Day 21 - Debt Forgiveness & Reduction

Most Americans will be saddled with debt at some point in their lives. Debt isn't always a bad thing especially if it is accrued in the process of investing in yourself. A major driver of debt can be college. However, there are programs to help you reduce that debt load thus saving money.

Public Service
There programs that forgive and reduce student loan debt if you worked in the public sector for a certain number of years or taken part in a program that is considered a public service like Peace Corps. Learn more about those programs below.

Student Loan Forgiveness: Who Qualifies, How Long Does It Take - NerdWallet

Who doesn't want their debt wiped away? Student loan forgiveness might seem too good to be true, but there are legitimate ways to get it. So-called debt relief companies, like the ones on NerdWallet's Watch List, claim to get rid of debt but rarely deliver after charging already struggling borrowers high upfront fees.

Forgiveness, Cancellation, and Discharge

Forgiveness, cancellation, and discharge of your loan means that you are no longer expected to repay your loan. [highlight] Are you looking for a loan discharge or forgiveness form? View a list of available loan discharge and forgiveness applications. [/highlight]

Corporate Options
Some companies offer programs that help qualified employees pay down their loans while other companies cover some or all of the cost of qualified employees seeking graduate degrees.

These companies will help you pay to go to college

Yes, it is possible to get a $25,000 discount on your college tuition, or even go to school for free. With tuition costs rising 6 percent annually - and the price of a degree potentially reaching $500,000 by 2035 - a bit of assistance could go a long way.

7 companies that help employees pay off student loan debt

Employers who help employees pay off student loans are rare. According to the Society for Human Resource Management (SHRM), only about 3% of companies in the US offer to help employees chip away at student loans. Most of the employees currently receiving this benefit work in the public sector, such as nurses, teachers, and lawyers.


Give the gift of financial literacy and help us raise $25,000 in 25 days by donating.