What ways can I get rid of student debt?

August 12th, 2009 | by admin |

I head peace corps forgives debt. What other alternatives are there? I’ll be graduating with a fine art communications degree, and I really don’t know what career I’ll be going into. I don’t want to be paying my debt for the rest of my life. Any suggestions?

PS: I heard there are agencies that can just correct your credit report so that you won’t owe anything. In other words, they will get rid of your debt at no charge. Is this true?

  1. 4 Responses to “What ways can I get rid of student debt?”

  2. By Ryan M on Aug 12, 2009 | Reply

    Student loan debt cannot and will not disappear by paying some agency. That is a myth. That is the ONLY type of debt that cannot be discharged. There are some occupations that will allow your debt to be forgiven such as teaching, but you have to teach for like 5 years in a HORRIBLE neighborhood. Other than that, you MUST pay this back. This type of loan cannot even be discharged by bankruptcy.
    .

  3. By Johnny Ballgame on Aug 14, 2009 | Reply

    There aren’t really any proven ’shortcuts’ to paying off debt of any kind, and there certainly are not agencies that wipe away your debt for free. Pay off your student debt as quickly and often as you can, beginning with the highest percentage rate debt. Make a budget for yourself every month and try to stick to it – contribute to a separate savings account if you need to and use that money to pay off debt. Try to stay away from credit cards so you can avoid compiling even more expensive debt.

    Its never a bad idea to work with your lender to try to set up a payment plan. A lot of what is happening in Washington should benefit people like you, and many lenders are now incentivised to work with their borrowers, so be professional, explain your situation, and ask for sincere help.

  4. By Amy on Aug 15, 2009 | Reply

    Companies can not correct your credit report, and even then, a credit report doesn’t absolve you of your debt.

    The only way to get rid of a loan is to pay it off. If it is a Govt. subsidized loan, you would still be responsible for it even if you filed bankruptcy.

    Get a job and start making payments.

  5. By Lauren F on Aug 16, 2009 | Reply

    There are some programs in the Federal government where if you work for 10 years, some of your debt is forgiven. Some school systems offer this for teachers as well.

Post a Comment