Faster ways to pay off student loans
ORLANDO, Florida. – The average student leaves college with a degree and $40,000 in debt. But that figure can be as high as $250,000 for Ivy League schools, including post-graduate education. Student loan debt in the United States is over $1.7 trillion. These types of loans can affect your financial future for years.
43 million people in the United States have student loan debt. That’s one in eight Americans!
The good news is that there is help.
First things first: look for grants!
The Forget Your Student Debt Scholarship is open to anyone with student debt and pays ten thousand dollars. Other grants are available for specific professionals like teachers, lawyers, veterans, nurses, and social workers. You can search for free grants or on the websites of professional associations. States also have their own grant and assistance programs.
Ask your employer about repayment assistance.
Some companies offer these programs as benefits to their employees.
Also, ask for an income-based repayment plan.
If you qualify, you can receive a rebate on the remaining loan amounts.
You might also consider pursuing a public service loan cancellation program, which cancels loan balances after making a certain number of payments while working for an eligible employer.
The U.S. Department of Education extended the student loan payment pause through August 31, 2022, giving people a suspension of loan repayments, zero percent interest, and they stopped collections on federal loans in default.
Contributors to this report include: Julie Marks, Producer; Roque Correa Editor and videographer.
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