A college graduate from the class of 2016 will leave school with $37,173 in education-related debt, Student Loan Expert Mark Kantrowitz estimated in a May 2016 report for CBS News.
Up six percent from last year, that average is only expected to grow. But it doesnï¿½t have to be insufferable. While it may be too late for the 2016 grads, future college students should take notice that there are certain jobs that can help an individual eliminate student loan debt by simply being hired.
1. Teachers ï¿½ According to the Federal Student Aid website (https://studentaid.ed.gov), teachers at public schools can get up to $17,500 in student loans forgiven when they instruct math or science classes five years in a row at a secondary school designated as ï¿½low incomeï¿½ by the government. Special education teachers are awarded the same if they work for five years at a federally designated low-income elementary or secondary school.
Another option on the education career path is teaching at any public elementary or secondary school, which can qualify you for up to $5,000 in loan forgiveness.
Furthermore, teachers with Federal Perkins Loans can get all of those loans forgiven if they are employed for five consecutive years at a school that serves low-income families; they teach special education, math, science, foreign language or bilingual education; or they live in an area where there is a shortage of teachers.
2. Civil servants ï¿½ After 10 years of service at any federal, state or local government agency job, you can have the balance of your loans erased.
ï¿½The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer,ï¿½ the FSA website stated.
3. Volunteers ï¿½ While their career role may not technically be a ï¿½job,ï¿½ certain volunteers with Federal Perkins Loans can get up to 70 percent of their loans paid once their service is completed.
ï¿½Didnï¿½t get to study abroad in college? Join the Peace Corps and travel the world while also qualifying for student loan forgiveness,ï¿½ wrote Senior Associate Editor at The Atlantic Matt Vasilogambros.
AmeriCorps volunteers also qualify under the PSLF Program.
4. Employees of a nonprofit ï¿½ Similarly, people who work for charitable organizations qualify under the PSLF Program, but only if the nonprofit is tax-exempt through the IRS and is neither a labor union or partisan political organization nor a specified religious group.
5. Those working for the good of the public ï¿½ Get all of your Federal Perkins Loans forgiven if you work as a public defender, nurse, emergency medical technician, firefighter, or law enforcement of corrections officer; if you serve in hostile zones in any branch of the military; or if you are a social worker for families in low-income and high-risk areas.
6. Various other job titles, depending on where you live ï¿½ There are a number of state-specific loan forgiveness programs across the United States.
For instance, if you work in the health care field in many states, you can get some of your loans paid back. Eligible borrowers can even receive up to $160,000 in California from the California State Loan Repayment Program, according to a University of San Diego article, ï¿½60+ Ways to Get Rid of Your Student Loans.ï¿½
Meanwhile, working as a veterinarian, in a veteransï¿½ home or in any STEM (science, technology, engineering and mathematics) job can take money off your loan balance in various states. And these are just a few examples.
There are also instances where simply moving to a different state or town can get your loans forgiven. Vasilogambros highlighted a program in which you can capitalize on the need of the city of Niagara Falls, New York, to attract young people, and receive $7,000 in loan forgiveness over two years. But wouldnï¿½t qualifying thanks to the job that you secured with your college-earned degree make it all the more satisfying?
Stop by to find out more about the student loan options we have for you, and weï¿½ll figure out exactly what you need.