If you belong to a professional association - such as one for physicians, lawyers, nurses, social workers, or real estate agents - and have student loans, there may be good news. Large professional associations not only offer discounts and networking opportunities, they also often offer help with student loans, whether that comes in the form of information, guides to loan forgiveness, or special refinancing rates. Let's look at some of the ways your professional organization may be able to help with your student loan debt.
Partnerships with lenders
Many professional organizations partner with lenders to offer their members special perks on their student loans. These perks can include a rate discount on your loan's interest or a cash bonus. Some partnerships offer special rates for members who refinance student loans. Refinancing may save you a large amount of money over the life of the loan, and refinancing student loans comes without any additional fees. So, it's worth checking with your professional association to see if they have any partnerships with lenders. Just note that if you refinance any federal student loans, you will no longer be able to take advantage of federal programs and benefits, including but not limited to forbearance, income-driven repayment plans, and Public Service Loan Forgiveness (PSLF).
Working with a lender who understands your profession means they also have a good sense of what type of student loans you have and how your income may vary at different stages of your career. This often means a smoother process for all involved.
Debt education
Your professional organization may offer educational resources, such as webinars on student debt management, guides to loan refinancing, or guides to loan forgiveness programs. They may even partner with lenders to offer these services. If you're looking to learn about debt, understand optimal ways to manage it, and eventually become debt-free, checking whether your professional association has debt education programs may be a good place to start.
Access to experts
Many associations employ experts who can consult with you about your student loans and offer advice on repayment options. These experts understand what debts looks like for your specific educational background and profession, and they can give you tips to save money and help streamline the debt repayment process. They may also be able to connect you with student loan forgiveness programs or other assistance programs that can help you get back on track or pay your loans off faster.
A list of resources guides to loan forgiveness and other programs
Professional organizations often include a collated list of student loan resources on their websites. These guides usually include comprehensive information on profession-specific loan forgiveness programs and any other programs that may help members pay off their loans. This can be a great place to find information about loan forgiveness programs and paying your loans off faster.
Know what resources are available to you
Large professional organizations may offer several ways to help with student debt. It's important to know all the options and understand what resources you have at your disposal. If you're unsure what step to take next, reach out to your professional organization to see what they offer.
* This is a contributed article and this content does not necessarily represent the views of sciencetimes.com
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