Navigating the turbulent waters of student loan repayment is often a task fraught with stress and confusion. In this blog post, we aim to uncover some unique solutions to lighten such burdens: charities that assist with student loans and donors who are keen on providing relief. With either scholarships or grants, financial support becomes a beacon of hope for numerous students drowning in college debts.
The best charities that help with student loans are Scholarship America, AmeriCorps and Student Freedom Initiative.
These lending hands or donors that pay off student loans aren’t just confined to local territories; international students also have access to financial assistance aimed at easing their quest towards higher education. Through various credit counseling initiatives, debt settlement services, and loan forgiveness programs like public service loan forgiveness, they can significantly reduce student debt.
Charitable nonprofit organizations play an instrumental role in bridging the gap between educational aspirations and feasible financing options; promoting college access regardless if you’re still attending high school or ramping up repayments post-graduation. Also if you require help with other loans like car title loans, then here are some charities that help with title loans.
Notably present within these dedicated world-changers are generous donors eager to extend their kindness further than mere one-time funding prospects – monthly payment contributions lend long-term stability for those perpetually battling federal or private loans’ persistent demands through more manageable amounts over extended periods.
1. Scholarship America
Scholarship America is an esteemed organization with a mission to eliminate educational barriers for students, particularly focusing their resources towards black, Latino, indigenous, and historically marginalized communities that demonstrate high financial need. The goal is not just about providing scholarships but ensuring that these pathways lead to the successful acquisition of quality college degrees or credentials.
Since its origin in 1958, Scholarship America has disbursed $5 billion in scholarships making it the country’s largest and most experienced private scholarship provider. However, they acknowledge a disparity with only about 11% of awards reaching those students most in need.
2. The Canton Student Loan Foundation
The Canton Student Loan Foundation, established in 1922, is a renowned charity with a prime focus on providing financial assistance to deserving students. The foundation offers loans at a low interest rate for Stark County graduates helping them earn their degrees conveniently.
They have diligently developed and maintained a revolving pool of funds, ensuring the continuity of their work as students pay back their loans.To make higher education affordable for more individuals, they provide two prominent funding schemes: CSLF Loans ($16k for undergrad studies and $8k for grad school programs) & NCSL Loans ($14k undergraduate funds & an extra $8k borrowed for additional graduate courses).
Repayment begins three months upon graduation or post-graduation completion or immediately after withdrawal from school—keeping it effective yet flexible based on student circumstances offering seamless transactions via multiple payment methods such as “Automatic Payment” with the Foundation or secure online payments.
Ameri Corps provides a range of financial assistance programs to students struggling with the burden of student loans. Among these is their Segal AmeriCorps Education Award program, which becomes available after the successful completion of an AmeriCorps term of service.
This award can be utilised for repaying recognised student loans or meeting current educational expenses at eligible institutions. The award amount parallels the maximum value of the Pell Grant for the fiscal year in which the national service is approved and varies based on the level of participation.
Additionally, there are options available like qualified loan forbearance during the term of service and interest payments upon completing said service. Despite its life-altering benefits, it’s important to note that this education award is considered taxable income.
4. Debt Collective
The Debt Collective is a membership-based union aimed at contesting and transforming the current debt-financed economic system. This charitable organization seeks to assist individuals struggling with various kinds of debts, including educational, housing, utilities, and medical loans.
One of their impressive victories includes the abolition of over $32 million worth of medical, student loans etc., through crowd-funded donations. This alliance structure was born out of the Occupy Wall Street movement in 2012.
In collaboration with the Rolling Jubilee Fund – an initiative that purchases people’s debt portfolios to cancel them – they have managed to abolish substantial amounts of existing debt like student loan debt. The wholehearted commitment of the Debt Collective extends towards building a world where survival doesn’t necessitate accruing insurmountable debts.
5. Shared Harvest Fund
Shared Harvest is a benevolent B Corporation leveraging empathy-powered platforms to close equity gaps in education access. Their novel program, Jouvé reinvents student loan debt as an asset by pairing skill-based volunteers with opportunities for social impact alongside reducing their financial burden.
Their upcoming enterprise, Jouvé Health ensures fair career opportunities for healthcare workers featuring comprehensive wellness packages and student loan repayment options.
In terms of educational equity, Shared Harvest implements technological advancements to connect borrowers with localized servant leadership chances while lessening their student loan burden, thus promoting mental well-being and professional growth.
Use websites like GoFundMe, DonorsChoose, GiveCampus, Piggybackr, KickStarter, Chuffed.org, Fundrazr, IndieGoGo, GoGetFunding, and Patreon to raise funds to repay your student loans. Benevolent donors can provide you with financial aid to help you pay back your student loans.
7. Student Freedom Initiative
The Student Freedom Initiative (SFI) is a non-profit organization dedicated to enhancing social and economic mobility for students attending Minority Serving Institutions. Initially focusing on Historically Black Colleges and Universities, SFI plans to extend its services to other minority institutions in future.
Alluding a “pay-it-forward” approach, the SFI provides income-contingent funding alternatives designed as replacements for Parent Plus and private loans. Not only does this enable affordable access to higher education but allows participating students greater professional flexibility upon graduation.
Additionally, the charity offers an extensive array of support services such as tutoring, mentorships, and career counselling among others in collaboration with relevant partners. These holistic solutions are continually refined based on data analysis committing to fostering student success.
8. Student Loan Forgiveness Programs
Government-supported student loan forgiveness programs, particularly those supported by the state, offer a viable solution to escalating student debt by providing opportunities for students to have part or all of their loans forgiven. These programs are often focused on spurring graduates into high-demand professions or working in underserved areas.
Students should be proactive in taking advantage of these programs as not only do they alleviate financial burdens but also provide a pathway towards careers that make significant contributions to society.
9. Student Loan Justice
This charity was founded in 2005 by a few activists, who run campaigns and help others become aware of the student loan crisis. You can contact them for help, as they seem to help with loan payments.