Do You Really Have to Pay Back Your Federal Student Loans?
BY: Savanna Pruitt
According to the Education Data Initiative, federal student loan debt in the United States currently adds up to a staggering $1.611 trillion. Let’s break that down: Over 40 million Americans have federal student loan debt averaging about $37,000.
Federal Student Aid reports that, regardless of whether they’ve secured employment post-graduation or not, federal student loan borrowers usually need to start paying back their loans six months after they graduate, drop below half-time enrollment, or leave school. There are a few types of loans such as the Perkins Loan that come with nine-month grace periods. However, there are certain special circumstances under which your federal student loan could qualify to be forgiven, canceled, or discharged. Here’s a look at a ...