It’s understandable that you feel a little betrayed. You worked hard, played by the rules, and got your degree, and now you can’t find a job. The stress of not finding a job in your chosen field can be exacerbated by having the Damoclean sword of debt hanging over your head. While there’s no magic wand to make it all go away, letting loans sit, fester, and accrue interest is only going to increase the time that you’re paying them off. Someone with $60,000 in debt can be paying that down for as many as 30 years! Student loan forgiveness is not a sure thing, but there are ways to knock digits off the principal and interest, and at times even get out from under entirely.
SponsorChange.org is a unique program where volunteers are rewarded with crowdfunded student loan payments for completing projects at social service organizations. If you’re carrying a light debt load, this could significantly pay down your balance, or at least keep the interest under control.
Making a Healthy Dent For those in health care, the US Department of Health and Human Services’ National Health Services Corps has a program where primary care providers, dental clinicians, and mental health clinicians and behavioral health clinicians can receive $50,000 tax free. A commitment to work for two years at an NHSC site in an underserved area is required, and the payment is made at the start of your service. Additionally, the Corps also offers a scholarship program if you are enrolled in an accredited school in one of the following programs:
Since the best way to handle debt is to get into as little as possible, this could be the ticket. The scholarship program pays tuition, fees, associated costs and a stipend for a two year commitment upon completion of your degree.
Teachers are in high demand and there are underserved schools all over the country that are in desperate need to teachers. Serving in one of these districts could get you a much lower balance to repay, or even see your loan forgiven entirely for a five year commitment. Checking out the American Federation of Teachers Loan Forgiveness and Funding Opportunities Database and find your help on the state level. At the federal level there are variety of different programs that depend on where you’re teaching, what you’re teaching, who you’re teaching, and how you funded your education. The Federal Student Aid Office can offer a break or total cancellation if you qualify for a laundry list of programs.
It’s easy to panic when you’re under extreme financial pressure to repay, and there are times when consulting with an outside expert in student loans at Van Horn Law Group can help you get some perspective on your problems, and give you a new path forward.
If your debt is keeping you awake at night, consider professional advice before you do something unwise.
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