Deal Diva: Loan forgiveness programs

Many graduates could qualify for loan forgiveness programs but often don’t take advantage of them.
Published: May. 15, 2019 at 6:35 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

MYRTLE BEACH, SC (WMBF) - As many students prepare to graduate college, they will face the grim reality of student loan debt.

Consumer Reports says millions of students could qualify for loan forgiveness programs, but only a fraction of those eligible take advantage of them.

The Federal Public Service Loan Forgiveness Program, is one of the bigger programs that has been around for years. Graduates can wipe out any remaining debt after making 10 years’ worth of on-time payments if they work in qualifying public sector jobs.

According to Consumer Reports, there’s more than 100 programs both federal and state-based that target specific requirements to help borrowers get out of debt faster.

If you’re looking to get out of debt, it could pay to do a little research.

What’s your profession?

There are many loan forgiveness programs that look at the kind of work you do or the kind of organization that employs you.

Where do you live?

Consumer Reports says a growing number of states and towns use debt relief programs to attract a younger, more educated population.

Do you volunteer?

Research federal volunteer organizations that give you money for your student loans. There are some non-profit organizations that say if you complete volunteer projects you can earn credits to go toward student loan debt. Consumer Reports says they call it a “mindful side hustle” that you can do while you work another full-time job.

For a closer look at loan forgiveness programs, visit the website sof the Department of Education and The Institute of Student Loan Advisers, which includes state-based programs.

Copyright 2019 WMBF. All rights reserved.