what they owe faster, and avoid years of burden related to this form of college financial aid.