Why Not Get Your Student Loan Forgiven
Imagine getting your student loans paid off. It may sound too good to be true, but HaveUHeard if you work for a certain amount of time in a job with student loan forgiveness options, you could get your loan balance canceled? It doesn’t necessarily have to be a job that you plan to stick with for the rest of your life, although that would be great too; however, the experience these jobs could provide can also beef up a resume for later. These types of jobs are generally plentiful due to a shortage of workers possibly because most aren’t very high paying. Here are some jobs and fields that could offer student loan forgiveness:
Medical Professionals
Perhaps you intend to go to medical or nursing school. You may want to consider serving in the military for a few years after graduation. The Association of American Medical Colleges maintains a list of loan assistance programs for doctors by state. Generally, working in an area where there is a critical shortage, particularly for nurses, you may be able to receive up to 60% of your loans if you agree to work up to two years.
Check out the Nurse Corps Student Repayment Program for more information. Loan assistance can also be found for dentists who work in qualifying areas after graduation.
The same can be true for pharmacists. The National Health Service Corps helps bring health care to underserved areas as well. They look for volunteers in all these areas as well as behavioral health.
Teachers
Teachers, particularly special education teachers, are needed in low-income school districts. Qualifying for the Teacher Loan Forgiveness Program could provide between $5,000 to $17,500 in loan forgiveness towards a Stafford loan, depending on the subject taught and years of service. If eligible, you could receive 100% coverage of a federal Perkins loan through the Perkins Loan Teacher Cancellation program.
Teach for America can also offer loan assistance by committing to teach in underserved districts for a period of time.
Students who would like to help bring about change may be interested in working for organizations like AmeriCorps or the Peace Corps that offer deferral or partial payment of loans.
Lawyers
Law school will surely cost a pretty penny as well, but if you are willing to devote a few years to public service, you may want to check out the Attorney Student Loan Repayment Program. There are many other programs for lawyers as well. Check out the loan repayment assistance programs for each college and state.
Government & Non-Profit Agencies
There are various government agencies or nonprofit organizations that offer loan forgiveness too. Full-time public service employees with Perkins loans can get cancellation or consolidation of their loans. The Public Service Loan Forgiveness (PSLF) Program is available to any federal, state or local government worker, as well as tax-exempt organizations or for-profit organizations with qualifying services. PSLF program forgiveness is not considered taxable income, so you won’t have to pay taxes on the forgiven amount.
Some federal agency positions, ones that they are having a hard time filling, can offer student loan repayment assistance. Employees have to commit to working for a minimum of three years to receive up to $10,000 (but cannot exceed $60,000) per year for federally insured loans. With the cost of education what it is today, these may be some great options to lessen the burden of lingering student loans.
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