Having student loan debt can be a debilitating and stressful situation. With interest fees and collection costs, those loans could potentially go through the roof. Struggling graduates who either cannot find a job or are barely managing to pay off their loans while keeping a minimal standard of living could find themselves facing very serious consequences if a loan goes into default. However, there is student loan debt relief out there.
Joining various programs can help to lessen student loan debt. Certain programs can even lead to loan forgiveness. Most of these programs are government run, and graduates can use their newly learned skills to launch an exciting career, one which can help reduce student loan debt. Loan Repayment Assistance Programs are also available.
One program is the Public Service Loan Forgiveness Program. This program does not limit career options whatsoever. Basically, in exchange for working in the public service department, low monthly payments can be awarded, and the option for loan forgiveness is available after ten years of paying on-time while working in public service full-time. Public service work can include anything from social work and non-profit jobs, to even law careers. Even some medical careers can qualify for public service. Any graduate can partake in a vast number of job opportunities while reaping the benefits of this program.
Specifically for non-profit work, a job with AmeriCorps or the PeaceCorps could save graduates a ton of money on their student loans. Deferments are available while in service, so those loans won’t have to be touched until the member’s return. Furthermore, a certain amount of the student loans can be forgiven or cancelled after having served with either one of these programs. Members of the PeaceCorps will have earned $7,425 after 27 months of service, which they may spend on whatever they like (even those pesky student loans).
There is another program similar to the one above that is strictly tailored for teachers. For those graduates who qualify, up to $17,500 of their federal loans can be forgiven after having taught five academic years in low-income schools.
Choosing the right city can also lead to reduced student loans. A number of cities throughout the United States offer student loan reductions as an incentive to get graduates to move into the communities. It is a ploy to help raise the economy in those areas, but hey, paying less in student loans would definitely be worth it. Having gone to the right college could also help a struggling graduate. Some schools offer Loan Repayment Assistance Programs to help the graduate pay off student loan debt. In past years, these programs were normally only offered to law students. However, the programs are now expanding to offer assistance to many others.
There are many other programs out there. These are just a few examples. Student loan debt relief is available, and it can be reached given the right qualifying steps. A little research may be in order, but anything is possible for any graduate. Check out a few other links on this website for more information.