College graduates who are seeking student loan debt forgiveness are obviously in good company as there are countless graduates who are looking for ways to find relief from their burden as many have been calling for student loan debt to be forgiven on a wide scale as it is no secret that this particular type of financial obligation has been hindering many over the past years and, reportedly will reach the $1 trillion mark quite soon and continue to rise as more college students rely on loans as a way to meet costs. Furthermore, as there are institutions who are increasing tuition and fees, this has led to concerns that more students may have to borrow if they wish to acquire their education, as few are able to meet costs out of pocket and there are those who simply do not have enough financial aid from scholarships and grants to meet their total college costs.
Yet, for graduates who are calling for student loan debt forgiveness, this is obviously something that, in the case of federal loans, is highly unlikely to occur as there are countless graduates who are still paying on this debt and if the federal government were to forgive all federal loans this could be a huge setback in terms of our nation’s debt problem. However, there are forgiveness options that some students are aware of and many may have become aware of as of late when it comes to getting forgiveness on federal student loan debts, but of course this particular path is not always open to graduates who are looking for ways to get rid of their debt problem.
In a perfect world, graduates who are calling for student loan forgiveness want to see the federal government simply discharge federal loans are currently in place, but as some students owe anywhere from $20,000-$100,000 or more, this is simply something that is not feasible and has left students looking for alternative ways to find debt relief. Obviously, payment assistance plans can be greatly helpful in terms of allowing students to find the affordability they need as federal student loans, as an example, may be discharged after 10 years in repayment for public service employees who qualify but there are proposals to also change the number of years from 25 years to 20 that traditional graduates must repay before forgiveness is offered.
However, students who are currently struggling and do not qualify for a forgiveness option that will allow them to have their debt erased after 10 years may have federal repayment plans that will lower their monthly payment, allow them to consolidate multiple loans from affordability and of course there are always options for students to potentially forgo making payments for a set period of time if factors like unemployment are in place. Yet, in the end students with a high amount of debt will have to repay what they owe, provided they do not meet the certain forgiveness guidelines, but officials are still stressing that students remember to speak with servicers and take advantage of these affordability options if needed as paying down student loans is quite difficult for many at the present time but there are opportunities that may help students avoid missed payments are defaulting, which in the case of student loans, could be a major hindrance in their financial life.