Student loans are a massive burden on the American economy. In the United States alone, there is over $1.2 trillion of outstanding student loan debt. In fact, the average college graduate with debt has over $30,000 in student loans. This can be a crushing burden, and even if you do everything right, you might have trouble paying back the loans.
But what should you do if you can’t pay back your student loans? Let’s look at your options. First, we’ll review federal loans, which are generally more flexible and offer borrowers more options for loan forgiveness. Then, we’ll look at private student loans which are generally a bit tougher to get rid of. Let’s dive in.
Can your federal debt be canceled?
Let’s get to the big question first—is there a way to make all this debt just disappear? The answer, surprisingly enough, is yes—but don’t expect it to be easy. Getting your federal student loan debt reduced or eliminated is difficult but not impossible. Here are some of the ways your student loan debt can be forgiven. read more…
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