Most college graduates are not able to completely pay off their student loans until up to 20 years after they have graduated. Although some lucrative jobs allow people to pay them off much faster than many others do, here are seven careers that can help take the burden of loans away by offering the highest opportunities for college loan forgiveness.
1.Teaching
Teachers who work in specific low income school districts for at least five years can be granted loan forgiveness. Various programs recruit college graduates into teaching and use this incentive to further motivate them to teach in these high need areas. Teachers who focus on math, science, and special education are given even more debt forgiveness opportunities, because these are areas that have the greatest need for educators.
2.Social Worker
Similar to teachers, social workers who work with agencies that focus on low income or high-risk geographical areas can be granted complete forgiveness of their Perkins Loan. As they continue to work in social work, the amount of forgiveness increases. Those who are licensed in the field have even more of their loans forgiven through government programs.
3.Volunteering
Volunteering with programs such as AmeriCorps and the Peace Corps allow volunteers the opportunity to have part of their loans paid off. Volunteers also have the opportunity to defer their loan payments while serving in these programs. Up to 70 percent of volunteers' government loans can be forgiven.
4.Military
Those in the U.S. Armed Forces can have over 50 percent of college tuition costs paid off by the Montgomery GI Bill. Also, those active in the Army National Guard may apply for up to $10,000 to aid in debt repayment.
5.Child Care
Those who specialize in child care and have earned an associate's or bachelor's degree in the field are eligible for all of their outstanding loan debt to be forgiven. This is possible through a program for new borrowers of federal education funds.
6.Medical Professional
The medical profession is another career where all outstanding loans can be forgiven. Healthcare providers who work in deprived areas of the world are eligible to have their loans wiped away for their high sought services.
7.Law
Partial loan forgiveness is given to recent law graduates who offer free or reduced price services by working at firms that provide public-interest or non-profit services.
