Graduates who are facing a high amount of student loan debt or the potential for a long period of time during which they must repay their loans have often found options that are beneficial when it comes to erasing their debt through simple job opportunities that may qualify these young men and women for repayment assistance directly from their employer. Many of the jobs that can help students with federal debts, as an example, will come from federal service jobs, but this has been one way that students have begun their career or gained experience for a career transition later in life but also as a way to have their debt paid while they work.
Obviously, students will not always be in a position where they qualify for these forms of repayment assistance, have the types of loans that will allow them to participate in these assistance programs, and not all students are going to have the entirety of their debt repaid as some of these employment opportunities will put a cap on the amount that a student can have repaid, there are some officials who say that these jobs are worth exploring for recent graduates as it may help them when it comes to getting out of debt without doing a great deal of damage to their financial life.
Some students are in a position where they owe hundreds if not thousands of dollars each month on their minimum payments, but even in cases where some student loan repayment programs are affordable we have seen graduates who owe tens of thousands of dollars on their student loans or more, which will obviously be a difficult position for anyone who has just exited college and are entering the workforce. Early in the lives of many graduates, particularly those who are traditional student is still quite young, having a debt obligations that may range from anywhere to $20,000-$60,000 or higher is going to hinder making certain purchases in the future, like a home or even a car, but could further do damage to their credit if these payments cannot be made.
Since many students often opt for federal loans, since they can come with more affordable rates and different repayment opportunities were hardships to arise, students may find that if they seek out federal employment, or specific types of job opportunities, they may qualify for either forgiveness of their debt after a set period of time or some opportunities will repay a set amount of a student’s college loan debt each year they are employed, up to a maximum amount.
While the job market is quite difficult to navigate for new graduates, debt of an increasingly large amount on average has created a more frustrating situation but there have been graduates who have been able to benefit from certain job opportunities that will not only offer them the employment and income they need after graduating college but could potentially lead to debt relief as a result of these federal programs that may repay debts for some.