There have already been a number of student loan forgiveness programs in place for the past 20 years or so that allow some people who work in certain fields to have student loan forgiveness. This does not mean however that you can have all of your student loan forgiven and not everyone qualifies for this program.
This program was previously put into place in sponsor by the Department of Higher Education. This department is a subsidiary of the Federal Department of Education in Washington DC. You can check on whether or not these problems are still available on their website.
As mentioned before, President Trump has just recently started developing a plan that he hopes will help college students to lessen the burden of their Federal loans that they took out during their college days.
There are a number of options he’s considering and he is also thinking about signing an executive order which would wipe out a bunch of federal student loan debt. We hope this will be the case as many students continue to struggle with the debt they took out years ago. However, those who can afford to pay should do so, as it is not fair for people to avoid paying their obligations while others have to pay them.
Whatever happens with that, it is important that you think about what your estimated salary might be based on the averages of your industry of choice then think about how much that you are accumulating and how hard that will be to pay back every month.
Many people put it off so long that the interest continues to snowball and the debt is four or five times what it was, to begin with.
Now is the time to think long and hard about how much debt you can handle once you finish your college career and get the diploma. If you already have quite a bit of debt, it is not recommended that you take out more student loan debt.
Instead, work for a year or so in your industry on a lower level position and see if that’s really what you want to do or even consider starting your own business in a field that would require little overhead or investment.
That’s much better than pouring more money into the federal institutions. Something to think about as you plan the years ahead. Of course, this is up to you and should be based on what you want for your life in the future. But what you don’t need is a mountain of debt that you’ll never pay off. So choose wisely.