It should come as no surprise that student loans are one of the largest financial issues facing families today. As college tuition continues to skyrocket, Federal Student Loan delinquencies have surpassed credit card delinquencies in the United States. Add the recent job market downturn and millions of graduates find themselves with thousands of dollars in student loans and insufficient income to repay them. Luckily there is help for many people.
There are many Federal Student Loan Consolidation programs available. Student loan consolidation programs can significantly reduce your interest rate and monthly payments, while keeping you on track to repay the loan. Additionally, Income Based Repayment Plans are right for others that find themselves dealing with a severe hardship.
In 2007, Congress created the Public Student Loan Forgiveness Program to encourage individuals to enter and continue to work full time in public service fields. Federal Student Loan Forgiveness is available through the Department of Education for any individual working in a Public Service career. While this program is not a student loan consolidation program, it can help reduce or eliminate your student loan debt. Below are just a few examples of the many careers that qualify for Federal Student Loan Forgiveness.