Parents, employers, loan forgiveness programs, and even crowdfunding platforms can help pay off student loans.
And now take a closer look
When it comes to paying off student loans, it can feel overwhelming, but there are options available. Here are some ways that individuals can get assistance in paying off their student loans:
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Parents: Parents can help their children pay off student loans by contributing money towards the loan payments or by taking out a parent PLUS loan to help cover the costs.
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Employers: Some employers offer student loan repayment assistance as part of their benefits package. This can take the form of a direct payment towards the employee’s loan balance or a matching contribution.
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Loan Forgiveness Programs: Loan forgiveness programs are available for specific professions like teachers, public servants, and healthcare workers. These programs provide loan forgiveness or repayment assistance in exchange for a certain amount of service in the field.
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Crowdfunding platforms: There are also crowdfunding platforms like GoFundMe and LoanGifting where borrowers can create a profile and share their story in hopes of getting contributions towards their student loan debt.
According to The Balance, “More than $1.5 billion has been donated to student loan repayment through LoanGifting.” In addition, a study by Bank of America and Merrill Lynch found that 86% of millennials would commit to working for a company for five years if it would help them pay off their student loans.
Here is a table summarizing who can help pay off student loans:
| Method | Explanation |
|---|---|
| Parents | Parents can contribute money or take out a parent PLUS loan |
| Employers | Some employers offer repayment assistance as a benefit |
| Loan Forgiveness Programs | Specific professions have programs for loan forgiveness |
| Crowdfunding platforms | Platforms such as GoFundMe and LoanGifting allow donations |
As Dave Ramsey once said, “Live like no one else, so later you can live like no one else.” Don’t be afraid to seek assistance in paying off your student loans, so that you can ultimately be debt-free and financially stable.
Answer in the video
The video features a caller seeking advice from Dave Ramsey on how to handle her $22,000 student loan debt. She explains that due to an increase in rent, she cannot afford to pay off her student loans as frequently as before. Dave advises the caller to seek better income positions and additional jobs to increase her income. He suggests finding ways to cut back on unnecessary spending and reevaluating her housing situation for financial flexibility. The video emphasizes the importance of managing expenses and considering long-term career plans with higher pay to pay off student loans promptly.
Further answers can be found here
To pay off federal student loans, you can refinance your loans into one loan with new terms, apply for an Income-Driven Repayment plan that can lower your payments, or seek Public Service Loan Forgiveness if you work for the government or a nonprofit. These options can help you avoid default and reduce your interest or balance.
If you are still struggling to pay off student loans and cannot find enough grants to help you, you do have other options available to you. You can refinance your loans into one loan with new terms. This new loan may have a longer repayment term, lower payment amounts, or a lower interest rate. If you have federal student
If you’re struggling to pay your federal student loan, there are steps you can take to improve your situation and avoid default. First, apply for lower payments based on your income An income-driven repayment (IDR) plan can reduce your monthly payment to as low as $0.
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Keeping this in view, How can I get the government to pay off my student loans?
Answer to this: 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.
Simply so, Who can get student loan forgiveness?
As an answer to this: Who qualifies for student loan forgiveness? To be eligible for forgiveness, you must have federal student loans and earn less than $125,000 annually (or $250,000 per household). Borrowers who meet that criteria can get up to $10,000 in debt cancellation.
Can I make a deal to pay off student loans? The answer is: Student loan settlement is possible, but you’re at the mercy of your lender to accept less than you owe. Don’t expect to negotiate a settlement unless: Your loans are in or near default. Your loan holder would make more money by settling than by pursuing the debt.
People also ask, Are there any legitimate student loan forgiveness programs?
Response to this: There are real federal loan forgiveness programs out there, including Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness. But many companies will try to take advantage of borrowers by guaranteeing immediate results or requesting money up front for services they cannot provide.
Where can I find grants to pay off student loans?
Response to this: Most grants to pay off student loans are offered by federal and state government agencies. To find free grants, use the following resources. Federal government. Use GovLoans to find potential loan repayment programs and grants. Professional associations.
What are my options for student loans? Response to this: Your options will vary depending on whether your loan is federal or private, and other details of the loan agreement. Federal student loans: Federal loans offer a variety of income-driven repayment (IDR) plans that base your payment on your income and household size. You could pay as little as $0 per month.
Similarly, How to pay off student loans fast?
Response to this: The fastest way to pay off student loans could include paying interest while in school, using autopay and making bi-weekly payments. If you can make extra payments toward the principal, that will speed up your debt-free date even more. You can also consider refinancing to potentially lower your interest rate and shorten the repayment term.
Secondly, How do I get help with my Federal Student Aid? Answer will be: apply for deferment or forbearance to temporarily postpone or reduce your payments. You might be contacted by a company saying they will help you get loan discharge, forgiveness, cancellation, or debt relief for a fee. You never have to pay for help with your federal student aid.
Where can I find grants to pay off student loans? Response: Most grants to pay off student loans are offered by federal and state government agencies. To find free grants, use the following resources. Federal government. Use GovLoans to find potential loan repayment programs and grants. Professional associations.
In this manner, Should you pay off student loans if you need help?
If you need more help, don’t pay for it. There are many ways to get free assistance with figuring out your loans. Don’t use other debt, like credit cards or home equity, to pay off student loans. Only go back to school if it will pay off. Find out more about these and other ways you can avoid scams and wasting money.
Beside above, Which companies pay off student loans on behalf of their employees?
The reply will be: Here are some major companies that pay off student loans on behalf of their employees and how the programs work. 1. Aetna The healthcare company Aetna offers not only student loan repayment assistance but also tuition assistance for employees currently enrolled in school.
Also asked, How do I get help with my Federal Student Aid? Response to this: apply for deferment or forbearance to temporarily postpone or reduce your payments. You might be contacted by a company saying they will help you get loan discharge, forgiveness, cancellation, or debt relief for a fee. You never have to pay for help with your federal student aid.