Private and federal student loan debt currently stands at $1.6 trillion. Many borrowers struggle to make payments, and some studies suggest the default rate on federal loans could hit 40 percent by 2023. However, there are many payment options that can help federal student loan borrowers avoid default. There are also programs in place that can help federal borrowers receive loan forgiveness for working in certain types of jobs. Below, we have included more information about the types of jobs that qualify for forgiveness under certain programs. Federal, State and Local Jobs If you work for a federal, state or local entity, then you may qualify for the Department of Education’s Public Service Loan Forgiveness (PSLF) Program. Examples of qualifying jobs could include working for the FBI, CIA, state legislature or as a police officer for a municipality. However, there are additional requirements that are notorious for creating confusion. For…
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Staying on top of student loans and avoiding default requires constant contact with student loan servicers. Loan servicers are the organizations tasked with collecting and keeping track of student loan debts. These organizations can also help borrowers pick repayment plans, customize payments, set up automatic billing and process requests for deferments or forbearance. To help understand how servicers can help borrowers, we will provide more details. Student loan servicers are the first point of contact for borrowers. They are the gatekeepers for modifying personal student loans. Before former students and graduates can set up repayment options, such as income-based repayment plans, they have to go through student loan servicers. Automatic bill pay can be extremely useful by making it more likely payments will be received on time every month. Most student loan servicers have this as an option. Some servicers can also send reminders to the mobile phones of borrowers…
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