9 Charities that help with Student Loans | 2023 Updated (Full list)
The current federal student loan is a whopping $1.6 trillion owed by 43 million borrowers. Out of them, 53% have experienced depression.
Even after Biden’s law of debt cancellation, not all are debt-free. Their struggle to gather the repayment amount, along with the terribly high-interest rates, has caused mental havoc and an urge to gather money from whatsoever business, regardless of its alignment with the law.
Certain charities, however, have helped the students raise funds through multiple campaigns and programs. This allows the students to pay small monthly charges without the mental struggle while they complete the full payment directly with the colleges.
Here are 9 Charities you should know that help with Student Loans:
- 1. The Institute of Student Loan Advisors Corporation
- 2. National Association of Student Financial Aid Administrators
- 3. Equal Opportunity Schools
- 4. The Shared Harvest Fund
- 5. GoFundMe
- 6. The Canton Student Loan Foundation
- 7. Education Loan Finance
- 8. The Brazos Higher Education Service Corporation, Inc
- 9. The New Hampshire Higher Education Assistance Foundation Network
- Final Thoughts
1. The Institute of Student Loan Advisors Corporation
They are a nonprofit charity that believes that every student loan borrowed should be free of extra charges, pressure, and a list of personal questions, which eventually gets sold for all the wrong uses.
Their goal is to provide financial advice to help manage student loans, considering the current regulation and statutes. The best give fair opinions on the determination of loan forgiveness and complete guidance for filling out applications.
From the core, they promise fair and neutral loan advice. Hence, it is funded by grants and donations rather than advertising funds.
2. National Association of Student Financial Aid Administrators
This is a national nonprofit association that chiefly works to help students pursue postsecondary education with the help of grants, loans, and student employment.
The financial administrators steer children and help disburse the monetary resources. A regulated environment of ethical principles and core advocacy principles has led them to achieve a 100% rating from Charity Navigator.
Their yearly publications maintain their commitment to advocate for the policies and programs to aid students in increasing their access to postsecondary education.
3. Equal Opportunity Schools
EOS was set up to break down the intense barriers of learning inequality rather than increase low-income students’ footprints to participate and thrive in high school.
Racism has caused persistent access gaps and eradicated the sense of belonging from P and IB programs. EOS collaborated with more than 800 schools, with 100 more by the end of 2023 across 33 states, to enroll thousands of students of color or low-income in AP & IB classes and end the narrow-minded thought process of students being incompetent if they are financially below par.
They received a 2021 platinum transparency token from Guide Star and a 100% positive review from Charity Navigator.
4. The Shared Harvest Fund
Successfully effacing more than $120,000 of student loan debt Shared Harvest is looking forward to creating more equitable opportunities for higher education.
Their empathy-driven strategies provide borrowers with tailored opportunities and promote loan forgiveness through professional human development.
More than 67% of talented millennials struggle with focusing on their work due to their educational debt. SHF aligns its goals with the UN goals for 2023 to fill the gap between students and the right way of erasing their debt.
Gofundme is a 501(c)(3) public nonprofit charity that works on the crowdfunding model, the practice of funding a project by raising from a crowd. Their three simple steps lay a foundation for a bright future. Starting with the basic information to telling your story and then finally circulating it on their website will allow the donors to provide sufficient funds required by individual students.
This provides a scope for countless students to access education, eliminating the risk of slipping into depression due to the financial burden. In 2020, they became a trusted leader in online fundraising by delivering more than $15 billion from over 200 million donations globally.
6. The Canton Student Loan Foundation
Their pool of low-interest loan facilities keeps the charity running under the conscious oversight of their Executive Director, Kimberly Leggett.
Their plans cover undergraduates with a maximum amount of $16,0000 and graduate with a maximum of $24,000. These amounts incur a monthly payment of $175 and 123 payments and $250 for 132 payments, respectively.
Matching certain eligibility criteria and an easy-to-fill application form makes a student qualified to access the loans. Perfectly detailed answers to critical questions make the process easier to understand.
They score a 100% rating from Charity Navigator.
7. Education Loan Finance
One of their many popular programs, ‘The Private student program,’ can cover up to 100% of one’s school-certified cost of attendance; this includes stationery, books, tuition, transportation, and spare personal expenses.
Their trust credit is on the zero application or prepayment fees, lowest interest rates, three decades’ worth of expertise, and skilled full service to remote coastal areas of America.
To connect the process with the result even faster, they have a student loan calculator on their website, which helps to make quick decisions and acquire a huge target base. Trust Pilot relies on them with a 4-star rating.
8. The Brazos Higher Education Service Corporation, Inc
Founded by Murray Watson Jr. in 1975, Brazos has set its ultimate goal of enriching student lives by promoting college affordability.
They open up a door of saving possibilities with their low-interest rates and customized financial plans to cover their subsequent educational goals.
In their 40 years of experience, they have funded more than 2 million students with $30 billion. Their testimonials and reviews back up their dependability.
9. The New Hampshire Higher Education Assistance Foundation Network
For more than 60 years, NHHEAF has been funding New Hampshire families to pay for their children’s higher education. They are a trusted leader in their segment, bringing a wealth of experience in higher education, financial services, financial audit, and public affairs.
The American College Application Campaign is a nation-bound setup to navigate high schoolers with their college process;
They focus more on low-income students to further increase their number with the submission of college applications; their immense efforts were given a generous rating of 85% by Charity Navigator.
Money-related issues are sensitive and are better solved while taking care and precautions. Every charity’s compassion to help others have instilled an essential virtue of empathy and cooperativeness from an early age.
While the students experience the struggle to pay off their student loans, they are also receiving valuable training points to fight back with equal reasoning, notwithstanding their current economic situation.
Not everyone is born with a golden spoon, but to let it get inside your head and not work hard to achieve your goals would be the biggest mistake of all.