College Loan Forgiveness
Did you know that paying for a college education can take many graduates up to 20 years! These costs are usually justified through higher earnings, but for many it can cause hardships. There are some professions that are good to consider because they do partial or full loan forgiveness.
Join the US Military
The Montgomery GI Bill, offered through the U.S. Armed Forces Recruiting program, may pay up to 60% of college tuition costs. Those active in the Army National Guard may be eligible for a payment of up to $10,000 towards loan debt. In addition, many veterans and private military associations offer funding through scholarships and grants. This program is very established and there is little grey area. You should know exactly what you are going to get from them.
Medical Professionals
If you are looking at the medial profession, Doctors, nurses, and physical therapists can take advantage of several programs offering loan forgiveness in select geographic areas. By providing services to depressed regions, up to 100% of their loans may be deferred. Additional areas of need include clinical research and dental care. Get your international travel shots, bone up on some foreign South American languages and have a valid Passport handy. There is a long waiting list for the good jobs in these programs and a shortage of doctors in the most remote and less desirable locations. We think this is actually one of the best programs out there. It helps young doctors bone up on skills, they typically learn much more on a daily basis than they do in a small "doc in a box clinic". You can also build lots of character.
Teaching
There are many arguments as to whether teachers get paid enough these days. If you could add in up to $17,500 in student loan forgiveness, however, it can make this high-demand career more appealing. Teachers that work in designated “low income” school districts for a minimum of five years can see some of that college debt wiped away. More debt forgiveness is offered to those teachers with an emphasis in math, science, and special education. Move to an area like NYC and you can be part of union and get even more benefit, but the competition for those jobs is stiff.
Social Work
Social workers who dedicate their time to agencies servicing families in low income or high-risk geographical areas may see total forgiveness of their Perkins Loan. An increasing amount of debt will be forgiven for each of 5 years served in these areas. Licensed clinical social workers will see the most money forgiven through government programs.
Law
Law students and newly graduated lawyers who offer their services at free and reduced cost can take advantage of partial loan forgiveness. By working for agencies that provide public-interest or non-profit services, graduates can make a difference in the lives of those who can’t afford legal representation. Equal Justice Works has more information on these programs. Law firms actually use College Loan Forgiveness as a recruiting tool to help get more lawyers at top firms.
Volunteering
Popular programs such as the Peace Corps, AmeriCorps, and Volunteers in Service to America all offer deferment or partial payment towards loan debt. Each program differs in its formula for awarding payments. Participants may see up to 70% of select government loans forgiven. This one is a tougher one because you typically get zero income while working for them. Stipends are some times payed and expenses covered, but many grads finds it extends them living off beans and rice longer than they would like.