From the beginning of high school, we have aspirations of being somebody one day. Our beloved teachers and administrators routinely coached us on college admission and choices. For the next four years, we had high expectations planted, fed, and lectured about what college was and what it meant.

What they don’t tell us, is that there is a high possibility that we will have college debts from student loans.

If you have graduated from college, you probably have student debts. Unfortunately, a college degree today means more than your education. Most Americans are faced with huge amounts of college debts in the form of student loans. The growing trend of acquiring student loan debt began during the early ‘90s. Since then, the problem has increased due to more and more people attending college and with cost associated by attending steadily on the rise.

What is the United States government doing about this high debt dragging on the economy? Not much. The only available options are some special consolidation programs the federal government offers. These programs can provide some relief from immediate repayment, but they do not forgive the debt.

Some special programs offered in low-income, desolate, and impoverished areas allow federal forgiveness, which is a relative small percentage of the debt if someone commits to working in certain poverty-stricken areas of the country for a certain period of time called Teacher Loan Forgiveness. However, this program only applies to licensed educators.

Another federal assistance program involves your financial position, called the economic forbearance, or the economic hardship. This program includes delaying repayment of the loan for a specified period of time due to economic hardship or inability. The latter is not a permanent fix, only temporary.

Seeking an education is a must in this country. Fortunately, there are many different choices of where and how to obtain the necessary degree required to become employable. With proper planning and preparation, students will still find a need of assistance in acquiring a college degree. The federal government is here to help, and they may not pay for students’ education; however, if they find themselves in a situation where they need additional help besides the grants and scholarships, there is help there. For more information, please check the Department of Education website at www.ed.gov.