For many of us, student loan debt can feel like a bit of a roller coaster. Yay! Graduation. Yikes! Drowning in student loan debt. Yay! There’s growing political support for student loan cancellation. Yikes! Not for all borrowers and all amounts. Trying to figure out how to repay your student loans in this atmosphere can be emotionally exhausting, regardless of how universal the concept of borrowing for education is. A Federal Reserve report from 2021 shows 30% of all adults took out loans to pay for school.
In the meantime, a bit of good news: There are quite a few grants and donors that pay off student loans, including brands, employers, professional organizations, and even local governments. With these options, it may be possible to expand your student loan repayment strategy beyond making more money and budgeting more wisely (though those are important, too). Taking advantage of these programs can not only cut your balance down significantly (if not completely), but it can also help reduce the amount of interest you’ll pay over the life of your loan — and the money you save there can in turn enable you to make extra payments. Plus, they could help you find some extra room in your monthly budget through tax credits and other support. Here’s where to start researching for donors that pay off student loans.
