Learn 11 Jobs That Offer Student Loan Forgiveness
While student loan forgiveness employment isn’t always the highest-paying, there are typically lots of potential due to labor scarcity. And what you may lose in income, you may make up for with loan forgiveness in a few years. However, before receiving loan forgiveness, you must ensure your job qualifies.
1. Federal agency employee
Here’s a little-known secret about federal agencies: They can offer student loan repayment aid if they’re having trouble attracting new employees to fill unfilled positions.
The new employee must sign a three-year contract with the government agency to be eligible. The agency may pay up to $10,000 per year per employee for federally guaranteed loans, but total assistance cannot exceed $60,000 per person.
2. Public service worker
You may be eligible for loan forgiveness if you work for a qualifying body, such as a government agency or a nonprofit. Full-time government employees with unconsolidated Perkins loans are eligible for complete cancellation. Employees in family and child services, law enforcement and corrections, and public defenders are all candidates.
Public employees who have Direct loans (formerly known as Stafford loans) may be eligible for loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program. PSLF is available to any worker at any level of government (federal, state, municipal, etc.), as well as tax-exempt or for-profit entities that provide a qualifying service. You will not have to pay taxes on any debt forgiven through the PSLF program because it is not considered taxable income. It would help if you did not have to pay another cent on your student loans after your balance has been erased.
3. Doctor/physician
There are various options available to doctors needing student loan repayment assistance. The Association of American Medical Colleges keeps a state-by-state list of financial help programs for doctors. Medical practitioners who serve in the military also have access to forgiveness programs. For example, the Navy Financial Assistance Program (FAP) provides medical residents with an annual grant of $45,000 in addition to their residency salary, which can be used to pay off medical school debt.
4. Lawyer
In addition to public service forgiveness alternatives explicitly aimed at law graduates, other types of loan repayment assistance are also available to lawyers.
For example, every spring, the Department of Justice launches its Attorney Student Loan Repayment Program (ASLRP) to assist in recruiting and retaining new talent. Justice Department employees must have at least $10,000 in federal student loans to be eligible.
The John R. Justice Student Debt Repayment Program provides loan aid in varying amounts based on where you live for students who desire to practice as public defenders.
There are numerous options available to law school debtors. For more information, see our list of loan repayment help programs for lawyers organized by school and state.
