I Work for a Non-Profit. Can I Get Some Help With My Student Loans? – Faser

“Dear Steve,

I have worked 40 hours a week for the past 6 1/2 years for a nonprofit. i had accumulated a good bit of medical debt which has all been paid off (since about 2009). i am a college grad with a student loan debt of $52,000. i have paid my monthly payment without missing a payment for 6 1/2 years…unfortunately i was slow to realize that this was not decreasing my debt!

in january the fog lifted and i have since increased to try to make 2 payments a month. i am in my late 30’s and live at home with my parents (my world collapsed in 2004). my parents are elderly and not in the best of health.

i have zero credit card debt, i have one loan (left from surgery last year $420), i have no assets.
i recently looked into peace corps, americorps, teach for america, all fine programs but to only receive $5000 to put towards my loan is not incentive enough. the military still does not allow people like me. i don’t have any idea where else to turn.

i called my lender after the whole obama-nonsense student loan help and the offer they gave me reduced my payment by $28 a month and cost me over $50,000 in the long run. i think i have tried everything that i can think of. i have applied for millions of part time jobs, i’ve had interviews and i have been told that they just don’t feel right giving a part time job to someone who already has a full time job. i’m frustrated and scared!

i am totally living in fear thinking about “the future”. when my parents move/pass i will not be able to afford to pay rent and to continue to make my monthly student loan payment. everyone says “you actually pay your student loan?” yes i do.

i accepted the loan and i am obligated to pay it is how i really feel. some say transfer it to a no interest for 12 month credit card and then on the 13 month file bankruptcy and have it removed. i really would prefer to not file bankruptcy. do you have any suggestions on the best way for me to tackle my student loan debt? the stress of this is killing me…

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Dear Faser,

Your loans sound as if they are government backed so the good news is that you sound eligible for the Income Based Repayment Program, IBR. In the IBR your monthly payment is based on your income and after 20 years the remaining balance is forgiven.

But you may be eligible for the the Public Service Loan Forgiveness Program.

Through the College Cost Reduction and Access Act of 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they have made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers. Since borrowers must make 120 monthly payments on their eligible federal student loans beginning after October 1, 2007 before they qualify for the loan forgiveness, the first cancellations of loan balances will not be granted until October 2017.

If you are employed full-time at a 501(c)3 non-profit you would be eligible for the program.

For more information or to examine this option further, click here.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

Steve Rhode
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