The average student loan debt has skyrocketed over the past ten to fifteen years across this nation. About two-thirds of graduating seniors will graduate with some form of student loan debt in 2007-08, with the majority of students graduating with a combination of federal and private student loan debt. The average amount of student loan debt is at around twenty-three thousand dollars in combined federal and private debt and this number is expected to rise significantly over the next five to seven years.
Paying back this student loan debt has become increasingly more difficult for many college graduates due to the weakening economy, job loss, the increased cost of living, and inflation in general. Paying back student loans has thus become something that many students worry about, and many students are open to all sorts of repayments scenarios and other options that can make paying back their student loans both easier and quicker.
The average college loan debt has served as a real indicator for the mounting problem that is the national student loan debt, and with it becoming so big of a problem more and more students are interested in alternative payment options. The good news is that there is a whole host of different repayment options for students and these can range from debt consolidation loan, to deferment and forbearance options, all the way up to loan forgiveness. The loan forgiveness option is something that is pretty difficult to qualify for, although if you are from a particular decent or have completed a highly-specialized degree program then you may in fact have a chance at getting some of your student loan debt eliminated. This will depend on the kind of student loans you have and whether you can find a program that will forgive your debt if you follow their instructions.
The bottom line is that there are a number of alternative repayment options that can allow students to repay their debt without having to adhere to the rigid repayment schedules that will typically be set forth immediately after they graduate.