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Today, most college students find themselves relying on student loans to pay for their ever-increasing educational expenses – from tuition to housing, books and school supplies.
Roughly two-thirds of all U.S. college graduates finish school with debt, according to a 2021 report from the Institute for College Access & Success (TICAS). In 2020, the Federal Reserve found the median amount of school-related debt for those who paid their own way hovered between $20,000 and $24,999. Graduate students and those in professional degree programs are likely to owe even more.
So, it should come as no surprise that many graduates might find themselves wondering about student loan forgiveness and loan discharge options available to them. If you’re looking to cut down your student loan debt, there are several options to consider. Here’s a look at some programs that could help you at least lower your outstanding student loan balance.
Can my student loan be forgiven?
First thing’s first: Yes, student loans can absolutely be forgiven through a variety of different programs. The caveat is that most of these programs are funded by the federal government and only apply to federal loans. There are also strict qualifications if you want to have any portion of your loans cleared.
If you have private student…
