Alternative Student Loan Consolidation Options

If you are struggling with student loan debt and looking for a way to ease your financial burden, you might want to consider other ways of having your debt mitigated or paid off for you as you perform some act of community or private service.

Private Employer

Some private employers will arrange for school loan repayment in exchange for work from you in your chosen field of interest. Depending on the type of work and relationship with the employer this may or may not also come with a salary payment. Speak with your employer about loan repayment options that they may offer to qualifying employees.

Pro Bono Lawyers

Certain law schools will offer student loan repayment assistance to those students who opt to graduate with degrees specializing in public service or agree to work in that field for a period of time either pro bono or for the standard, low hourly wage usually paid for such services. This may include offering consultations to the poor for housing advice or helping the indigent with their options for life if needed. The school will offer payment of a certain yearly amount toward the repayment of your student loans.

Teachers

There are numerous opportunities for teachers and educators to have their student loan forgiven by simply applying with the Department of Education and agreeing to ply your trade in low-income areas for a minimum of 5 years, volunteering to tutor low-income students or working in areas where there is a shortage of teachers. Since this is government in action, the debt is not repaid so much as it will be forgiven by the government - under the right circumstances a teacher can have their student loans completely forgiven over time.

Doctors & Health Care Workers

Many organizations offer healthcare workers the opportunity to have their student loans repaid at a generous rate if they will serve in volunteer or low-income areas where there is a shortage of healthcare professionals in your field. If you need to fix your student loans and are a nurse or doctor, you can, by signing a commitment to work a period of time have up to $50,000 of your student loan repaid for you by NHSC (National Health Service Corps).

Any of the above options are acceptable if you've chosen the right degree to pursue for graduation. It is best to look into these options before you graduate by speaking to the staff in your school's Financial Aid office about the various options that they have available. Any of these choices can be done with or without loan consolidation, and may include extra terms or stipulations that you should be aware of before you agree to any service.

If you feel that you qualify for one of these options and may have been fulfilling the requirements already in the work that you have been doing, again, you can call your Financial Aid office of the school you graduated from - there may be options for you to receive credit for the work you have already done toward receiving loan repayment or forgiveness. Or, if you are confused and want to know more about fixing your student loans, then our frequently asked questions can help you learn more.