Yes, graduating from college is great but student loans sometimes can be a headache! However for many grads, this is becoming a common story. Approximately 70% of 4 year college graduates are leaving not only with a college degree but student loan payments.
According to the Consumer Financial Protection Bureau (CFPB), student loan debt has risen to more than $1.2 trillion dollars, a more than 20% increase from the year 2011. Furthermore, student loan debt is rising at an alarming rate, only second to household mortgages.
Although the burden of student loan debt can be a bit overwhelming, there may be some relief in sight. The Department of Education offers the Public Service Loan Forgiveness (PSLF) program to individuals who qualify. The PSLF program allows for student loan forgiveness for borrowers who work in the area of public service full time. If you are having making payments, also consider exploring payment options.
Here are some helpful tips to determine if it would work for you: [Read more…]