There have already been a number of student loan forgiveness programs in place that allow some people who work in certain fields to have their student loans forgiven. This does not mean, however, that you can have all of your student loan(s) 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.
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. He is also thinking about signing an executive order which would wipe out some federal student loan debt. (Read more on his plan for student loan debt here.)
How to Keep Your Debt Under Control
Whatever happens, it’s important to think about what your estimated salary might be after college. You should also think about how much debt 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. It can get out of hand quickly. Once that happens, they hope to get their student loans forgiven to reduce their burden.
Think long and hard about how much debt you can handle once you finish college. 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. See if that’s really what you want to do. You might even consider starting your own business.
That’s much better than pouring more money into the federal institutions and hoping to get student loan forgiveness later. 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.