Best Jobs For Student Loan Forgiveness

Free Refinance Quote →
by Lance Waverly | Last Updated: April 12, 2017

 

Share this Image On Your Site

The Best Jobs for Student Loan Forgiveness

For some jobs, the perks go beyond annual salaries and 401(k) plans. Some career fields actually help employees with their student loans through federal debt student loan forgiveness programs or company-sponsored repayment packages. Let’s take a look at what careers you might consider if you need a little debt relief.

$1.2 trillion

Amount of outstanding student loan debt in the U.S. (1)

$33,000

Average student loan debt per graduate (2)

According to an American Student Assistance survey, help with student loan repayment is one of the main factors in borrowers accepting jobs.

Student loan help impact on job decision (3)

Considerable impact: 45%

The deciding factor: 38%

Neutral: 8%

No impact: 5%

Minimal impact: 4%

Careers for Credit

There are seven career categories to consider when looking at student loan aid and reduction. Some receive more help than others, and some only help with specific types of student loans. (4,5,6)

Federal Agency Employees

Federal agency employees might work for the U.S. departments of:

Student loan aid: Up to $10,000 per year per employee, no more than $60,000 (7)

Qualifications: Employee must sign three-year contract

Public Service Workers

Public service workers include:

Average salaries: Police officers, $61,270; correctional officers, $45,310; social workers, $46,170

Student loan aid: Public Service Loan Forgiveness Program (PSLFP)

Qualifications: Borrower must have made at least 120 loan payments and must work for federal or local government, or nonprofit organization.

Doctors

Average salary for physicians and surgeons: $202,450

Student loan aid:

Lawyers

Average salary: $136,260

Student loan aid: The Department of Justice’s Attorney Student Loan Repayment Program (ASLRP) not only offers incentives to new lawyers, but also opens up the possibility for public service worker repayment help. (9)

Qualifications: Graduates must have at least $10,000 in federal loans.

Nurses

Average salary for RNs: $71,000

Certain types of nurses can qualify for loan forgiveness with the Nurse Corps Loan Repayment program, including:

Student loan aid: 60 percent of student loan balance forgiven

Qualifications: Nurses must sign a two-year service contract.

K-12 Teachers

Average salary for elementary school teacher: $43,574 (10)

Average salary for high school teacher: $47,737 (10)

Student loan aid: Teacher Loan Forgiveness Program offers between $5,000 and $17,500. Also, loan cancellation programs can apply to Federal Perkins loans. (11)

Qualifications: Qualifying applicants must work in a low-income area.

Volunteer organizations

Sometimes it actually does pay to volunteer. The following organizations regularly offer student loan awards or special repayment options:

SOURCES

1. https://www.consumerfinance.gov

2. https://www.debt.org

3. http://www.asa.org

4. http://www.thesimpledollar.com

5. https://www.bls.gov

6. http://www.wisebread.com

7. http://gogovernment.org

8. https://services.aamc.org

9. https://www.justice.gov

10. http://www.payscale.com

11. https://studentaid.ed.gov

Lance Waverly is the director of news at Refinance Student Loans. He previously was a freelancer at College Reviews