Help for Native Americans with Paying Off Student Loans

Native Americans who find they are struggling to pay off their student loans are not alone. In fact, there are millions of people around the country who have student loan debt that they find difficult to keep up with. Student loan debt can last for decades, depending on how much you owe, making it important to try and get control over it early on. There are options available for Native Americans who want to help paying off their student loans.

There are several options that Native Americans can explore to find help with paying off student loans. Here are some of the options you should explore if you have student loan debt that you need want to get paid off:

• Loan forgiveness. The federal government offers several routes to having your loan forgiven. It is worth exploring to see if you meet the qualifications to have your loan forgiven. If your loans are forgiven, it means that the balance will go to zero and you will no longer be responsible for paying anything back. Some of the routes to having your loan forgiven through the federal government include serving in a public role, holding certain teaching positions, school closing discharges, and more. Explore the various student loan forgiveness options through the S. Department of Education.
• Consolidated payments. If you owe student loans though several sources, you can see about qualifying to take out one loan that consolidates them all together. This will typically make it easier to make one affordable monthly payment, which will help make it easier for people to pay off their student loans. There are many companies that offer student loan consolidation plan, including your local banks, credit unions, and online loan centers.
• Lower interest rates. By lowering the interest rate on your student loans you will be able to make the payments more affordable. This will help you be able to pay your student loans off quicker and more comfortably. Contact several places that offer student loan refinancing options to see if you qualify to switch your loan to their institution and get a lower interest rate. You should be able to find lower interest rates through online student loan centers, credit unions, and banks.
• Indian Health Services Loan Repayment Program. For Native Americans who entered the health field, they may be qualify for help with getting their loan paid off in exchange for two years of service in the specific health facilities. The program will help pay for up to $40,000 worth of student loan debt in exchange for the two year commitment. Review the information provided by Indian Health Services to see if you qualify or would be interested in signing up for the two year program.
• US Army. Native Americans who serve time in the military may qualify to have their student loans paid off as a result. The US Army offers a College Loan Repayment Program, where those who qualify will get their student loans paid off. This program is open to those who are active duty and retired. Review the US Army Benefits website to see if you qualify for the program.
• Nursing options. Many hospitals around the country will help pay off the student loans of nurses that go to work for them. If you have a nursing degree, or will be pursing one, contact several hospitals to see which ones in your area offer a program that will help pay off your student loans if you take a position with them. This varies by area, but if you are willing to move to a new city or state for a couple of years, you may be able to get your student loan debt paid off during that time.

Native Americans who have student debt may find that the high monthly payments make it difficult to keep up on the payments. Add to that all the other things that you have to pay for each month and it can create serious financial problems. It’s important to not default on your student loans, or stop paying on them. Ideally, you should find a route that will help you get the paid off in a timely manner and with a route you are comfortable with.