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With the costs of higher education continually on the rise, more and more students are forced to take out loans. Those who attend expensive private universities are the ones who are most likely to take out loans, but even state college students cannot afford to skip taking out loans. With graduates having to meet many financial commitments and starting with relatively low salaries, it is no wonder so many students are struggling to pay off their loans.
Fortunately, other than available Grants that Pay Off Student Loans, students also often have the option of donors that pay off student loans.
This guide provides information on seeking out donors who can pay off student loans.
Who are Donors that Pay-off
Student Loans?
There have been several donations that have repaid student loans, assisted students, and provided substantial awards. Several experts have estimated that these donations have benefited more than 5.5 million people in total. People looking for donors that pay off student loans can reach out to charitable groups or philanthropists, research student debt relief programs, use crowdfunding, or look for anonymous donors, among other options.
Donors that pay-off Student
Loans Details
There are predominantly three categories of donors that pay off student loans:
- Charities and Non-Profit Organizations
- Individuals, Philanthropists, and Celebrities
- Crowdfunding
1. Charities and Non-Profit Organizations
Charities and Non-Profit Organizations are a common source of donations to pay off student loans. Many organizations run student loan forgiveness programs and cater to students working in varying fields and sectors. Some examples are:
National Health Service Corps
With the help of the National Health Service Corps, graduates may be eligible for loan repayment support programs. As a healthcare professional, their loan payback relies on their specialty and whether they are employed full or part-time. Applicants must also labor in an area that is considered underserved in order to succeed. Doctors, nurses, and other healthcare professionals may be able to use this strategy to reduce or eliminate their student loan debt.
The Peace Corps
The Peace Corps is a government-sponsored initiative that encourages volunteers to serve in developing countries. People may be eligible for partial debt repayment help after completing their service. They will also be working to qualify them for the Public Service Loan Forgiveness (PSLF) program as a bonus.
AmeriCorps
AmeriCorps is not a charity, but it does give a partial loan refund after completing a year of service. Applicants must be employed full-time to qualify for Public Service Loan Forgiveness, which is in addition to offering partial loan repayment during their time in AmeriCorps (PSLF).
Teach For America
Teachers can receive up to $17,500 in student repayment aid if they agree to work for at least five years in a low-income and needed area. They may get some of their student loans forgiven using this route.
Shared Harvest Fund
Student loan repayment assistance is available through the Shared Harvest Fund in exchange for community service. Shared Harvest will contribute to the repayment of one’s school loans in exchange for volunteer time. Because of the COVID-19 outbreak, more people are looking for ways to support areas that have been impacted hard, providing people (especially nurses) with an excellent opportunity for student loan forgiveness.
Rolling Jubilee by the Debt Collective
The Debt Collective’s Rolling Jubilee project aims to eliminate debt. In addition to student loan debt, there is also a wide range of other debts the project covers. Rolling Jubilee buys the debt for pennies on the dollar as part of the effort. In short, this initiative forgives the debt instead of requiring the debtor to make payments.
2. Individuals, Philanthropists, and Celebrities
Individuals, Philanthropists, and Celebrities have been known to donate money to students to pay off their student loans. While some do so openly, many choose to remain anonymous. Individuals and philanthropic donors may belong to specific communities, religious sects, or vocations and sometimes donate only to students who align with their beliefs and principles. Celebrities donate individually on a case-to-case basis or set up a small fund to pay off student loans. Here are a few examples of known persons (or the funds they have set up) who have donated money to pay off student loans:
- LeBron James (The LeBron James Family Foundation)
- Jay Z (Shawn Carter Foundation)
- Oprah Winfrey
- Tyrese Gibson
- Beyonce (Homecoming Scholars Award Program)
- Taylor Swift
- Chrissy Teigen
- Nicki Minaj
- Robert H. Smith
- Drake
- Rihanna (Clara Lionel Foundation)
- Ellen DeGeneres
- Nelly
3. Crowdfunding
With the advent of smartphones and social media networks, crowdfunding has become increasingly popular to raise donations to pay off student loans. Students interested in crowdfunding must create a campaign for themselves on a secure platform and then share the link to that campaign via social media and other means. Here are some popular platforms that support crowdfunding:
There are predominantly three categories of donors that pay off student loans:
How can Students Pay-off
Loans using Donors?
One of the crucial points to keep in mind is that individuals seeking donors that pay off student loans must have a good credit standing and show that they have not defaulted on any payments in the past. If an intent to pay despite an inability to pay can be established, that would go in the applicant’s favor.
Once a person finds a suitable donor willing to write off their student loans, they must usually furnish some essential personal and financial information as part of the screening and subsequent dispersal process. Approved donations are typically paid directly to the loan source and not the applicant.
How to Apply to Donors
Pay-off Student Loans
Donors that pay off student loans. Individuals whom the donor has helped in years past, or even current students struggling to make ends meet, can apply online. Depending on the donor’s requirements, the process is sometimes quick and easy or time-consuming and difficult. In most instances, applications or requests for donations are made online, via the donor’s prescribed website, or sometimes in writing by mail.
If one chooses the crowdfunding option, they must pick a suitable crowdfunding platform, create a compelling fundraiser, share their fundraiser with known and unknown people, and keep their supporters in the loop as to the progress of their campaign.
Those opting to work in organizations in exchange for donations to write off student loans will have to go through the hiring/recruiting process stipulated by the organization they are applying to. Each organization will have its own set of requirements and application process.
FAQs about Donors the pay-off
Student Loans
Are there other ways to pay off student loans?
Yes, other than seeking donors that pay off student loans, people can consider State-Sponsored Student Loan Repayment Assistance, Public Service Loan Forgiveness (PSLF), Student Loan Refinancing, and Grants that Pay Off Student Loans.
Is finding donors to pay off student loans easy?
Can my employer pay off my student loan?
How much money can I get from a donor to pay off my student loan?
Additional Resources about Donors
for Paying off Student Loans
Here are a few resources that can help students and working professionals overcome student debts and clear their loans:
Student Loan Planner
Student Loan Planner assists consumers in obtaining the best student loan refinance deal or a customized student loan plan from their financial advisors. Members can acquire a unique student loan plan, refinance their student loans, and compare private student loans, among other things.
The Student Debt Crisis Center (SDCC)
The Student Debt Crisis Center (SDCC) is a nonprofit organization solely focused on ending the student debt crisis. It has built a network of over two million supporters and helped more than 25,000 borrowers navigate their repayment options. SDCC exists to support borrowers and fight for substantive policy change to improve the lives of borrowers.
Chipper
Chipper is a simple app that helps users optimize their student debt and ‘chip away’ at it faster. In just a few seconds, members can look at repayment alternatives and see if they qualify for one of 150+ forgiveness possibilities.