Faster ways to pay off your student debt

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ORLANDO, Fla. (Ivanhoe Newswire) — The average student leaves college with a degree and $40,000 in debt. But that number can be as high as 250,000 for Ivy League schools, including post-graduate training.

Student loan debt in the United States is over $1.7 trillion.

These types of loans can affect your financial future for years; 43 million people in the United States have student loan debt. That’s one in eight Americans.

The good news is that there is help.

First, look at grants. The “Forget Your StudentDebt” scholarship is open to anyone in debt and pays out $10,000. Other grants are available for specific professionals like teachers, lawyers, veterans, nurses, and social workers.

You can search for free grants at govloans.gov or on the websites of professional associations.

States also have their own grant and assistance programs.

Ask your employer about repayment assistance. Some companies offer these programs as benefits to their employees.

Also, ask for an income-based repayment plan. If you qualify, you can receive a rebate on the remaining loan amounts.

You might also consider pursuing a public service loan cancellation program, which cancels loan balances after making a certain number of payments while working for an eligible employer.

Just a reminder, as part of the COVID-19 relief package, on December 22, 2021 the US Department of Education extended the student loan payment pause until May 1, 2022, giving people a suspension on their loan payments, a zero percent interest rate and they stopped collections on defaulted federal loans.

It is not yet known if there will be another expansion.

Contributors to this report include: Julie Marks, Producer; Roque Correa Editor and videographer.

Copyright 2022 WMC. All rights reserved.

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