As students are graduating from college, they are plunged into debt before their career has even begun. Many are questioning the need for college at all. Over 44 million Americans have student loans with an estimated debt valued at 1.44 trillion dollars. There are alternatives to this insurmountable debt, low-paying or high-risk public service jobs are great careers and also offer loan forgiveness. Let us look into some of these options.
Becoming a teacher
Education department guidelines dictate that school teachers may get up to $17,500 of their loans forgiven. To avail of this opportunity, they must teach at federally designated low-income secondary schools as a Science or Math teacher. Special education teachers in designated low-income primary schools can also get their loans forgiven. They should, however, teach for 5 consecutive years.
Public service careers
Full-time public service employees who have not consolidated their loans are eligible for forgiveness on their Federal Perkins loans. For public servants with loans other than Federal Perkins, Public Service Loan Forgiveness Program (PSLF) is available. It can be availed of by any government worker at any level be it federal, state or local. It is important to note that you must have made at least 120 student loan payments to be eligible. Furthermore, workers in political parties, for-profit organizations and labor unions are not eligible for PSLF.
Programs for doctors
Doctors are appreciated in any part of the world. Doctors enjoy several options when it comes to loan repayment. The Association of American Medical Colleges (AAMC) keeps a list of several scholarships and loan forgiveness programs that doctors are eligible for. Medical professionals in the military may also avail of these benefits and may receive grants on top of residency incomes to cover student loans. 30 states offer repayment assistance to doctors who work for a stipulated time (2 years on average) in a remote or understaffed area.
Becoming a lawyer
There are quite a few sources of loan repayment that lawyers are encouraged to take advantage of. The Department of Justice (DoJ) opens up its Attorney Student Loan Repayment Program (ASLRP). This program is to retain existing talent and attract some fresh blood as well. For those who wish to work as public defenders, the John R. Justice Student Loan Repayment Program provides between $10,000 and $60,000 per year.
Becoming a nurse
The Nurse Loan Repayment Program is used to forgive loans for registered nurses, nurse practitioners or a Health Professional Shortage Area (HPSA) facility nurse. In exchange for a 2-year full-time commitment, up to 60% of their qualifying student loan balance may be forgiven under the provisions of this program. The third year of service entails an additional 25% of their original loan balance. It is important to note that the amount awarded is subject to taxes and it may differ with each state.
Apart from these well-known career choices that offer student loan forgiveness, there are other careers such as pharmacists, dentists, veterinarians, and psychologists. All must meet certain minimum criteria to take advantage of these plans. Before making a career choice, these factors must be taken into account in order to make an informed decision.
