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HomeBlog Personal FinanceReduce Your Student Loan Debt Using One Of These Nine Options
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Reduce Your Student Loan Debt Using One Of These Nine Options

October 5, 2013 by National Debt Relief

graduation cap on top of moneyThere’s no question about the fact that having a big load of student loan debt can impact your entire life. We read recently that the average college graduate leaves school owing around $26,000 in student loan debts. If that’s not bad enough, there’s really no way to get rid of them. You could even file for Chapter 7 bankruptcy and it wouldn’t make any difference. You would still have those debts. However, there are ways to at least get them reduced and here are nine.

  1. Public service and loan forgiveness
  2. Americorps
  3. Peace Corps
  4. Teach for America
  5. Health care service
  6. Military Service
  7. Do research
  8. Spread Christianity
  9. Move here

Loan forgiveness linked to public service

If you’re a government worker or the employee of a nonprofit organization, have been in your job for 10 years or more, and made 10 years of your monthly payments, the remaining balances on your Federal Direct loans would be forgiven. You are required to work at least 30 hours per week or whatever your employer defines as full-time work to be eligible.. The employers you could work for that would be eligible include federal, state and local governments, nonprofit organizations, AmeriCorps and the Peace Corps.

AmeriCorps

There are actually three categories of AmeriCorps – AmeriCorps Vista, AmeriCorps State and National and AmeriCorps NCCC. If you work for one of these organizations, you would get a small living allowance of about $24,200 a year. While you’re serving, the payments on your federal loan would be deferred. Then after a year, you would get a financial award that would be equal to the largest Pell Grant available that year. Your term of service would be 10 months but you could remain a volunteer for two financial years. The following video explains more about National Service through AmeriCorps and the various jobs you might have if you were to sign up.

Peace Corps

Service in the Peace Corps requires a 27-month commitment, though you can work longer if you choose. Once you serve for two years, you will get a payoff of 30% of the original amount of your Perkins loan. You can also defer payments on all of your federal student loans while you’re serving. However, the program’s pay off after you complete your term of service can apply only to Perkins loans and is 15% of your initial loan amount for every year you are in the service for the initial two years and then 20% more each year if you stay an optional third and fourth year in the service.

Teach for America

This all-teacher version of AmeriCorps offers a salary of $25,500-$51,000 a year. If you serve in Teach for America, you would have your loans deferred during the time you serve just as with other AmeriCorps programs. You would earn an annual financial award the equivalent of the biggest Pell Grant then available. The government also offers grants called Teach grants for as much as $4000 for people who will teach for at least four years in a in a high-need field.

Healthcare service

This service requires a two-year commitment and is open to any licensed health care provider in various fields. The National Health Service Corps will pay off up to $60,000 of your loans after you have served for two years if you work in a facility that qualified and has a worker shortage If you don’t qualify at that level, you could get paid off at least $40,000 worth of loan payments over two years.

Military service

There are a number of loan forgiveness options available through the US military. Both the Navy and the Army will forgive up to $65,000 of student loan debts though the Air Force’s College Loan Repayment Program offers only $10,000 per person. You should also be able to defer your student loan payments while you’re in the military and have your interest reduced to 6% on all loans.

Conduct research

If you have a doctorate degree in a health field and are engaged in research for the government or a nonprofit organization, you may be able to get loan payback of up to $70,000. This requires a two-year commitment and is run by the National Institutes of Health. If your debt is above 20% of your yearly salary from the sponsoring institution, you could earn up to $35,000 in loan reduction each year for two years. However, you will have to spend at least 20 hours a week researching.

Spread Christianity

Anyone who is a college graduate and a US citizen would be eligible for this GoCorps program assuming that you are between the age of 20 and 30. There is no salary. Your loan payback could be $5000 but this would include the $2500 you would be required to raise yourself. The loan forgiveness part works like a matching gift. If you raise $2500 by yourself by the end of two years, GoCore will match the moneyso you would have $5000 specifically for student loan payments.

Move here, pleaseget out of debt

Counties and cities across the United States are offering repayments of student loans if you simply move there. It’s really that simple. For example, Niagara Falls is now providing nearly $7000 to recent graduates who will live in selected neighborhoods within the city for two years. Also, in Kansas there are 50 counties that have been named “Rural Opportunity Zones.” They will hand out a maximum of $15,000 in student loan payments spread over five years to those who enroll in its relocation program. There have been 886 applications for the program since it began in 2012 with 509 already approved this year.

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Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Our call is recorded. How did you first hear about National Debt Relief? SABAD: Oh, I was just Googling, “How do you solve for debt collection?” And this is what comes up in the research. Charlotte: Was there any particular reason that you selected National Debt Relief as opposed to the others that came up as well? SABAD: Honestly, no. There's no reason. I just thought this was the best. Charlotte: Tell me about the service that they provided for you. SABAD: The service they provided was getting like, “You have 24 months to 42 months to get debt relief. This is how much you have to pay. You have to [reapply 0:01:19]. We can contact all the credit --” All the details they gave me, actually was knowledgeable. And I talked to one of my coworker, and she told me she did it like a year ago. I'm like, “Oh, I just signed in.” And she's like, “Yeah, they're the best.” Charlotte: What did you think about the enrollment process as far as how easy or difficult would you say it was? SABAD: I believe it was easy. I don't think it was hard. Anybody can do it. Charlotte: Do you remember the name of your negotiator? SABAD: Yeah, I think it was Oscar. I don't remember his last name. Charlotte: Is there anything about him that stood out and impressed you at all? SABAD: The way he explained to me, how he gave me the explanation. He didn’t put me in a pressure. He say, “Hey, take your time.” He gave me like three days to enroll. He say, “Hey, I’ll give you three days. You can go and research. Here’s my telephone number. Here’s my fax.” The way he provided all of it, that’s what made me say, “Hey, I think I can trust these people and do it.” Charlotte: How comfortable did you feel working with National Debt Relief through this whole process? SABAD: 100%. Charlotte: Is there anything about your negotiator that really stood out and impressed you? SABAD: Everything he did impressed me. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? SABAD: Maybe quick -- but I believe it depends on your budget and the time, so I think they're trying their best. But everything’s take a long time. So, I don't wanna be [unclear 0:03:20]. Charlotte: If you had to rate this experience on a scale of one to five stars, five stars is that you would recommend to friends and one star is you're pretty dissatisfied, how would you rate? SABAD: You said 5 is the what? Charlotte: Five is the very highest you could rate them. SABAD: I will say actually 5. My opinion, I would say 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? SABAD: Absolutely. Charlotte: I have you at sabadsamatar2014@gmail.com. SABAD: Yes. Charlotte: How would you say that working with National Debt Relief has impact your life? SABAD: It’s impact everything the last two years. I don't think I would survive without them. Whatever happen right now, to me, especially when COVID happened, I'm like, “Thanks, God.” It was the right time for me. I think God opened a door, say, “There we go. This is your right door that I opened.” Charlotte: We’re recorded.

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