3 Career Paths That Provide Student Loan Forgiveness

Obtaining student loan forgiveness can help you eliminate all or a portion of your student loan debt. This process can be a significant financial boost for those that qualify. Certain careers allow easier access to loan forgiveness programs than others. Here are a few career paths to consider for student loan forgiveness.

1. Teaching

One career path that offers some significant relief for student loan debt is teaching. Teachers are in short supply in many areas, and as a result, the federal government has put student loan forgiveness programs into place for them. They know that this type of program has the ability to entice people to get into the teaching field.

In order to qualify for the programs, you have to meet certain guidelines. For example, you need to have been a teacher for 5 consecutive years. You also have to be a full-time teacher. The loans that you want forgiven need to have been generated after October 1, 1998.

The school district that you work for has to meet some requirements as well. The elementary or secondary school that you work for has to service enough low-income families to belong in certain government categorizations. With this type of loan program, you can get as much as 30 percent of your loans forgiven.

2. Medical

Getting into the medical field also could give you the ability to have some student loans forgiven. The National Health Services Corps offers a great loan forgiveness program for doctors and nurses that qualify. This program is designed to provide medical care to those that are in remote or economically depressed areas. These areas typically have little medical care available and therefore have a high demand for doctors and nurses.

To qualify for this program, upon graduation, you have to perform medical services in one of these regions for a certain number of years. For example, they might give you a certain amount of forgiveness for 5 years of work in a remote area. With the high cost of medical school, this program can provide a huge financial relief for many new medical professionals.

3. Military

The military is another career path to consider if you want your student loans to be forgiven. The different branches of the military have different programs that they offer to pay for student loans. For example, with the National Guard, you can get up to $50,000 worth of student loans forgiven.

The Army also has a nice program for student loan help. With their program, you can get 33 1/3 percent or $1500 towards the unpaid balances of your qualifying student loans for each year of service. Therefore, the longer that you work for the Army, the more money you will be able to accumulate towards the forgiveness of your student loans. To qualify for this program, you have to enlist with a high school diploma, have an Armed Forces Qualification Test score of at least 50 and enlist in a critical military occupation.

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