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There are approximately 44 million individuals in the US living with debt. Accumulatively, they contribute towards more than 1.5 trillion dollars towards student loan debt as of 2018. Many are stating that the student loan debt has become a crisis or epidemic. I am one of those individuals who contributes to the insane amount of outstanding student loans. Even despite my attempts to obtain grants, scholarships, and work-study during my education, they did not cover the full expense. This forced me to make the decision to either obtain student loans or to quit working towards higher education. I knew that I was not the only one who had to make this choice for their future!
Higher Education and Student Loans
The last couple of decades have greatly contributed to the tremendous amount of student loan debt. The rising cost of higher education has made it harder for individuals to fully fund their education out-of-pocket. This change has created a demand for solutions on lifting the burden of student loan debt for post-graduate students. Many companies have started to problem solve and work towards alleviating the weight that student loan debt holds on borrowers.
Many of these companies are finding different ways to lower student loan debt through low-interest loans. These can be very useful for individuals who had to utilize high-interest student loans for school expenses. Depending on the lending company that you use, this can lower your monthly student loan payments but may lengthen the payback time. The alternative is that it may increase your monthly student loan payment but you would have the balance paid off much sooner than before. I will always recommend it to be best practice to meet with your financial advisor before making any major financial decisions.
Through my journey towards financial freedom, I have encountered a few companies that are providing great value in the battle in beating student loan debt through proactively saving, debt consolidation and debt forgiveness. We are going to highlight each company and we hope that you will find some helpful information in conquering your student loan battle.
Student Loan Debt Prevention
College Backer
As the cost of college keeps climbing, financial industries have benefited more by helping you accumulate debt instead of helping you save. Due to the current higher education system, fewer than 10% of families are utilizing the best financial tools that allow them to save for their or their children’s higher education.
CollegeBacker is an online company that was created to help every family no matter what they can afford. This website helps families start a 529 College Savings Plan within minutes and allows families to set a savings goal based on their financial status. The best part is that CollegeBacker adds a crowdsourcing twist allowing families to share their personal links and help build a community of friends and family working towards student loan prevention.
If saving towards college to help prevent future student loan debt or additional student loan debt wasn’t enough. CollegeBacker also partners with schools to help provide low-income families with college savings, financial education, and more. 10% of all payments received for utilizing CollegeBacker goes towards their school partnerships.
Eliminate Student Loan Debt for yourself and pay it forward!
Student Loan Debt Education
Student Loan Hero
Just like us who are currently swimming our way out of the trenches of debt, so was the CEO of Student Loan Hero. This website is a great resource for all things student loans where they educate you on everything from completing your first FASFA to finding unique ways to pay back your student loan debt.
As an individual who is post-graduation, I found their article on how to pay off student loan debt by volunteering an absolute gem. Can you believe that by volunteering your time, there is the potential to pay off your student loans?
We were always encouraged to apply for scholarships and grants to assist and paying for our higher education before and during our attendance. However, were you ever encouraged to apply for grants post-graduation to help pay off expenses incurred through higher education? I couldn’t believe I was never informed on the grant opportunities available to post-graduate students to assist with student loan repayment. Student Loan Hero did a wonderful job providing many grant opportunities all in one place for us. Seriously, go check it out and discover whether you qualify for any of these grants today!
Student Loan Debt Repayment
Lendkey
Many times when we are already facing large student loan debt amounts, we never consider applying for more. However, changing who your student loan lender is could potentially save you hundreds or even thousands of dollars over the years. Lendkey provides an innovative online lending platform that matches borrowers to community banks and credit unions. This new online lending platform allows for a more affordable option in student loan debt repayment. Choosing Lendkey for your borrowing needs will bring you transparency, accessibility and lost-cost options for borrowing.
I will always suggest speaking with your financial advisor before making any major financial decisions. However, I highly recommend Lendkey if you are considering consolidating your student loan debt. They have been a great company to work with and helping to alleviate the weight of student loan debt. I encourage interested individuals to check them out and learn more!
Givling
Back in 2015, I learned about a free trivia game that was working to eliminate student loan debt. This free trivia game has developed into a unique and supportive community known as Givling. This Givling community has been working together to crowdfund the repayment of student loans and mortgage debt and retirement contributions. Each player earns points that give them a ranking to enter the funding queue. Players earn their points by playing trivia, watching ads, buying coins, buying merchandise and participating with their various partners. Once a player is chosen to be part of the funding queue, their debts or retirement accounts will be crowdfunded up to $50,000!
During your wait to reach the funding queue, you have the ability to win weekly cash prizes. This opportunity arises just from playing your daily free trivia game! The highest scoring trivia team for the week will win the weekly cash prize. The three team members will then split the cash prize amongst themselves. With this feature alone, you have the opportunity to earn an additional $100,000. That is life changing money for many individuals!
Currently, Givling has helped pay off well over $1.5 million in student loan debt. Getting the opportunity to pay it forward by funding other’s student loan debts have been a one-of-the-kind feeling. Are you ready to be part of the Force For Good (FFG) community? Play free trivia for the chance to win cash prizes, pay off debts or fund your retirement plan. If you join today, use my invite code CA46306.
Come join forces with a community that is helping to eliminate student loan debt! What do you have to lose?
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Have you tried out any of these websites? What was your experience? We would love to hear how one of these websites has helped you gain control over your student loans!
