One of the quickest ways to eliminate your student loans is to pursue a career that will pay off your student loans for you.
Loan forgiveness programs are typically extended to those who enter a career in military service, volunteer work, teaching, the legal and medical fields, and several other service-oriented professions.
If you are training for the military or pursuing higher education to become a teacher, look into some of the student loan repayment plans available so that you can reduce or eliminate some student loan debt.
How Student Loan Forgiveness Works
Student loan forgiveness programs are available primarily to those will federal student loans, and can cancel all or part of your educational loans. You might qualify for this type of program if you meet certain criteria, such as:
Serving as a volunteer
Enlisting in the military
Pursuing a teaching career
Working in the medical, nursing or mental health field
Pursuing a career as a lawyer
You can check with your employer to find out if they offer a loan forgiveness program as part of their benefits package. You can also talk to a representative with a professional organization in your field.
Organizations that Offer Student Loan Forgiveness Programs
Contact any of the following organizations or associations to find out if your current employer or a prospective employer offers a student
loan forgiveness program:
The American Federation of Teachers
The Association of Medical Colleges
American Bar Association
College Cost Reduction and Access Act
Peace Corps Financial Benefit and Loan Deferment
Nursing Education Loan Repayment Program (NELRP)
National Health Services Corp
Other Student Loan Forgiveness Programs
In addition to the above professional organizations, the following agencies and organizations may also offer a reduction in student loans or pay for your student loans altogether:
Armed Forces Student Loan Forgiveness Programs – repays as much as $2,500
Providers of Intervention Services for Disabled Students – your Perkins loan provider can send you more information about this student loan reduction program.
Law Enforcement Officials Student Loan Forgiveness Program – granted to those who work in law enforcement at the local, state and federal levels
Some organizations do not pay off your student loans but will allow you to apply for a “readjustment allowance” each month that can be used toward debt payment. You can make arrangements for your debt payments by working directly with your student loan provider.