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College grads, work-off student loans instead of repaying

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

 budget
budgetR. Terpolilli

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/

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