14 Ways to Get Assistance for Your Student Loans

While there’s no magic bullet that will make your student loans disappear, there are legitimate sources of student loan assistance. Whether you pursue a forgiveness program or use strategies to lower your interest rate, you can save money on your debt.

While not everything on this list will work for you, there’s a good chance that at least one of these approaches will. And as a result, you might be able to get rid of your student loans ahead of schedule.

14 ways to get student loan assistance

Whether you earn money back on your loan or get some of your debt canceled, these are ways to get student loan assistance and pay your debt off faster.

1. Earn forgiveness through income-driven repayment
2. Serve the public for 10 years
3. Apply for forgiveness specific to your career
4. Find a loan repayment assistance program through your state
5. Volunteer
6. Work for an employer with a student loan benefit
7. Move to a new town
8. Find out if you qualify for student loan cancellation
9. Refinance your student loans for better rates
10. Sign up for student loan auto-pay
11. Crowdfund your student loans
12. Rent out your home
13. Sell your stuff
14. Find money in your budget

1. Earn forgiveness through income-driven repayment

If you’re having trouble making your monthly payments on your federal student loans, you may not be enrolled in the right repayment program.

Fortunately, there are four repayment plans that may be helpful, plus result in having some of your student loan debt canceled:

Income-Based Repayment (IBR)
Pay As You Earn (PAYE)
Revised Pay As You Earn (REPAYE)
Income-Contingent Repayment (ICR)

These programs lower your monthly payments to be in line with your income and qualify you for loan forgiveness after 20 to 25 years of consistent repayment.

A couple of caveats:

Forgiven loan amounts may be considered taxable income and taxes are due the same year you receive forgiveness.
Student loans stretched over 20+ years could end up costing you more in interest fees than the 10-year Standard Repayment Plan.

However, if you’re missing payments because you can’t afford them, that means late fees and, if you’re not careful, default. And if you have a lot of student loan debt, holding out for forgiveness could be worth it. These income-driven repayment plans are worth a closer look.

2. Serve the public for 10 years

If you have federal direct loans, consider the Public Service Loan Forgiveness program (PSLF).

To qualify, you must:

Work at least 30 hours a week for 10 years for a qualifying government or nonprofit organization (both the Peace Corps and AmeriCorps are qualifying organizations).
Make 120 qualifying monthly payments under one of the income-driven repayment plans.

Even better, loans forgiven under PSLF are not considered taxable income.

3. Apply for forgiveness specific to your career

PSLF isn’t the only student loan forgiveness program available to professionals. You can also find other federal programs for professions, such as doctors, nurses and teachers.

Here are a couple to look into:

Teacher Loan Forgiveness, which forgives up to $17,500 for qualifying teachers who work for five consecutive years.
Nurse Corps Loan Repayment, which pays off up to 60% of student loans for qualifying nurses after two years and an additional 25% after a third year.

The military also offers student loan assistance to those on active duty and veterans. For all the options, head to our complete guide to student loan forgiveness programs.

4. Find a loan repayment assistance program through your state

Many states also have student loan repayment assistance programs (LRAPs) for qualifying professionals. These programs offer thousands of dollars in student loan assistance to eligible borrowers.

Plus, you can sometimes use this student loan assistance to pay off both private and federal student loans (federal programs only forgive federal loans). Some commonly qualifying professions include


Many LRAPs also require that you work in a shortage or high-need area for a few years. Check out our full database of state-run LRAPs to see what options are available to you.

5. Volunteer

If it won’t interfere with a full-time job you already have (and want to keep), volunteering can be a great way of getting student loan assistance to pay off your debt.

As already mentioned, both the Peace Corps and AmeriCorps are qualifying organizations for the Public Service Loan Forgiveness Program. Americorps also offers an education award which you can use to pay off student loans.

Head to an organization you’re interested in to see if it could offer student loan assistance in exchange for volunteering.

6. Work for an employer with a student loan benefit

With the student debt crisis worse than ever, some employers are stepping in to help. An increasing number of companies now offer a student loan matching benefit.

Like a 401(k) benefit, this student loan perk matches your student loan payments dollar for dollar up to a certain amount.

If you’re open to swapping companies, consider prioritizing one that will help pay off your student loans.

7. Move to a new town

If you’re open to moving, you might be interested to know that some towns offer student loan assistance to attract new residents.

Through its Rural Opportunity Zones program, for example, Kansas offers $15,000 in student loan assistance over five years to qualifying new residents.

And Hamilton, Ohio, offers up to $10,000 in student loan assistance to qualifying professionals who work in Hamilton and graduated with a STEAM degree.

While there aren’t a lot of programs throughout the country like this, keep an eye out to see if any towns you’d be interested in moving to could help pay off your student debt.

8. Find out if you qualify for student loan cancellation

In certain special circumstances, the Department of Education will cancel your federal student loans outright.

