Five Ways To Repay Your Student Loan That You May Not Know Of (Especially Number Three!)
Though the USA is one of the best countries to live in the world, did you know as of 2018, almost 44 million Americans are in student debt? The total amount of debt stands at $1.5 trillion. The figures are surely alarming, and while parents are trying their best to set aside a college fund for their kids so that they do not have to take loans, here we have found some unique and creative ways to pay back your loans and live a debt-free life.
Work With The Government
A government job has tons of perks and benefits even though the salary might seem less when compared to other professions. One of the main benefits that might be of some interest to people who are in student debt is that their loans will be paid off by their employers. Up to an amount of $10,000 will be given to the eligible employer so that they can pay off their loans. A total amount of up to $60,000 will be given by the government towards loan repayment.
Move To Niagara Falls
This one does come as a surprise! Despite being an immensely popular tourist destination, Niagara Falls has failed to become an industrial hub. In fact, the few industries that existed in the area have been relocated. Hence, to boost the local economy, the city is offering a unique program to American citizens. They are inviting people to stay in their city, and if you manage to stay there for at least two years, the local government will give you $7000 to repay your student loans. Of course, you would need to have a two-year or four-year degree from an accredited institution. If your student debt is not weighing you down too much and you do not have many obligations in life, this one is for you!
Volunteer For Social Work With Zerobound
Give back to society and get your loans paid as well? What better way to repay your loan? Zerobound and some other similar platforms can help you do exactly that! The platform brings together volunteers, charities, and organizations that need help and sponsors. The great thing about the program is that it caters to all kinds of students. Whether you need just a little help with your loan payment or a lot, this program can help you accordingly. On top of that, you get to help others and do some good in your own way. A win-win situation for everyone!
Work For The National Health Service Corps
It is no secret that students studying to be doctors or staying with the health care industry in some way often end up with a bigger loan than many. Thankfully, a program started by the US Department Of Health can help them pay off their debt and get back on track in life. This program headed by the National Health Services Corps helps primary care, medical, dental, and mental health clinicians by giving them up to $50,000. In lieu of that amount, they will have to serve for two years in a site chosen by the Department to work with the underprivileged people.
Repayment Plans Based On Your Income
Several people already know this way of repayment of loans but in case you didn’t, here is the deal. Depending on your monthly income that you have been getting the previous year, a certain amount from your salary will be deducted and used in the program created by the Department of Education. The good thing here is that those who are not earning well or not earning at all might not have to pay anything at all. If you want to be a part of this program, you would need to submit your yearly income certificate to the department at the end of every year. For example, for someone who is earning $20,000 yearly and doesn’t have a family or dependents, he or she would need to pay only $46 a month. Now that seems doable! Unfortunately, only 40% of student loans are being repaid now. Most people think they won’t be able to pay off the debt and hence stop trying, too.
Whatever you do, do not stop trying to repay the loan and become a defaulter. It might make life even worse for you and might make you even unemployable. Some people have even lost their license because of it. So keep trying unconventional ways and something might click for you.
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