Students all around the country and right here in Memphis, Tennessee face growing student debt. Many students are concerned about debt management after they graduate from college. As more and more students graduate with debt, more and more organizations are coming out to try to help students.
Recently a new start-up formed, called Zero Bound. Students who graduate with student debt can sign up to volunteer with various non-profit organizations. By committing to volunteer, community sponsors will pay for portions of the student’s loan debt. The service calls it a win-win for everyone as the student gets help paying down their debt and the community receives the assistance of the highly skilled student. Zero Bound is just getting started and hopes to be fully up and running by early 2013.
Students who graduate with student loan debt are often nervous about finding a job that will pay enough to begin making payments on their student loan debt. Programs that assist students in paying back their debt will be great additions to a student’s debt management plan. The Federal government also provides some debt relief programs. A person who works in government service may be entitled to a certain amount of loan forgiveness if they work for the government for a set period of time. The government is allowed to use loan forgiveness as a recruiting tool for new graduates.
Students have more and more options for obtaining help repaying loans. This can help the student to formulate a successful debt management plan. Students should still be mindful of the fact that student loan debt is not always discharged when declaring bankruptcy.
Using all of the options available, a student can create a successful debt management plan and be able to pay their student loan debt.
Source: Forbes, “Start-Up Aims To Help College Grads Volunteer Their Way Out Of Student Debt,” Oct. 26, 2012