ORLANDO, Fla. (Ivanhoe Newswire) — The average student walks away from college with a diploma and $40,000 of debt. For Ivy League schools, that number can go as high as $250,000, including a post-graduate education.
Student loan debt in the U.S. totals more than $1.7 trillion dollars. These types of loans can affect your financial future for years. Some 43 million people in the U.S.– one in eight Americans — have student loan debt.
The good news is there’s help. First: look into grants open to anyone with student debt. Grants are available to specific professionals like teachers, lawyers, veterans, nurses, and social workers. You can search for free grants at https://www.govloans.gov or on professional association websites.
States also have their own grants and assistance programs. Ask your employer about repayment assistance. Some companies offer these programs as benefits to their employees.
Also, apply for an income-driven repayment plan. If you qualify, you may receive forgiveness on remaining loan amounts. You might also want to consider pursuing a public service loan forgiveness program, which forgives loan balances after you’ve made a certain number of payments while working for an eligible employer.
Just a reminder, as part of the COVID relief package, the U.S. Department of Education extended the student loan payment pause through May 1, 2022, giving people a suspension on their loan payments, a zero percent interest rate and they stopped collections on defaulted federal loans. There’s been no word yet on whether there will be an extension.
To receive a free weekly email on Smart Living from Ivanhoe, sign up at: http://www.ivanhoe.com/ftk