Millennials Could Be Paying Off Student Loans MUCH More Easily

Stop us if you’ve heard this one before: College is expensive.

But perhaps the only thing scarier than the cost of college now is what the cost of college will be 5, 10, 15 or even 20 years from now. Currently, it’s estimated that about 44 million students account for more than $1.5 trillion in student loan debt. What’s more, CNBC estimates that the average student has more than $37,000 in student loans — an increase from the $20,000 average debt amount 13 years ago.

Don’t panic just yet, there is hope. Various employers and states have established student loan assistance programs. Hyundai is giving $900 to its employees with student loan debt who opt to purchase or lease a car from the company. If you go into the health care field — and help battle the opioid epidemic — a new federal plan will award students with $75,000 toward their debt. In New Jersey, legislators even went as far as considering establishing a separate lottery to ease student loan burden.

Yes, there are some innovative ways recent graduates can get help with their student loan debt. Here’s a look at some of them:

Employers

The goal of any business isn’t just to hit profit goals, but to attract and retain the talent to allow them to do it year after year. Hence, in order to get more exceptional applicants in the door, many employers are helping their workers pay back student loans. Companies like Aetna, NVIDIA and Sotheby’s are just a few of the employers that have established such programs. Others are planning on implementing a student debt contribution program.

Move

OK, we’re not saying just pack up and move anywhere, but certain states — like Maine — are attempting to attract young talent by offering help easing student loan debt. Plans vary based on a variety of factors, but Maine’s plan allows students to subtract monthly student loan debt from what they pay in state taxes. So while the state isn’t cutting young professionals a check for moving to the state to work, it is offering some relief in a creative way.

The city of Newburgh Heights, Ohio, has a pretty nice student loan debt plan of its own. Specifically, if you buy a home that’s valued at least $50,000 and attended a four-year college, the city will pay off half of your student loan debt up to $50,000. The only catch is you have to buy the home within 5 years of graduating.

There’s an App for That

Yes, there’s an app that can help relieve your student loan debt — and it’s a pretty fun one, at that. It’s called Givling, and it allows recent graduates to play trivia for a chance to win thousands of dollars each month. Heck, even if you don’t win, there’s a pretty good chance you had some fun trying to win.

The Old Conventional Way: Ask for Help

We’re not talking about putting out your hand to Mom and Dad, or Grandma and Grandpa. Well, maybe in a way. One way for new graduates to get some help with their loans is to ask for it — but probably not in the way that you think. They can create an account with Gift of College, then share the information with friends and family members who might feel inclined to help out a bit. Think of it kind of like a GoFundMe, except more college related. Even if a new graduate can’t drum up much activity regularly throughout the year, it can make for a good gift option come birthdays and Christmas time. Every little bit helps.

College isn’t getting any cheaper, that much is for sure. But with the competitive world that we live in today, a college education is almost a necessity. And unless you’ve got a nice nest egg tucked away somewhere, you’re likely going to have to borrow to make college a reality. The good news is that there are now more ways than one to help pay back debt, and surely there will be even more options in the future.

Regards,

Ethan Warrick
Editor
Wealth Authority


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