The issue of student loans has grown more serious as of late due to reports that say student loan debt could surpass $1 trillion at the end of 2011, which obviously translates to the fact that numerous men and women are currently facing student loan debt, with more to come in the coming school year, but questions as to how students can pay off such a sizable amount of debt have been in place for years since there are those who still are paying off these loans even after they have been out of college for years. Yet, there are some opportunities that students have taken advantage of in the past, and may be worth considering at the present time, particularly in situations where student loan debt is quite severe.
Job opportunities and certain types of loans may work hand-in-hand to allow students debt relief from their student loan obligations either through a cap on the amount of time a student will spend repaying their debts or certain employment opportunities simply will repay a student’s loan obligations up to a set amount over a specific period of time. Typically, these opportunities are from a federal student loan, which is one of the more popular types of student borrowing opportunities that is used, but students must also realize that not every job will allow them to either have their debts forgiven or repaid.
This opportunity though, has led some students to question if their current career aspirations should be tailored to fit certain employment opportunities that will allow repayment or forgiveness opportunities when an excessive amount of student loan debt has been acquired. While the majority of programs that allow students to have their debt forgiven or repaid will, once again, only be available on certain types of federal student loans, the job that a student acquires will also dictate whether they will qualify for these forgiveness and repayment options as well.
Most students are aware that if they enter into a public service career after college they may qualify for student loan forgiveness after making payments for 10 years on their debts. Essentially, students must graduate and take a job in one of these public service sectors, meet certain qualifications on their student loans, like consolidating through the federal Direct Loans program and make 120 payments on the debt before it will be forgiven. However, many students who are facing tens of thousands or even hundreds of thousands of dollars in student loan debt may be able to also take advantage of programs that will allow them to lower the minimum monthly payment they are required to meet when their financial situation will not allow them to affordably repay what they owe.
Yet, there are some opportunities through federal careers that can also help as students may get a set amount repaid each year, but again the total amount that one of these employment positions will pay is usually capped and the graduate will have to meet certain requirements in terms of staying in this job for a set period of time. The question of whether students should change their career aspirations in order to take advantage of these programs, if they qualify, is obviously one that they will have to ultimately make, but in cases where a high amount of debt has been acquired throughout one’s educational career, those who may be considering entering into fields similar to those that offer these debt relief options may be in a beneficial position to alter their career plans slightly and set themselves on a path that will allow them to erase what they owe him a much timelier manner.