Infographic: Student Loan Forgiveness Options

Full description. Are you exploring various student loan forgiveness options? As you conduct research, you will no doubt find a lot of false information regarding relief for student loans. Related to a previously published blog post on financial aid myths, we found that there is lots of misleading information about debt forgiveness. Mainly, while many programs do exist to help pay down student loan debt, it is important to consider how much they will actually forgive. In truth, many programs have strict eligibility requirements and reimbursement limitations. This infographic on student loan forgiveness options explores the various programs and evaluates the eligibility requirements as well as how much they actually pay for.

What's included. This infographic uses recent data sets from the government (and other sources) to show how student loan debt is a major problem (over one trillion dollars). It takes into account the many hidden costs of a college education and explores the major debt relief options, as well as their viability.

1. The problem - College tuition costs are skyrocketing: From 1995 to 2015, the average cost of a college education went up by a whopping 230%. This rate of increase is far higher than the normal inflation rate.
2. The hidden costs of college: Many people don't take into account that college has many hidden costs (aside from tuition): books, materials, housing, meals, and entertainment.
3. Tuition costs in the U.S. compared to other nations: The United States consistently ranks as the most expensive place to attend college or university. Countries like Germany, Japan and Australia have significantly higher 'affordability' percentages.
4. Myth #1 - "Student loan forgiveness will pay for your entire college education": This myth is false. Student debt relief programs will only cover some of your costs, but certainly not all of them.
5. Myth #2 - "Federal student aid will pay for all of your college expenses": Again, this myth is false. Federal student aid will only cover a small portion of your college expenses, but it does heavily depend on how expensive your school is (and whether you are in state vs. out of state or attend a private college).
6. Myth #3 - "If you join the military, you don't need to worry about paying for college": Only a select few branches of the military will pay for your college and many restrictions apply in terms of eligibility and reimbursement amounts. The Army and Navy lead the way with upwards of $65,000.00 worth of reimbursements (total) for students that qualify. Again, lots of restrictions apply.
7. Alternatives to paying off student debt: If the loan programs discussed discouraged you entirely, consider the fact that you have alternative options: local scholarships, university scholarships, campus jobs, crowdfunding, peer-to-peer lending and family/friends.

Paying for college is a tremendous burden, but you're not alone. Millions of people struggle with this very same problem and access to accurate information (like the kind provided in this infographic) is the most important first step in tackling it.