Slash Student Loan Debt with Surprising Expert Strategy
Utilizing Employer Assistance Programs
Many employers now offer student loan repayment assistance as part of their benefits package. This can be a valuable resource, as some companies provide monthly contributions towards your loan balance, helping you pay off your debt faster. According to a survey by the Society for Human Resource Management, about 8% of employers offered student loan repayment assistance in 20204. It's worth investigating if your employer offers such a benefit or considering employment opportunities that include this valuable perk.
Exploring Loan Forgiveness Programs
For those working in public service or non-profit sectors, the Public Service Loan Forgiveness (PSLF) program offers a path to loan forgiveness after 120 qualifying payments5. This program is particularly beneficial for teachers, government employees, and non-profit workers, as it allows them to have their remaining loan balance forgiven tax-free. Additionally, several states offer loan forgiveness programs for professionals in specific fields, such as healthcare and education, further easing the financial load.