How can I get help paying off student loans?
If you’re struggling to make payments on your student loans, you’re not alone. According to the Federal Reserve, Americans now owe more than $1.6 trillion in student loan debt. Fortunately, there are a number of ways to get help paying off your student loans. Here are a few options to consider.
1. Consolidate Your Loans One of the best ways to make your student loan payments more manageable is to consolidate or refinance your loans. This involves taking out a new loan to pay off your existing loans, allowing you to combine multiple loans into one. This can potentially lower your interest rate and monthly payment, making it easier to pay off your debt.
2. Look Into Government Assistance Programs The federal government offers several assistance programs to help borrowers with student loan debt. The most popular of these is the Income–Based Repayment plan, which allows borrowers to have their monthly payments based on their income. Other programs such as the Public Service Loan Forgiveness Program and the Teacher Loan Forgiveness Program can also help you pay off your student loans.
3. Seek Out Employer Assistance Many employers are now offering student loan repayment assistance as part of their benefits package. Some companies will match a certain amount of your monthly payment or offer a lump sum payment towards your loans. It’s worth checking with your employer to see if they offer this type of assistance.
4. Consider a Side Hustle If you need additional income to help pay off your student loans, consider taking on a side hustle. This could be anything from freelancing to driving for a ridesharing service. Not only will you be able to generate extra income, but you can also deduct expenses related to your side hustle on your taxes.
5. Look Into Loan Forgiveness Programs Finally, you may be eligible for loan forgiveness if you meet certain qualifications. For example, the Public Service Loan Forgiveness Program allows borrowers who work in public service to have their loans forgiven after 10 years of on–time payments.
Getting help paying off your student loans can seem overwhelming, but it doesn’t have to be. By taking advantage of the options mentioned above, you can make your student loan payments more manageable and get on the path to becoming debt–free.
For another perspective, we asked Judge Josh at Outlaw Student the same question — here’s what he said: https://www.outlawstudent.com/2010/09/scholarships-to-pay-off-student-loans/