Student Loan Debt? Three More Resources

You can pay them off. You don’t have to run from your creditors, you can beat the loan game. You don’t have to live with the depression and anxiety. I’m here to help you help yourself out of your hole. Last week, I published a large list of student loan resources – everything from budgeting to loan consolidation. I’ll be updating that post, but wanted to make sure you all saw the latest and greatest information that I have, because I do have more great information for you!

Scholarships for a Alumni

Student Aid Plus offers “scholarships” that can be applied to your tuition bill or to your student loan debt. Each scholarship is dependent upon your location, so you will be asked where you live, though some opportunities are available nation-wide. You will have to answer one essay question to apply for scholarships, but other than that, it’s not a very time consuming process.

Try Volunteering

I have applied myself; whether or not I am accepted, I look forward to sharing more information with you about StartNoo. I truly love this concept because I believe we all have a duty to serve our communities. And you know what? For those of you feeling depressed about your situation, it might help you to get out and do a little volunteering with an under-served population. It might remind you how good you have it during those moments where you feel like nothing is good. Volunteering truly helps both sides.

Do you (or have you recently) volunteered in your community? Or perhaps you work for a non-profit. You could be a good fit for StartNoo. StartNoo is a brand new site that is working with donors and volunteers alike to help volunteers pay off their student loan debt (or pay tuition). StartNoo isn’t quite “live” yet; they are accepting applications for a test group of 45 volunteers, which will run through August. After the test group is finished, they will be doing their full-up program roll-out in the fall. They are accepting applications through the end of the month, so skedaddle over there and get signed up!

The SoFi Update

Basically, I think SoFi is a lender with a heart. If you lose your job, SoFi will pause your student loan payments and they help you find a new job. This makes so much sense to me it almost hurts my head. It’s in a loan company’s best interest to make sure you can make your payments, and make them on time, so SoFi is investing in you because they want you to succeed. What other student loan company is offering career support, including interview coaching, resume review, and negotiating tactics? (Seriously, I want to know!)

SoFi offers a 0.25% interest rate reduction if you sign up for AutoPay. They will also honor any grace periods that you have on the loans you want to refinance, so you don’t have to wait until your grace period expires to check them out. SoFi’s smallest loan is $10,000 and, if you qualify, you can borrow as much as needed to consolidate/refinance all of your student loans.

SoFi offers fixed-rate and variable interest rate refinancing options, with a variety of terms. You can check out an example, showing all the options, for a $10,000 loan here.

Don’t Lose Faith

Getting ahead is hard, but it’s doable. You don’t have to use Gradible every day until your loans are paid off. You don’t have to side hustle for 20 years. A little effort can go a long way toward creating some breathing room, especially if you have a number of loans. Make it your goal to bend over backwards just to pay off that smallest loan – maybe that’s 6 months worth of extra effort. That breathing room might be all you need to feel a little bit better about your financial situation. If that works OK, maybe you bend over mostly backwards to pay off the next loan, creating a snowball that can help you pay off the remaining loans. Now you have the momentum you need to completely change your course.