Student loan debt is a growing problem in the United States. It is also the second-biggest debt in the United States. Over 44 million people in America owe student loan debt. The total student loan debt is $1.5 trillion.
Betsy Devos is the United States Education Secretary. She stated that the student loan debt in America is an epidemic. Today’s student loan debt is triple what it was in 2007. It has increased by $500 billion since 2013.
Fortunately, Unum, which is a Fortune 500 company, has a proposal that can help people pay off their student loans. The company is based in Tennessee. Not only is this program available for students but it is also available for parents who took out their loans.
Here is how the program will work. Every full-time employee receives 28 paid vacation days each year. The program will allow employees to exchange five vacation days for student loan payments. This is equivalent to 40 hours. This program will start in January 2020.
People who participate in this program will receive a student loan payment that is equivalent to five days of work. If you do not work for this company, then there are still things that you can do to manage your payments. You can pay off your student loans faster by increasing your payments. You may also want to refinance your loans.
You can increase your student loan payments by getting a side gig. Additionally, you can apply for Public Service Student Loan Forgiveness. You may qualify for this program if you work in a public service. If you agree to work for 10 years, then you may be able to get the remaining balance forgiven at the end of the 10-year term. You will have to make payments based on an income-based repayment plan.