Seven in 10 students graduate with an average of $28,950 in student loan debt in the year 2014. Most student loans take over 10 years to pay off. My friends entangled in student loans dream of the day they’re debt-free the way others fantasize about winning the lottery. The keyword “student loan forgiveness” is searched over 110,000 times a month in Google by people hoping to get out of debt.
But I’ve come to know the truth about student loan forgiveness: your student loans won’t dismissed with the wave of generous person holding a magical wand.
Even bankruptcy won’t likely discharge you from the money borrowed for student loans. You’d truly have to find a powerful wizard to fix your problem.
According to the Federal Student Aid site, there are two main ways that people receive student loan forgiveness:
- Permanent disability
I understand that I likely just crushed the dreams of most of the people reading this article. I don’t know about you, but I don’t plan on dying or becoming permanently disabled any time soon — although some may think they will out of pure frustration of being trapped by never-ending debt.
Is there hope? Yes, there is.
Avoid student loans like the plague if you’re about to enter school or are currently in school. Apply for scholarships, work hard, and minimize the amount of debt you go into. Take advantage of the scholarships we’ve listed and apply to at least one scholarship TODAY!
If you’re out of school, there are two exceptions that recently came into play. Teachers and public service individuals (e.g. law enforcement, doctors, and military) may receive a dismissal of a portion of their student debt after 5 years for teachers, or 10 years of working public service profession and absolutely no record of a late payment. The average student loan agreement is 10 years. By the time that you qualify for debt forgiveness, you should already have most of the loan paid off.
If you’re drowning in student loans, take hope and find courage. Work hard, take on some extra hours, budget, and spend wisely. You’ll eventually make it through if you put your heart and mind to it.