The Closed School Discharge program, for example, cancels your loans if your school closed while you attended or shortly after you withdrew. And Total and Permanent Disability Discharge cancels loans for borrowers who experience a total and permanent disability.

Although these circumstances might not apply to the majority of borrowers, they’re worth knowing about. Head to our guide for all seven reasons you could get a student loan discharge.

9. Refinance your student loans for better rates

Another option to explore is student loan refinancing. When you refinance, you take out a new loan to replace one or more of your old ones. If this new loan has a lower interest rate, you could save hundreds or even thousands of dollars on your debt.

This lower interest rate might also mean you can afford to make extra payments on your student loans, thereby saving even more on interest and potentially getting out of debt ahead of schedule.

While refinancing can be a strategic way to save money on your student loans, make sure to learn about all the pros and cons before you apply.

10. Sign up for student loan auto-pay

Most student loan servicers offer an interest rate discount (usually 0.25%) when you set up autopay. This could save you hundreds of dollars over the life of your loan – not a ton, but money you can use to pay off your debt a bit faster.

Call or visit your loan servicer’s website for autopay information.

11. Crowdfund your student loans

Rather than volunteer your time, you can try a straight-up gifting campaign to crowdfund money for your student loans. While Kickstarter may seem the obvious choice, try sites more geared toward campaigns for educational expenses: Generosity by Indiegogo, YouCaring and GoFundMe.

12. Rent out your home

Do you have a guest room you could turn into a regular rental? Do you have family and friends you could stay with if you were to rent out the whole place?

Or maybe you’re planning on being gone anyway, which is a no-brainer way of making money on a space that would otherwise be empty. Airbnb has the best name recognition, but it’s not the only game in town. Check VRBO, HomeAway and FlipKey, too.

13. Sell your stuff

If you don’t need it or love it, why do you have it (especially if it represents assistance for your student loans)?

The obvious go-tos for selling pretty much anything are Amazon, Craigslist, eBay and Facebook Groups. But if it’s clothes you’re selling, you’ll likely get the best return via clothing-specific sites, like GoodTwice, Poshmark and ThredUP.

For anything that won’t sell online, never underestimate the power of an old-school yard sale, especially for furniture and miscellaneous household items.

14. Find money in your budget

It might not be the most fun, but one of the best ways to find money for your student loans is in your own budget.

Especially consider the categories of food and entertainment, where we tend to do the most spending on unnecessary items. For instance, if you haven’t already, cancel cable once and for all! You have plenty of other more affordable viewing options, including Netflix, Hulu, Amazon Prime and an HDTV antenna.

Where else in your budget can you find money to put toward student loans instead? Think of the freedom you’ll have later my making a few sacrifices now.

For even more creative ideas and inspiration, head to our ultimate guide on how to pay off your student loans faster.

Rebecca Safier contributed to this report.

Interested in refinancing student loans?
Here are the top 8 lenders of 2020!

LenderVariable APREligible Degrees 
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1 Important Disclosures for Earnest.
Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 4.25% APR (with Auto Pay) to 8.77% APR (with Auto Pay). Variable rate loan rates range from 3.50% APR (with Auto Pay) to 8.72% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 3/18/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

2 Important Disclosures for SoFi.
SoFi Disclosures
Student loan Refinance: Fixed rates from 4.25% APR to 8.774% APR (with AutoPay). Variable rates from 3.5% APR to 8.7% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 3.5% APR assumes current 1 month LIBOR rate of 1.62% plus 0.94% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

3 Important Disclosures for Laurel Road.
Laurel Road Disclosures

Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.


There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.


For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans.


Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).

Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.

All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.

For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.


The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.


The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.


After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.

We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.

We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.

If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.


This information is current as of March 4, 2020 and is subject to change.

4 Important Disclosures for Splash Financial.
Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.

5 Important Disclosures for College Ave.
College Ave Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1College Ave Refi Education loans are not currently available to residents of Maine.

2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.

4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 1/1/2020. Variable interest rates may increase after consummation.

6 Important Disclosures for CommonBond.
CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.67% effective February 10, 2020.

7 Important Disclosures for LendKey.
LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 03/17/2020 student loan refinancing rates range from 1.90% to 7.89% Variable APR with AutoPay and 2.99% to 7.75% Fixed APR with AutoPay.

3.50% – 8.72%1 Undergrad & Graduate

Visit Earnest

3.50% – 8.70%2 Undergrad & Graduate

Visit SoFi

1.99% – 6.65%3 Undergrad & Graduate

Visit Laurel Road

1.99% – 7.06%4 Undergrad & Graduate

Visit Splash

2.62% – 6.12%5 Undergrad & Graduate

Visit College Ave

1.76% – 6.24%6 Undergrad & Graduate

Visit CommonBond

1.90% – 7.89%7 Undergrad & Graduate

Visit Lendkey

2.39% – 6.01% Undergrad & Graduate

Visit Elfi

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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