Immediately after college, graduates are left with the daunting task of paying off their college loans. They feel the pressure to find employment directly out of school and are met with the reality of a dwindling job market. Fortunately for seniors, both the government and private organizations recognize the struggle to pay off loans and are doing something about it.
“We’re offering millions the opportunity to cap their monthly student loan payments to ten percent of their income,” President Barack Obama said in his State of the Union Address, “and I want to work with Congress to see how we can help even more Americans who feel trapped by student loan debt.”
As Obama and Congress negotiate to find better ways of helping college graduates with debt, many programs have arisen to both alleviate the financial burden of student loans and promote charity.
Programs like SponsorChange.org, Zero Bound and Kiva help students find opportunities to volunteer and reduce their loan debt.
SponsorChange.org looks to empower struggling non-profits by uniting them with skilled, determined college graduates. As donors make small donations and pledges toward a student, SponsorChange.org matches the graduate with a program.
With Zero Bound, college graduates determine the amount of money they would like to raise and start volunteering. Zero Bound works with volunteers to find donors willing to support their efforts. At the end of project, donations go to the student loan company.
Zero Bound hopes to help not only the college graduates, but also small communities, which benefit from the volunteers.
There are many opportunities to pay off loans simply by finding a job at a nonprofit organization. The Public Service Loan Forgiveness Program helps those with jobs in the public sector who have made 120 qualifying loan payments. The experience of working for a nonprofit can help in further career choices and the opportunity to pay off one’s debt can go a long way.
Boston College students may already feel the pressure of student loans and worry about the financial burden. According to the Huffington Post, Massachusetts is not among the 13 States with the Highest Student Loan Delinquency.
Despite Massachusetts falling well bellow the national average, Boston College is an expensive school. Boston College ranks 36 out of the 50 most expensive colleges, according to CBS News.
Although not the priciest university, financing a Boston College education can still be stressful. For worried seniors, programs like Zero Bound and SponsorChange.org hope to offer needed relief and assistance.