If you want to pay off your loan but don't have the money for it, there are a variety of programs you can use to offset or defray your costs above and beyond loan consolidation. Here are a few options to consider:
1. Peace Corps. Go traveling with the Peace Corps and you'll get to defer most of your student loans until after you leave the program. Not only that, but you may even get some of your loans reduced. Peace Corps (800) 424-8580.
2. Americorps. If you're willing to devote a year of your life to volunteering for Americorps you can earn $4,725 to spend on your college debt as well as a stipend of up to $7,400. Americorps (800) 942-2677.
3. Teaching. If you like to get your summers off, then sign up to teach full-time under certain conditions and your loan will be completely forgiven. Your options include teaching special ed, teaching in a school that services kids students from low-income families or teaching in an area designated as have a teacher shortage.
4. Military Service. Be on your way to complete loan forgiveness and buff up at the same time! If you join the Army Reserve or the National Guard after graduation, you can receive up to $10,000 to pay off your loans.
If you're strapped for cash and buried under a mound of debt, consider any of the before mentioned options. You will not only offset the cost of going to school but you can also gain valuable experience that can be used to earn more income when you begin working.
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