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Student loans are one of the biggest problems that people around the country are saddled with, including felons. When it comes to trying to get them paid off, it can be a struggle. As you try to make payments you may fall behind, and they will continue to add penalties and interest, making it even more difficult to pay them off. The good news is that there is help for felons with paying off student loans.
It’s estimated that the average person who graduates from college in America ends up owing over $37,000 in student loans. That means they head out into the work world with a lot of debt that there income will go toward paying off. Millions of people around the country fall behind on paying their student loans. Many others report that they hold people back from being able to do things like purchase a home or vehicle.
It’s important to seek out help for felons with paying off student loans. If you do nothing, then your loans will sit there for many years. On the other hand, if you seek out assistance to get them paid off you may be able to save yourself a lot of money in interest in the long run. Contact as many programs as you feel you qualify for, because that is the best way to try and get the most help to pay off your loans.
Help for Felons with Paying Off Student Loans
National Foundation for Credit Counseling (NFCC) – This organization provides credit counseling. As a non-profit organization that focuses on credit, they can play an important role in helping you determine how to pay off your debt, including student loans. The help for felons with paying off student loans that they provide includes assisting you in finding better interest rates, prioritizing bills, and finding affordable solutions for your unique situation. They will work with you to help you find the best way to tackle your debt. To get more information, click here.
Student Loan Forgiveness – If your student loans are through the federal government, you may be able to get them forgiven. If your student loans are forgiven it means they will not have to be paid back. Whatever you owe at the time of student loan forgiveness will be canceled out. The government offers several programs that can provide help for felons with paying off student debt through loan forgiveness. One of the options is public service loan forgiveness. This program involves you being employed by a government or not-for-profit organization. The government also offers student loan forgiveness for some teachers, if your school closed, if you become permanently disabled, and for various other reasons. To learn more about the government student loan forgiveness plans, click here.
Program Forgiveness – There is help for felons with paying off student loans if they are willing to put in some time volunteering. Various organizations, such as the Peace Corp or AmeriCorps are good options to consider. When you volunteer some of your time with these organizations you will be able to get a portion of your student loan debt forgiven. The amount that will be forgiven varies by how much time you spend volunteering and which organization you are putting the time in with. This can be a good way for felons to get help paying off student loans. To learn more about program forgiveness options, click here.
SoFi- If you are unable to find acceptable help for felons with paying off student loans, it is a good idea to consider refinancing the debt. When you refinance your student loans you may be able to save thousands of dollars over the course of the loan. SoFi is one place that offers low interest student loan refinancing options for felons. Even if you don’t know if you want to refinance it’s a good idea to inquire about what interest rate you could receive if you did make the switch. This will give you an idea of the amount of money you will be saving over time while paying on your student loans. To get more information, click here.
There is help for felons with paying off student loans, both on a local and national level. Reach out to the programs above to see which ones you qualify for, and also see what is available locally. You may find local non-profit organizations that will offer assistance with paying off student loans. It’s also a good idea to contact reentry programs in your area. If they don’t offer help for felons with paying off student loans, they may be able to provide you referrals to places in your area that can help. The only way to get help with paying the student loans off is to contact as many places as you can and see which ones are willing to help.
