With so many students graduating with student loan debts and being unable to find a job, recent college graduates are searching for any way possible to pay back their student loans. While federal student loans can be a little bit more flexible with their repayment plans, private student loans are virtually impossible to change these days. As a way to help some struggling recent graduates pay their bills some non-profit organizations such as SponsorChange.org and CharityForDebt.org are offering assistance to students in debt in exchange for their volunteer services.
Other options that fit into the same category include joining the Peace Corps or AmeriCorps. The Peace Corps has a long standing history of making volunteers eligible for deferment or partial cancellation of their federal student loans. AmeriCorps offers stipends to qualified volunteers to be used to repay their student loans.
The goal of these two new non-profit groups is not to have you volunteer all of your free time away, but rather work and volunteer simultaneously so that you are ensuring yourself that you will be able to make your student loan payments. Most volunteer gigs will pay between $10 and $15 an hour and will be used exclusively to pay back student loans. This wage is paid for by a sponsor who gets to deduct the “donation” from his taxable income, making it a win win situation for everyone involved.
This kind of forward thinking from organizations such as SponsorChange.org and CharityForDebt.org is exactly what this country needs at a time like this, especially now that student loan debts have surpassed credit card debts in the United States. By offering recent graduates the opportunity to volunteer their services within their community and pay back part of their student loan will go a long way to bettering many communities and keeping more people from falling further into debt.