(CONSUMER REPORTS/WSFA) - Over the next few weeks, many students across the country will be graduating from college with a diploma—and student loan debt. If you’re one of them, Consumer Reports says there may be relief ahead if you qualify for a loan forgiveness program.
Today in the U.S. more than 44 million borrowers owe a total of $1.5 trillion in student loan debt.
The reality is that more than half of college graduates today had to borrow money to pay for school, and some of those people are struggling to pay it back. The good news is that some of them may qualify for student loan forgiveness programs that will erase some or all of their debt.
There are more than 100 federal- and state-based loan forgiveness programs. They have very specific requirements, but if you make regular payments over a certain period of time, your loans may be forgiven.
Millions of borrowers qualify for loan forgiveness programs, but only a fraction take advantage of them. That’s why you need to do your research.
To see whether you qualify for a federal student loan forgiveness program, check with the Department of Education and The Institute of Student Loan Advisors, which includes state-based programs. We’ll have links to both on our station website.