A New Loan Forgiveness Program
Dear Betsy,
I am currently working at a non-profit organization, and I just received my bachelor’s degree about a year ago. I have started making my loan payments, but I am worried about having 20 years worth of loan payments and not achieving financial independence or stability. Are there any grant or scholarship programs out there that would help 1 pay for college loans in return for service?
Sincerely,
Luisa
Dear Luisa,
Some companies pay some of their employees’ student loans as a benefit, so I would recommend looking into whether or not a program like this is available where you work. Also, a new loan forgiveness program is going to be introduced next summer that will allow some people working in non-profit or public service fields to potentially have the remainder of their loans written off after 10 years of both service and regular payment. Only certain payments count, though, so you will want to read all the fine print about this option before hanging your future plans on it. You will be able to get thorough information about Public Service Loan Forgiveness from your loan holder in about 6 months.
Best of luck,
Betsy
