For the average student loan borrower, it can take them at least 10 years to pay off their student loan debt. In some cases, it can take 20 or more years to pay it all off. As more people continue to seek a higher education, many are seeking alternative careers that provide some sort of student loan forgiveness to ease the burden. Here are some of the top jobs that offer student loan forgiveness.
Loan Forgiveness for Doctors and Nurses
Doctors and nurses have some options to help them with their debt. For doctors, The Association of American Medical Colleges keeps an up-to-date list of scholarships and forgiveness programs according to Student Loan Hero. Moreover, if you served in the military as a medical professional, you may also have further assistance options.
For someone that is a registered nurse, an advanced practice registered nurse, or a nurse practitioner, then you may be eligible for student loan forgiveness. The Nurse Corps Loan Repayment Program is one of the main options that nurses may be eligible to get student loan forgiveness. However, this program has an important detail that you should be aware of before jumping in head first.
Basically, the program will allow an eligible nurse to have 60 of their qualifying loan balance to be forgiven in exchange for a minimum two-year service requirement. If you complete a third year of service, you may be able to get an additional 25% off your loan balance. Keep in mind that the whole tax loan award amount is taxable. The amount of taxes that you will pay will be less than the full loan amount, but it is a detail that you should consider.
Loan Forgiveness for Teachers and Lawyers
Teachers have options for student loan forgiveness, but they must meet certain requirement to be eligible. If you teach in a low-income area school district, are a special education teacher, teach in an underemployed subject area, or in an area that has a shortage of teachers, you may be able to qualify for the Teacher Loan Forgiveness Program.
This program offers anywhere between $5,000 to $17,5000 in loan forgiveness. This will vary depending on what subject you teach and how many years you have been teaching. However, this is the important part: your loans must be from subsidized loans, direct unsubsidized loans, subsidized federal Stafford loans, and unsubsidized federal Stafford loans to qualify. If this is not the case for you, then another option is the Teacher Cancellation program, which could potentially forgive 100% of your Federal Perkins Loan.
According to Wise Bread, law students and newly graduated lawyers who offer their services at a free or lower cost may take advantage of partial loan forgiveness. Lawyers have the option of getting their student loan debt forgiven through public service programs that target lawyers. In addition to these programs, the Department of Justice offers a program called Attorney Student Loan Repayment Program that is opened up for applicants each year.
These are just some of the jobs that offer student loan forgiveness. There are others out there, such as automotive workers or anyone that is active military. Research the fields that interest you the most and determine what route would be the best for you not only as a career but also where you will end up financially when you are done with school.