How To Get Out of Student Loan Debt
Learn how to get out of student debt without ruining your credit or reputation.
For far too many graduates, student loan debt is a highly burdensome problem that hinders the process of laying the groundwork for a prosperous adult life. In fact, total student loan debt in America recently reached $1.5 trillion, a stratospheric amount that is spread among over 44 million young Americans.
The average student loan debt for 2017 graduates was $39,400, and this figure continues to grow each year, having increased 6% over 2016. Over 70% of college graduates from the Classes of 2016 and 2017 began their professional lives with an average student loan debt exceeding $37,000. Fortunately, there are several methods of student debt relief available that can help students get out of student loan debt.

Contact Your Student Loan Servicer
The Federal government assigns each borrower a student loan service that collects student loan payments and can be contacted with questions regarding your student loan debt. Find your student loan service here by logging in with your Federal Student Aid ID.
Your student loan service can discuss various student debt relief options that may be available to you, such as student loan debt forgiveness programs, student loan repayment plans, and student loan consolidation. For private student loans, to find your student loan service, call your original lender and ask who the contact person is for questions regarding student loan repayment and billing.
Immediate Student Loan Debt Forgiveness?
In the best of circumstances, there are instances in which student loan debt can be discharged immediately. Federal student loans can be immediately forgiven for those graduates who suffer from a total and permanent disability and are unable to work, and in those situations when a school has closed down or engaged in fraud.
When a school makes false certification regarding a student’s eligibility for a loan – or worse – falsifies a signature, endorses a loan check or fails to provide proceeds, immediate discharge becomes possible.

Student Loan Debt Forgiveness is Possible
Short of these rare situations, student loan debt forgiveness involves a lengthy process that eventually leads to the remaining debt getting discharged under income-driven repayment after twenty or twenty-five years, a period which can be shortened to ten years for employees of the government and qualified non-profit organizations.
Your student loan service can help you apply for Public Service Loan Assistance, as well as Teacher Loan Forgiveness or Perkins Loan cancellation and discharge, if you qualify. These repayment plans apply to Federal Direct subsidized and un-subsidized student loans only – private student loans are ineligible. Visit here for more information and consult related articles on Student Loan Debt Forgiveness and Student Loan Repayment Plans on this website.
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Things to Remember Regarding Student Loan Debt
Recognize that getting out from under heavy student loan debt will take time, but that educating yourself and reaching out to your student loan service are excellent initial steps toward making the most of the student debt relief options that are available to you.
You should know that unpaid Federal student loans fall into default after nine months, while student loans from private lenders can fall into default even faster. Default damages a credit score and profile significantly and the negative stain remains on a credit report for seven years. Therefore, if you are feeling stress associated with any difficulty in making regular payments on a high level of student loan debt, it is imperative to contact your student loan service to discuss various forms of student debt relief that may be available.
It can also make sense to contact us here at United Settlement to discuss budgeting strategies that will help make it easier for you to afford monthly payments on your student loan debt.