I am 41 years old. I started repayment on consolidated student loans through Sallie Mae 15 years ago. They have been sold to a different company at least once, I have deferred them several times but have never paid more than minimum amounts. I have mostly worked part time over the last 13 years due to having kids. I lost a full time job about a year and a half ago and am now back to working part time.
Is there any relief assistance available for me besides volunteering though Americorps or joining the National Guard? (the only two viable things I’ve seen in my search on line)
Are there Government Grants available? And how do I research finding them? or are there “Forgiveness” programs, and again, how do I go about finding them? Thanks for this great website! I hope you may have some helpful information for me 🙂
Do You Have a Question You'd Like Steve to Answer? Click Here.
When it comes to Sallie Mae students loans, I’m afraid the news is not wonderful. There are no government grants to repay private student loan debt.
If you have Federal backed student loans there would be much better options. But you don’t, rats.
The AmeriCorp Financial aid to repay student loans is only applicable to loans backed by the federal government under Title IV of the Higher Education Act (except PLUS Loans to parents of students), or under Titles VII or VIII of the Public Health Service Act. You may also use your AmeriCorp (Segal Education Award) to repay a student loan made to you by a state agency, including state institutions of higher education.
Unfortunately it looks like your Sallie Mae loans would not be eligible at this time, Segal Education Awards cannot be used to repay any other type of loan, even if the loan was obtained for educational purposes. – Source
The National Guard on the other hand has the Student Loan Repayment Program (SLRP) that does not appear to have the same restriction as AmeriCorp.
For Soldiers and officers who have an existing student loan obligation at the time of enlistment in the Guard, the Student Loan Repayment Program (SLRP) may pay up to $50,000 for certain jobs, with a six- or eight-year enlistment as a member of a unit.
In addition, current Guard members who extend their enlistment contract for a minimum period of six years are also eligible for this program, provided they meet certain requirements, including a qualifying score on the Armed Forces Qualifying Test and being in a valid Military Occupational Specialty (MOS) in a National Guard unit. – Source
Please post your responses and follow-up messages to me on this in the comments section below.
Get Out of Debt Guy - Twitter , Facebook
If you have a credit or debt question you'd like to ask just use the online form .