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How to Get Out of Student Loan Debt

Student loan debt can accumulate more quickly than you expected, thanks to the high interest rates that come with these loans. And if you’re going to school full-time and you aren’t working at all, it can be impossible to start paying off your loans while you’re in school, so you’ll inevitably find that your debt is out of control once you graduate.

If you’ve graduated in the United States, continue reading for a few tips, whether you’re trying to pay off an expensive bachelor’s degree, a public health degree from a highly regarded university, a master of public health degree, or even a PhD.

Earn Debt Forgiveness

One of the ways that you can get out of student loan debt is by acquiring student loan forgiveness. You can get this by submitting payments via an income-contingent plan for an extended period of time. An income-contingent repayment plan’s payments will be recalculated every year based upon your income, and you’ll be eligible for forgiveness after 25 years. Be sure to research this option to learn about its requirements, limitations, and conditions. Also bear in mind that this option will not be easy or fast.

Get a Job in Public Service

If you can get a job and work in the field of public service for a decade, you might become eligible for a Job Hunterpublic service loan forgiveness program that will allow you to dismiss what you still owe. Within those 10 years, though, you will have to prove that you put in a minimum of 30 hours of public service work every week. And you also have to show that you made a minimum of 120 qualifying payments under an income-contingent repayment plan. Once you submit the last payment, you can complete and submit an application for public service loan forgiveness.

Teach at a Low-Income School

Graduates who enter the school system to teach can have their loans forgiven if they become employed full-time at a low-income school. With teacher loan forgiveness, you might be able to get as much as $27,500 of your Perkins Loan forgiven, or as much as $17,500 of your Stafford Loan or Direct Loan forgiven.

File for Bankruptcy

If you are really struggling and you have exhausted all of your other options to get out of your student loan debt, it might be time to file chapter 7 bankruptcy. You will have to start an adversary proceeding through the filing of a Complaint to Determine Dischargeability, but if you can prove that you can’t pay back the loans without excessive hardship, you could get out of paying what you still owe.

These are just a few ways that you can get out of student loan debt if you are finding it difficult to manage your payments and you want to relieve yourself of the debt that you owe. Consider all of your options and be sure to get as much information on each option as possible to determine which path is the best one for you.


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