Skip to main content
  1. News
  2. Business & Finance
  3. Personal Finance

College grads, work-off student loans instead of repaying

See also

Education is expensive, as any college grad or parent will tell you.

There are many college graduates who are carrying a huge burden of student loans and are looking for answers to get free of this financial weight.

According to www.edustudentloans.com, "The average undergraduate student has between $20,000 to $42,00 in student loans at the time of graduation." For the past decade, college tuition has dramatically increased, forcing students to borrow money to pay for college. "An estimated 70% of students leave college with loans and there is close to $600 Billion of student loan debt that is outstanding."

All of that debt places an early obstacle for our young population as well as the economic factors as a nation.

Here are a couple of ways to get past this financial obligation by considering alternatives to repayment.

One method is the public service loan forgiveness program (PSLF).

You may be able to eliminate your student loan by working for a not-for-profit and government agency.

There are programs for those who have a career in public service, so consider the types of jobs that fall into the category of state and federal government, school districts, hospitals and non-profit organizations.

To get more details, see the link below and find out if you and your loan are eligible. Qualification for the program is not income based.

http://studentaid.ed.gov/sites/default/files/public-service-loan-forgive...

The other program you may want to know about is called "SponsorChange".

In this arrangement, college grads who have loans, agree to volunteer at organizations that need their skills. The grads benefit their local community by putting in time toward that organization's goals. Donors who have also signed up at "SponsorChange" reimburse volunteers by paying down their student loans. Donors help the nonprofit get free manpower rather than making a traditional donation.

The motto of the program is "You Serve. They Sponsor. Change Happens."

So the grads get help reducing their student loan plus they gain some work experience along the way.

The founders of "SponsorChange" are brothers, Raymar Hampshire Ph.D and Robert Hampshire Ph.D and explain the program in the attached video interview.

Sounds like a smart idea for many reasons.

http://sponsorchange.org/

For the latest business news and local events, click on the subscribe button under my name above and you will receive an email alert when the next article is released.

Advertisement

News

  • Mt. Everest avalanche
    Disaster strikes Mt. Everest as at least 12 people were killed in an avalanche
    Video
    Watch Video
  • Most Earthlike planet discovered
    The Kepler telescope has discovered the most Earthlike, possibly habitable planet yet
    Space News
  • Easter crosses create debate
    Easter crosses spark a debate of separation of church and state in Ohio
    Headlines
  • Chelsea Clinton is preggers
    Former first daughter Chelsea Clinton is pregnant with her first child
    Headlines
  • Stanley Cup playoffs
    The battle for Lord Stanley's Cup is on, don't miss a minute of playoff action
    Sports
  • Ukraine discussed amongst U.S., E.U., Russia
    The U.S., E.U. and Russia agree on ways to diffuse the tension in Ukraine
    Video
    Watch Video

Related Videos:

  • Earn money working out
    <div class="video-info" data-id="205910267" data-param-name="playList" data-provider="5min" data-url="http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1304&width=480&height=401&playList=205910267&autoStart=true"></div>
  • Kids and money smarts.
    <div class="video-info" data-id="517735244" data-param-name="playList" data-provider="5min" data-url="http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1304&width=480&height=401&playList=517735244&autoStart=true"></div>
  • Budget tips for spring break
    <div class="video-info" data-id="517855762" data-param-name="playList" data-provider="5min" data-url="http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1304&width=480&height=401&playList=517855762&autoStart=true"></div>

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about Examiner.com and apply today!