High Student Debt? We’ve Got Solutions
Having a high amount of student debt can pose a wide range of challenges to college graduates as they are trying to adjust to post-college life. Thus, when a college graduate is under a mountain of debt, they may wonder if there is any way to get their student loan load reduced or eliminated through debt forgiveness.
A vast majority of states have student debt forgiveness programs. However, generally, these programs are limited to graduates in certain professions. Also, these programs often have a wide range of other strict eligibility requirements and limits on how much relief a person can receive through them.
Is Mississippi among the states that have a state-level student loan forgiveness program? Yes, it is. However, the state-level debt forgiveness options in Mississippi are more limited than those in many other states. Mississippi only has a forgiveness program for individuals in one profession: teaching.
However, this does not mean that any Mississippian who is not a teacher has absolutely no debt forgiveness programs available to them. This is because the federal government also has forgiveness programs. Mississippians can use these programs if they meet the eligibility requirements.
Another important thing to note is that, if a Mississippian with high student debts do not qualify for any state or federal student loan forgiveness program, this does not mean they are simply out of luck when it comes to managing their debt situation. Debt forgiveness programs are not the only mechanisms that can provide helpful relief to individuals struggling with college debt. For example, a Chapter 13 bankruptcy may be able to help a person restructure their student loan payments in a way that allows them to better stay on top of their overall debt situation.
Going over what particular options one has with an experienced debt relief attorney can be very important when one is struggling with debt here in Mississippi. Without a full picture of their options, a person could end up missing helpful opportunities or making critical debt relief mistakes.
Source: The Washington Post, “These states might forgive some of your student debt,” Danielle Douglas-Gabriel, Dec. 31, 2015