The Student Loan Burden: Where you May Find Extra Help
You are not alone if you feel like there is no end in sight for monthly student loan payments; in fact, 44 million others are in the same boat around the US—with the debt now exceeding that of credit cards at a whopping total of $1.4 trillion.
Most students are full of optimism at the time they take out loans, whether they are federal or private. And while grants or scholarships may have been awarded too, student loans may have been needed to pick up the rest of the slack. Today, the average student loan is around $37,172. Billions of dollars for these loans have descended into varying states of nonpayment, from deferment to forbearance to downright default. Bankruptcy laws are strict about offering very little help for student loans unless hardship can be demonstrated—and that’s something that is historically quite difficult to do.
Often there are loan forgiveness programs for those who work in health care or education, as well as public service or a variety of volunteer organizations. There are a number of repayment options available for federal student loans as well. But what about your employer? Getting help with that student loan would be a wonderful bonus for most employees who may be struggling with all the typical bills, plus a monthly payment of $200-400 for the student loan. A small but growing trend shows that some progressive employers realize the value in helping with student loan debt.
SuperMoney recently covered this topic, pointing out that helping with student loans can be a strong incentive for getting new employees on board. Companies like Student Loan Hero may pay off as much as $2,000 a year.
“While a raise is always nice, I like receiving the extra help paying off my student loans because it gives me an incentive to pay them off faster,” says Mackenzie Kreitler, who works at Student Loan Hero. “Employees with student debt get up to $2,000 a year toward payments on our student loans, which is a huge help. This benefit has most definitely factored into my decision to accept a position at the company and stay with the company. When you are looking at over $900.00 per month in payments, any extra bit of help goes a long way.”
SuperMoney reports that as of 2016 only four percent of employers offered help with student loans. This may be a great idea to bring up at your next performance review! In the meantime, if you are having trouble paying your student loan—along with other debts—you need to speak with an experienced debtor rights attorney.
Contact us at Fitzgerald & Campbell, APLC. We can review your current situation and help you explore your options. Our attorneys have decades of experience representing clients in all types of consumer rights matters, including bankruptcy, and we are here to help you! Call us today for a free consultation at (855) 709-5788, or email us at firstname.lastname@example.org.
Posted in: Student Loan Debt