For millions of people struggling with their student loans, many of them are searching desperately for options. For those who couldn’t find work after obtaining their degree, going into default seemed like their only choice. The problem with that is, it made paying their student loans much more difficult, as interest piled on.
However, students have other options they may not be aware of. There are a lot of non-profit organizations looking to help students pay off their loans.
Danny McGee, a Michigan father who racked up $85,000 in student loans to become a building system engineer. After getting his Master’s degree from Tufts University, he was paying $850 per month on his loans. To make up for his lost income, McGee started working restaurant gigs, but it didn’t fit into his schedule.
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“I spend a couple of hours each week looking for additional ways to pay off my debt,” said McGee. As he continued to search, he found out about one such organization called the Shared Harvest Fund. The Shared Harvest Fund works to connected volunteers with paid opportunities and nonprofits that they are passionate about. Also, they will help pay back student loans.
For former students like McGee, it was the perfect opportunity. “Hopefully, debt freelancing is a way I can be a little bit more efficient with my time and that I can combine my passions in things that I care about with supporting myself,” he said.
How Shared Harvest Fund Works
If you care about social work to benefit others, you can do great work within that community and receive a monthly stipend. It can be anything from community development projects to helping solve homelessness. Just create a profile on their website, and they’ll pair you up with a project you care about. The stipend will pay out as much as $1,000.
This money is paid directly to your student loans. Even if you’re unable to do significant community projects, other odd jobs might fit within your expertise, such as accounting and legal assistance. It’s all about user experience to help others in a way that uses their time wisely. Jan Overton, a USC grad with six-figure debt amounts agrees.
“I’m really looking for work that’s more conducive to my schedule. Even if it’s only an extra $250 – at least those hours I work are giving to someone else to help someone,” she said. “If I could help other people at the same time while paying off my loans, not just for a job, but enriching my life, it’s such a better way to do it.”
Other Organizations to Help Repay Student Loans
Shared Harvest Fund isn’t the only organization that helps repay student loans. SponsorChange and Zero Bound are two others that use philanthropic work in this manner. The National Health Service Corps is a group that is in desperate need of health care professionals to volunteer in underserved areas.
AmeriCorps is a government program that matches professionals up with service programs. They can aid with natural disaster response and other relief efforts. Users who participate can receive the Segal AmeriCorps Education Award that grants the equivalent of the Pell Grant.
Students should know that there are options to help them pay for their student loans. It may be a struggle for a while, doing volunteer work at your own pace while paying off loans will be worth it. Gaining financial freedom while benefiting the community is something no one should regret.
