Need Student Loan Forgiveness? Consider Non-Profit Employers
Updated on May 3, 2019
Most college graduates today struggle with an abundance of student loan debt. The monthly payments are high and the loan totals are overwhelming. Luckily, there are ways to get out of this debt. One way to receive student loan forgiveness is by working for a non-profit organization.
Which Loans Can Be Forgiven?
First, let’s look into which student loans can be forgiven. If your student loan is through the United States Federal Government, it probably qualifies for forgiveness. There are a few federal loans that can not be forgiven, such as loans through the Federal Family Education Loan Program.
Which Payment Plans Count For This Program?
In order to get your student loan debt forgiveness, you need to use an income-driven payment plan. These include the Income Based, Pay As You Earn, and Income Contingent Repayment Plans.
Finding a Non-Profit Job
Now that we know which student loans can be forgiven, how can you take advantage of this? You will need to start by gaining employment through a non-profit organization. Many non-profits have paying jobs who work alongside their volunteers. To find non-profit jobs, look at non-profit job boards and consider reaching out to your local churches, animal humane societies, and thrift stores. Even some private schools are run as non-profits, and state and government jobs count as well.
When finding a non-profit job, you will need to look into some company details. Make sure that the company you are working for is tax-exempt. Every tax-exempt company will qualify you for forgiveness. Not every non-exempt company will do the same.
Once you gain employment, you will need to work at least thirty hours per week for the next ten years. This is the time frame that allows you to qualify for student loan forgiveness. During these ten years, you will need to continue to pay your normal student loan payments.
Loan Forgiveness Process
When your ten years is up, you can apply to have your loans forgiven. You will need to fill out a Public Service Loan Forgiveness form. You will then need to mail this form to the Department of Education for review and approval.
Working for a non-profit can be a rewarding experience, and it is a great way to get your student loans forgiven. If you follow the steps provided above, you can make a difference in your finances as well as in the world around you.