These days, a college education is often viewed as necessary for many to able to find employment in Cuyahoga Falls that will adequately support themselves and their families. Yet as many know, college is far from cheap, and many students graduate facing a mountain of student loan debt. Often, graduates must spend years paying off those debts before they can fully enjoy the increased wages that their college education allows them.
There are, however, many programs in place to help recently graduated students in either repaying their student loan debt or allowing a portion of that debt to be forgiven. Most of these programs are underutilized due to graduates either not knowing that they exist or being in too much of a rush to find high-paying jobs in the private sector.
Among these public programs is the Public Service Loan Forgiveness Program. This allows graduates with large amounts of student loan debt relative to their income to be forgiven of the balance remaining after a 10-year repayment cycle. During that time, the graduate must be employed in government or non-profit jobs. While many may shy away from working in public service because of a preconceived idea that these jobs pay less, the savings that one may accrue from the loan forgiveness may ultimately make it worth it. Plus, there’s no requirement that the ten-year period be consecutive, so one may enter into a public job for a few years, leave for another, and then return a couple of years later to fulfill their obligation in public service.
With the cost of a college education continuing to increase, programs such as these may grow as more people look to resolve their student loan debt faster. Anyone wanting more information on these programs may wish to consult with an attorney experienced in debt relief practices.
Source: The New York Times “Relief From Student Loan Debt for Public Service Workers” Ann Carrns, Sep. 10, 2013