Career Paths that Help with Student Loan Debt

Graduating college with mounds of student loan debt can be difficult. It can be hard to make the monthly payments right out of school. Repaying for twenty years can be quite a daunting thought. Certain careers paths will help you pay for college even after you have graduated. By choosing one of these careers, you can save a bundle in the long run.

Teaching

If you are a teacher, there are loan forgiveness programs available for you. One is through the federal government. This program is called the Federal Teacher Loan Forgiveness program. It will forgive $5,000 in federal Stafford loans. This means you don't owe anything on that amount of money. Another program called Teach for America seeks out new graduates to teach in disadvantaged schools. In addition to compensation, you can receive $1,750 per year towards student loan repayment. If you have a Perkins loans, you can have that debt wiped out by teaching at a qualifying school or teaching in designated subject areas, like special education.

 Health care

There are many opportunities to receive student loan repayment in the health care field. There is a great need for doctors, especially primary care physicians. It is very expensive to go to medical school, and the salary once you have finished is not always very high, so these programs can help. Some federal Perkins loans will be canceled if you work as a nurse or doctor in certain areas. Also, there is a program through the United States Department of Health and Human Services that will forgive loan debt for nurses, doctors, dentists and some other health care professionals if you agree to work for a certain number of years in under-served areas.

Military Personnel

Not only will the armed forces help pay for college while you are serving and after; they will also take over student loan debt that you accumulated before you enlisted.

Volunteers

If you work for AmeriCorps after you graduate, your Perkins loans can be canceled, and you will be eligible for student loan debt assistance for any other types of loans you have.

Federal Government Workers

There are many benefits to working for the federal government. You will have job security, good pay and great benefits. One of the benefits offered to federal employees is student loan repayment assistance. Each federal agency controls their own student loan repayment program, determining who is eligible and how much employees can receive. The amount will be higher for positions that are hard to fill or have lots of openings. The student loans must be federally insured ones, such as federal Stafford loans. An employee will be eligible for up to $10,000 per calendar year and $60,000 in total loan repayment. As part of the agreement, you must work for three years in the federal government, and if you don't, you will be required to repay the money granted to you.


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