Jobs That Pay Your Student Loans

Not everyone could choose a job or career path that leads to cancellation, forgiveness, or discharge of their student loans.

Yet there are many that are already on track for these jobs or their current path is near enough that a slight turn and a little push in a specific direction may lead them to as rewarding a career as they would have had otherwise, with the added benefit of having their entire student loan burden being lifted and forgiven.

Take a look at these options and see if any might fit a career path you would choose or even better are already on.

Planning on Public Service?

Countless students have their sights on public service, whether it be through department management, research, or even public administration within each of these career paths there are many local, state, and federal programs that will pay off a loan early simply by continuing in a career they were already considering.

The specific way in which each of these programs works varies. The key is to know they are available and then to contact your local, federal, and state employment offices to find further details.

For example, one specific program on the federal level is Public Service Loan Forgiveness Program designed to encourage students to work full-time in public service jobs. With this program, you make 120 monthly payments and on the 121st payment the remaining balance due on your eligible student loan is forgiven.

Yes, forgiven, that means there will be no tax consequence. This may not seem ideal, having to wait 10 years, but with many of the extended repayment options that amortize over 20-25 years, this plan will forgive a substantial amount of debt.

There are dozens of programs available like the above. In some instances, for careers in high demand, the forgiveness period is reduced to 5 years. The important thing is that you now know these programs exist and if you were taking a career path anywhere near public service, discovering the specific details of the programs available may be critical in choosing one job over another.

How About Teaching?

There are fantastic programs available to teachers who can choose to direct their careers on a path that will pay their entire student loan balance off in full.

This may mean that you need to teach in a low income or underprivileged school for a few years, but if your heart is into giving as a teacher, working at these schools while you are young may be doubly rewarding as you have your loans forgiven and are exposed to some of the more challenging educational environments.

Teachers are entitled to a variety of programs for loan forgiveness available. For example, those who have taught for 5 consecutive years in a “low-income school” may be eligible for forgiveness of up to a combined total of $17,500 in principal & interest on their student loans.

This is just one example of the many incentives available for students who choose teaching as a career - a pretty wise decision if you’re looking for an option to quickly eliminate the burden of student loan debt early in their career.

The Many Forgiveness Options With Perkins Loans

With the FederalPerkinsLoan, there are in fact many ways students can have their Perkins loan forgiven in whole or in part depending on their career path decisions.

The following are some of allowed career categories with each having specific rules and guidelines that should be researched further if you fall into one of these:

1. Teach in a targeted low income school or area in which their is an identified teacher shortage..

2. Special Education professionals that teach special education classes in public schools.

3. A variety of programs for a variety of service careers, even in the for profit private sector as long as the career focuses on helping low income, the disadvantaged, the elderly, or at-risk families.

4. There are several nursing and medical technician positions that qualify for forgiveness..

5. Correctional officer and law enforcement careers.

6. Employees of Head Start.

7. Deployed active duty military.

Care To Serve?

There is much to be gained through Americorps or Peace Corps service as a unique experience that enhances a person’s view on life and the world around them. Beside making a real difference in people’s lives, volunteering in any of these organizations comes with the benefit of having your part of your loan debt forgiven.

As a volunteer, you may apply for deferment of Staffordloans and even partial cancellation of Perkins loans - 15% for each year of service, up to 70% in total.

Always Look For Options

The above is simply a partial list of countless options, career paths, or life decisions you can choose early that will help pay your student loans & avoid massive student debt one way or another.

Certainly these options are not for everyone, but for those already on such a path, choosing therightjob early while in school may indeed turn out to be a wise financial decision.