7 Less Glamorous Jobs That Will [Still] Forgive Student Loans

By Michelle Flores / Posted: Oct 27, 2018 / 0 Comments / Posted in Student's Corner

Jobs That Will Forgive Student Loans

Do you think it is it possible to have your student debts forgiven? Yes, absolutely.

There are many debt forgiveness opportunities which have emerged to entice fresh graduates and workers into the less glamorous job markets. Discussed below are some of the careers which offer student loan forgiveness programs.

1. Teacher Loan Forgiveness Program

Under this program, the teacher is required to teach full time for at least five consecutive years in an educational service agency, or a low-income school.

Any teacher who meets all the required qualification and application instructions is eligible for forgiveness of any amount up to $17,500.

However, It is vital to understand how the teacher loan forgiveness programs work with PSLF so that you can be better positioned to make the best choice.

2. Student Loan Forgiveness for Nurses

There are many options for the graduate nurses who want to be assisted to repay their student loans. The opportunity is also open to all nurses who medical practitioners who are registered by the medical authority body. However, the full award for the credit is taxable depending on the state’s laws.

The medical professionals who wish to join the military are also given the opportunity to access the debt forgiveness programs. Nurses receive an approximate amount of $45,000 annually on top of their private income, which is used to pay the medical school debt.

3. Public Service Loan Forgiveness Programs (PSLF).

Most of the public workers who qualify for these programs are law enforcement and correction officers, family and child service employees, as well as the public defenders. The initiative can also be applied by all government organization workers working at either the federal, state or local levels.

Political party workers or labor union workers do not qualify. To receive the PSLF award, you must make 120 monthly payments towards the loan or more.

4. Military Loan Repayment Programs

There is no better job other than serving your fellow countrymen. Several incentives
are given to the students who sign up for such positions, and the student loan forgiveness program is one of them. So, if you are looking forward to paying you loan dues, consider having a military career, you may be eligible for up to $10,000 payment of the total debt.

5. Law Repayment Programs

Law students including the freshly graduated lawyer’s who provide their services at no or little costs can take advantage of the loan forgiveness programs. By working at the agencies which offer nonprofit services for the interests of the public, graduates can legally present those who can’t afford to hire their lawyers, and thus make a significant impact on their lives while still benefiting from the debt forgiveness initiative. The terms and condition vary between organizations, but the applicants receive an average of $10,000 per year.

6. Volunteer Programs

Are you aware that there are volunteer organizations which help people repay their student loan debts? Don’t allow the high school debt prevent you from helping others. Many organizations including the AmeriCorps and Peace Corps among others provide the student loan awards and other payments option to the parties who volunteer to work for them.

However, you should only apply for this program once you have worked for the organization for a certain period. Their terms and conditions vary among the organizations. Hence you should confirm from the websites first.

7. Childcare

Child care providers are eligible to get 100% clearance of the outstanding student loans. To qualify, they should have a bachelor’s degree in early childhood education or any course in the related field.

They are also required to have worked for the organization for a community composed of low-income families for at least two consecutive years. This program is has a stringent process for new applicants.

The Pros of Student Loan Forgiveness Programs

      • Helps you to handle your student loan debts. If you decide to join the public service forgiveness initiatives, you may get rid of the loans provided that you make the required 120 monthly periods of ten years. The remaining amount is forgiven after ten years.
      • You can qualify for several jobs. Your supervisor may decide to employ you permanently if your job performance is satisfactory.
      • The forgiven amount is not taxed. Although not all them, there are some programs which use a tax implication method to prevent you from paying taxes for the forgiven amount. This means that you will only be taxed for the interest.

The Downsides of Student Loan Forgiveness

      • You might wait for more than a decade waiting for the forgiveness. Regardless of the type of the program you enroll for the loan forgiveness, keep in mind no institution will forgive you after a short time. For instance, the public service loan forgiveness program allows students to work for a minimum of 10 years and a maximum of 25 years, depending on the amount you had borrowed.
      • Your balance will keep on growing as you wait. Most federal student loan forgiveness programs ask the students to develop an income repayment plan first. During that time, the monthly payments could be significantly lowered to as little as $0 per month. As a result, the owed loan amount keeps on increasing.
      • Stringent qualification criteria. Some organizations have strict and prolonged processes which you have to go through before they enroll you.

The student loan forgiveness programs are quite attractive when you understand what you are getting yourself into. It’s, therefore, crucial to consider both sides. It includes understanding the consequences and the drawbacks before you enroll in any program.

Additionally, take the student loan forgiveness as a potential perk which will help you handle the situation, rather than the solution to your debts.

Works Cited

1 Student Loan Hero “8 Great Jobs That Offer Student Loan Forgiveness” https://studentloanhero.com/featured/student-loan-forgiveness-jobs/

2 CollegeRaptor.Com “Pros And Cons Of Student Loan Forgiveness Programs” https://www.collegeraptor.com/paying-for-college/articles/student-loans/pros-and-cons-of-student-loan-forgiveness-programs/

3 Student Loan Hero “5 Unusual Careers That Qualify for Public Service Loan Forgiveness” https://studentloanhero.com/featured/public-service-jobs-unusual-careers-qualify-public-service-loan-forgiveness/

4 StudentLoanService “The Pros and Cons of Federal Student Loan Forgiveness” http://www.studentloanservice.us/pros-and-cons-federal-student-loan-forgiveness/

5 The Simple Dollar “Student Loan Forgiveness: Jobs That Pay Off Your Debt” https://www.thesimpledollar.com/student-loan-forgiveness-jobs-that-pay-off-your-debt/

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