We all know how student loans can cause crushing debts that extend for most of our lives, especially if we don’t find the right job. Paying for your college debts 20 years after you’ve graduated can be harsh on the pocket. Even with a high salary these debts can remain burdensome for many years.
Instead of working your way to pay off your debt, there are some career opportunities that may just offer you partial, if not complete, debt forgiveness. Devote a couple of years to these jobs, and before you know it you’ll find yourself debt free.
Jobs That Offer Debt Forgiveness
- Social Work – Volunteering your services with low income families can help you achieve total loan forgiveness if you are a social worker who has a Perkins loan. Aside from that, licensed clinical social workers may even have more loans forgiven through government programs.
- Teaching – Although teachers aren’t receiving such high salaries nowadays, loan forgiveness of as much as $17,500 can make this career more appealing to students. Teachers that work in low income school districts for at least five years can look forward to having their student loans erased. Emphasis on even more debt forgiveness is given to teachers who are qualified to educate in subjects such as science, math, and special education.
- Military – Those who have the courage and physical ability to serve in the military may be able to see a pay off of about 60% of college tuition fees. This is offered through the Montgomery GI Bill and the United States Armed Forces Recruiting Program. Aside from that, those who are working in the Army National guard may also be eligible for a payment of about $10,000 for college debt. In addition to the offers from the U.S. Armed Forces, there are also private military associations and veterans who offer scholarships and grants to deserving candidates.
- Childcare – If you have an associates or bachelors degree in early childhood education, you may be able to qualify for as much as 100% reimbursement for outstanding loan debt. Your services must be offered to communities with low income families for two consecutive years. New borrowers of federal education funds are eligible for this program.
- Law Students – Law students and new graduates may be able to receive partial loan forgiveness simply by working for agencies that offer non-profit services for public interests. They must also offer their services for free or at a reduced cost. Not only will these lawyers gain a reduction in their student loans, but they will also be able to make a difference to the lives of other people who cannot afford legal representation. More information on these programs can be found at Equal Justice Works.
- Health Care Professionals – Jobs related to medical care are highly sought after especially with the increasing population of retiring baby boomers. However, individuals who choose to provide their services in depressed areas may be able to take advantage of as much as 100% loan forgiveness. Several of these programs for health care professionals exist in select geographical areas. This need stretches out to those who are trained in dental care and clinical research.
- Volunteering – Different volunteer programs such as the Volunteers in Service to America, the Peace Corps, and Americorps can offer a partial reimbursement of student loan debt. Volunteering may not come with a salary, but they do offer stipends to their volunteers, and as much as 70% of government loans may be waived. Volunteering or offering services to the community can be a fulfilling and rewarding experience. Not only will active citizens be able to help the less privileged, the reward of forgiving student loans may just be the right motivator to get more volunteers. Aside from lightening your debt burden, giving your services to the underprivileged and joining an organization will also look good on your resume. What’s a couple of years of service compared to a debt-free life?
Have you been able to take advantage of a work related program to reduce your student loan debt?