Oxstones Investment Club™Student loan repayment can be a big worry as you pass out of school. However, there are many options that may help you pay off the burden with ease.
Graduates fresh out of college are faced with debts that get piled up due to their education loans and other requirements of their studies. Moreover, these costs and debts related to the education are increasing at a really fast pace. And the situation is not getting any better with more and more number of highly qualified graduates coming out each year and but remain unemployed because there are not as many jobs to match the number of graduates passing out each year. But, there is no need to fret if you have a student loan and are not able to figure out how to repay it.
Volunteer organization and the help they can provide:
You might not have planned this, but it is perfectly valid option to join a volunteer organization. These organizations can really help you repay your student loan. These organizations run program wherein they give you some money to pay your student loan. At some instances they even pay you a stipend for every year you volunteer for the organization.
Volunteer organizations to look forward to:
Americorps is one such volunteer organization that you can go for. This organization looks into different kinds of problems in the United States communities. When you volunteer for this organization, you can be assigned as a mentor to the disadvantaged youth, or work for improving health services or teach some computer skills or can even train the community to deal better with disasters etc. Those members who are full time and have completed a full year of service are paid $4,725 to pay for college, qualified student courses or college. Some of the members also receive a stipend of $7,400 during the tenure of their service.
Another such volunteer organization is the Peace Corps which is an agency of the government and is entirely devoted towards worldwide peace and friendly international relations among nations. This particular organization makes sure to provide interested nations with trained professional men and women who further promote a more enhanced understanding of Americans on the part of the people that are served and also a better understanding of people on the part of Americans.
This particular organization provides a lot of benefits to the volunteers who get not only expenses for travel (to and from the nation of service), pay, expenses for living and the deferment of the student loan. For the first two years each year there will be a reduction of 15% of your student loan, this percentage becomes 20% on the completion of third and fourth year. So by calculation if you work for a full four years, you will have a total reduction of 70% of your student loan. This agency also provides the volunteers with a comprehensive medical coverage and a health insurance when the volunteer has worked for 18 consequent months.
Next on the list of such significant volunteer organizations is AmeriCorps Vista, which is a very well initiated program that fights against poverty in the entire United States. The volunteers for this organization are required to serve for one initial year in a not for profit organization where they are required to promote literacy or improving the health service or making efforts to strengthen a community or generating businesses. If you work for a full year at this agency you will get an amount ranging from $4,725 to $5,350 to repay your student loan. In addition to this amount of money the volunteer also gets an allowance for living, benefits of healthcare while he or she is working along with childcare services and forbearance of the student loan or deferment of the same.
Next very valid option for students can be the military services. There are army reserves and National guards’ services that offer several programs that help student to repay their student loans and also offer some educational bonuses. Next, you can even go for teaching which works in the fashion that if you accept a full time job in an area where the cumulative income is very low then you can get a certain part of your loan forgiven. For the first two years you get a 15% reduction for each year. Then for the third and fourth year you will have a reduction of 20%, followed by a 30% for the fifth year. So to say you will you’re your student loan 100% forgiven after five years of full time teaching job.
You can also consider going for the Nursing Education Loan Repayment Program, which is basically a federal government’s program that is designed to fulfill the need for qualified nurses. This program helps nurses that are working with non-profit organizations repay their student loans. For the first two years of service the nurses can receive a 60% of their nursing education’s balance and an additional 25% for the third year. And the rest of the services that the organization offers or the volunteers negotiate with their employers are added to these. There is also public service loan forgiveness policy under which the public servants like public service lawyers get help for repaying their student loans.
Repayment of student loans can be a very tiresome job and many are quite afraid of it and understandably so, but students should remember that help is available in various forms and if you opt for these volunteer organizations then you do not only find a way to repay your student loan but also do something substantial and remarkable in the process.
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