Parents, employers, the federal government, and certain charitable organizations are some of the potential sources of help in paying off student loans.
Detailed information is provided below
Paying off student loans can be a daunting task for graduates, but they don’t have to go it alone. There are several potential sources of help available, ranging from family members to government programs and charitable organizations.
Some options for those looking for assistance with their student loan payments include:
- Parents: Parents can offer financial assistance to help their children pay off student loans, either by contributing to their monthly payments or helping them pay off a lump sum of their debt.
- Employers: Some employers offer student loan repayment assistance as a benefit to their employees. This can be a valuable perk for those struggling to make their payments.
- Federal programs: The federal government offers various programs that can help graduates pay off their student loans, including income-driven repayment plans, loan forgiveness programs for those who work in certain fields, and consolidation options.
- Charitable organizations: There are a number of charitable organizations that provide financial assistance to help graduates pay off their student loans. These include organizations like the Patsy Takemoto Mink Education Foundation, which offers grants to low-income women with children who are pursuing higher education.
According to Forbes, “There are also resources available for paying off student loans, including calculators to help determine payments and timelines, as well as debt relief services that can potentially help graduates lower their monthly payments or even have their loans forgiven after a certain period of time.”
Here is a table summarizing some of the potential sources of help for paying off student loans:
| Source | Details |
|---|---|
| Parents | Can contribute to monthly payments or help pay off a lump sum of debt |
| Employers | Some offer student loan repayment assistance as a benefit |
| Federal programs | Includes income-driven repayment plans, loan forgiveness programs, and consolidation options |
| Charitable organizations | Provide financial assistance to low-income individuals pursuing higher education |
As billionaire businessman and philanthropist Robert F. Smith said, “People need to have the opportunity to have the financial freedom to pursue their dreams.” With the options available for help paying off student loans, graduates can take steps toward achieving that financial freedom.
Watch a video on the subject
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.
View the further responses I located
Start a side hustle to increase your income and pay off student loans faster. Sell items like clothing, unused gift cards or photos; rent out your spare room, parking spot or car; or use your skills to freelance or consult on the side.
5 jobs that help you pay off student loans
- Volunteering File Julie Denesha/Getty Images Joining an organization like the Peace Corps or AmeriCorps allows you to serve the community either in America or abroad.
Best of all, a very broad array of workers can qualify to have their student loans repaid, including accountants, analysts, civil service members, psychologists, pharmacists, engineers, scientists, lawyers, nurses, administrative professionals, human resources specialists and more.
Careers That Offer Student Loan Repayment or Forgiveness
- 1. Public Service Employee Anyone who works in a qualifying organization, such as a government agency or nonprofit, can get loan forgiveness through the PSLF program.