Clearing the Student Loan Slate

A new article by Business Week is aiding recent college grads in learning their options (all of them) when it comes to clearing the student loan slate! We talk a lot on this blog about student loan repayment options, and for good reason… everyone’s asking, “what can I do to manage my student loan debt?”

Even though paying back those student loans can seem like an impossiable task, being aware of all your options is key. “Shawn Agyeman was down on his luck last fall, having just lost his job as a research assistant at the University of Pittsburgh, his alma mater. With looming monthly student loan payments of around $200 a month hanging over his head, the recent college graduate was starting to worry about how he’d meet his debt obligations, fearful that creditors would harass his parents—who co-signed his loans—if he couldn’t come up with the money. Then he got a phone call from the director of a new grass-roots nonprofit that he says changed his life. Raymar Hampshire, co-founder of a volunteer group called SponsorChange.Org, presented Agyeman with a tempting offer: volunteer in the local Pittsburgh community several hours a week and receive a stipend that would help to cover his looming student loan payments.

“When I heard about it, I said: ‘I’d almost be a fool not to do this,’” says Agyeman, 25, who signed up for the pilot program in the spring of 2009 and will be doing it again this fall, with plans to earn $1,000 for his efforts. “I jumped all over it.”

Agyeman is one of thousands of people saddled with student loan debt looking for innovative ways to meet their monthly payments. Their plight has become even more severe as unemployed recent college graduates lose their jobs or continue to have trouble landing one, running the risk of not being able to pay back their student loans or, in the worst-case scenario, defaulting…”

Read Full Article…
www.businessweek.com


Tags: / / / / /

Share this Student Loan Information or Comment!


Share