Getting Help Paying Off Student Loans
The cost of college is rising, and student loan debt is a major problem for graduates. But there are ways to get help paying off student loans.
Some companies offer assistance in paying off student loans by matching your payments. Some employers even offer up to $1,000 per year towards the payment of your student loans!
There are also several programs that provide assistance with paying off student loans:
- Public Service Loan Forgiveness Program (PSLF) – This program forgives any remaining balance on federal student loans after 120 monthly payments have been made on those loans while working full-time in public service jobs (such as government or non-profit). It’s important that you meet all eligibility requirements before enrolling in this program so that you qualify for forgiveness at the end of 10 years. The program requires an annual certification process to ensure that borrowers remain eligible for forgiveness and that they’ve met the necessary requirements to receive it.
- Income Based Repayment (IBR) – IBR allows borrowers with high debt relative to their income to pay less than 10% of their discretionary income towards their monthly payments. This program also includes forgiveness after 20 years if
Help For Paying Student Loans
However, there are very specific eligibility requirements you must meet to qualify for loan forgiveness or receive help with repayment. Loan forgiveness means you don’t have to pay back some or all of your loan.
You never know what you may be eligible for, so take a look at the options we have listed below.
- Teacher Loan Forgiveness
If you teach full-time for five complete and consecutive academic years in certain elementary or secondary schools or educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on eligible federal student loans. Get the details about Teacher Loan Forgiveness here.
- Public Service Loan Forgiveness (PSLF)
If you work full-time for a government or not-for-profit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you’ve made 120 qualifying payments—that is, 10 years of payments. To benefit from PSLF, you should repay your federal student loans under an income-driven repayment plan. Learn more about PSLF now! If you’re interested in PSLF, contact FedLoan, the PSLF servicer, as soon as possible at 1-855-265-4038.
If you have been denied loan forgiveness under PSLF because one or all of the payments you made on your Direct Loans were under a nonqualifying repayment plan, you might be eligible for Temporary Expanded Public Service Loan Forgiveness (TEPSLF). Learn more about TEPSLF and how to apply for this first come, first served opportunity.
- Income-Driven Repayment (IDR) Plan
If you repay your loans under a repayment plan based on your income, any remaining balance on your student loans will be forgiven after you make a certain number of payments over a certain period of time. Learn more about IDR plans and how to apply.
- Military Service
In acknowledgment of your service to our country, there are special benefits and repayment options for your student loans available from the U.S. Department of Education and the U.S. Department of Defense. Benefits include interest rate caps under the Servicemembers Civil Relief Act and Department of Defense student loan repayment programs. Learn more about federal student loan benefits for members of the U.S. armed forces.
- AmeriCorps
The Segal AmeriCorps Education Award is a benefit received by participants who complete a term of national service in an approved AmeriCorps program—AmeriCorps VISTA, AmeriCorps NCCC, or AmeriCorps State and National. After you successfully complete your service, you are eligible to receive a Segal AmeriCorps Education Award, which can be used to repay qualified student loans.
- Other Options
Check out the “Student Loan Forgiveness” page for information about other types of loan forgiveness and discharge that might be available if you meet certain conditions.
If the options listed above don’t apply to you, but you need help making your federal student loan payments, contact your loan servicer about the option to
donors that pay off student loans
About 45 million people carry student loan debt in the United States — to the tune of more than $1.7 trillion. The average student debtor graduates with $39,400 in student loans.
With that in mind, it’s no surprise that many people are trying to figure out how to get rid of this debt. Interestingly, there are donors that pay off student loans, as well as charities that help with student loans. Here’s what you need to know about getting donations to help with student loans.
Charities That Help Pay Off Student Loans
If you’re looking for charities that help with student loans, there are a few that can be good choices. Some might have requirements, such as volunteer work, in order to qualify.
Here are some of the charities that help with student loans.
Rolling Jubilee
Rolling Jubilee is a project of the Debt Collective, which focuses on debt abolition. It’s not just student loan debt, but all types of debt. As part of the effort, Rolling Jubilee buys the debt, for pennies on the dollar. Then, instead of making the debtor make payments, they just forgive the debt.
Shared Harvest Fund
Shared Harvest is an organization that offers student loan funds in exchange for volunteer work. You’re paired with charities and other nonprofits and as you volunteer, Shared Harvest puts money toward your student loan repayment. As a result of COVID-19 pandemic, there has been a shift toward those that can help in hard-hit communities. This can be an opportunity for student loan forgiveness for nurses.
Organizations That Offer Student Loan Repayment Assistance
Some of the organizations that provide loan repayment assistance include those that offer government-backed relief.
AmeriCorps
Rather than being a charity, AmeriCorps offers partial loan repayment after you complete 12 months of service. You need to work full-time and, on top of offering partial loan repayment, your time in AmeriCorps can be used toward qualifying for Public Service Loan Forgiveness (PSLF).
National Health Service Corps
There are various loan repayment assistance programs through the National Health Service Corps. Your level of loan repayment depends on your healthcare specialty and whether you work full-time or part-time. You also have to work in an area that is considered underserved. This can be one way to get student loan forgiveness for doctors.
Teach For America
For teachers willing to work in a low-income and needed area for at least five years, it’s possible to get up to $17,500 in loan repayment assistance. This is one option for student loan forgiveness for teachers.
Peace Corps
Peace Corps is another government-backed program aimed at volunteer work around the world. After you complete your service, you can receive partial loan repayment assistance. On top of that, this is another opportunity to work in a way that qualifies you for PSLF.
Donors That Help Repay Student Loans
For borrowers who aren’t eligible for loan forgiveness and repayment assistance through the above charities and government organizations, here are a few other channels to consider:
Crowdfunding
Another option is to get individual donations from people to help you pay off your student loans. Crowdfunding is a way to get small amounts of money from a lot of people to help pay down your student debt. Some of the popular crowdfunding sites include:
- LoanGifting
- GoFundMe
- YouCaring
Before you use crowdfunding, realize that it requires a lot of work to promote your campaign and raise money. Additionally, many crowdfunding websites take a cut, so you won’t necessarily get the full amount.
Celebrities & Private Individuals
In addition to government programs and charities that help with student loans, celebrities sometimes help pay off debt.
For example, Ellen Degeneres has a program where fans can apply for debt pay off. Robert H. Smith paid off the debt of Morehouse College graduates in 2019 and has an ongoing scholarship relationship with the institution. Taylor Swift and Nicki Minaj have also provided help for struggling students and graduates.