Current students who have seen graduates exiting college with a substantial amount of student loan debt may be in a position where they are reconsidering career choices or even areas of study as getting a forgiveness option on student loan debt has become more attractive to current students, particularly those who have a high amount of debt as they continue to pursue their degree. Students who are also planning on financing graduate school with loans might stand to benefit from these forgiveness options as well, but there are not always opportunities for these graduates to have their debt forgiven.
Yet, students who do potentially qualify for a student loan forgiveness options fall into categories where they are entering some sort of public service career, like teaching, which can help these men and women when it comes to not only getting a job in a field that may be high-need or looking for more employees in the future, but on certain types of loans of these students may be able to have their debt forgiven and, in cases where a substantial amount of loans have been borrowed, it could be greatly helpful. Students are seeing debt in the tens-of-thousands to hundreds-of-thousands range, which is not going to be easy to repay for most, particularly those who are entering into careers that may be in the public service sector and will obviously not offer a substantial amount of income for recent graduates to begin paying down what they owe.
It’s because of this that arguments are made for students who are attempting to find solutions to their student loan debt and, when it comes to federal loans, there are forgiveness opportunities and reduced repayment plans that may help these graduates in the long run. In many cases, students who meet certain requirements like having federal loans and entering into an approved public service employment opportunity after school could have their debts forgiven in as little as 10 years, when proper payments are made that meet the requirements of this particular forgiveness opportunity.
In many cases students may also be able to take advantage of income-based repayment programs if they are having trouble honoring their monthly student loan debt obligation as a result of simply not earning enough to meet all of their cost-of-living expenses. A graduate of federal loans who is applying a substantial percentage of their monthly income towards this debt may be able to not only reduce their monthly obligation but qualify for this forgiveness plan as well, and over a ten-year period these programs have helped some avoid missed payments, financial distress as a result repaying student debts, and could potentially have the option of seeing the remainder of their debt discharged after honoring these repayment requirements.
It’s because of this that some students may be altering their degree program or career path aspirations, as certain careers may have similar employment opportunities that, while they may not be a student’s first choice, could potentially give them the experience they need to go further in specific career after graduation, but could also allow for the opportunity to have debt forgiven after this time in a repayment program specifically tailored for graduates like those in public service careers. However, students are still encouraged to focus their efforts on acquiring scholarships and grants, as these forms of aid are still preferable to paying college costs and being able to graduate debt free would not require that students perhaps alter their areas of study or career field after graduation for the sole purpose of getting loan forgiveness.