Work Off Your Student Loan Debt

Student loans are a great way to help you achieve your goal for a higher education. Unfortunately like all other types of loans, they have to paid back and in some cases this results in a financial burden for students just starting out. Paying off student loans can take years, often preventing individuals from working toward other financial goals such as saving for retirement. What many students don’t know is there is help out there, depending on which path you take after graduation. If you are already heading in the following directions, you might be able to get help paying off your student loans.

• Medical field- The demand for trained medical professionals is high, therefore many hospitals offer incentives to college graduates if they accept a position at their location. When considering a position at a hospital, ask if they offer any assistance in repaying student loans. Each facility is different, however some hospitals are willing to pay part or all of your student loans if you accept the position.

• Military- The military is well known for offering scholarships for students who plan to attend college. The Army National Guard sometimes offers student loan repayment programs. There is no specific program, and offers vary depending on location, terms of recruitment and necessity. Inquire about any student loan repayment programs available in your state or neighboring states.

• State Employees- State employment usually offers some pretty lucrative benefits, one of which may be student loan repayment. Availability varies in each state and may be dependent on your salary (lower income individuals have a better chance of qualifying), position and area of study.

• Education- Student loan repayment programs are sometimes extended to teachers who fill a specific need. That may include accepting a position in a low income school or teaching children with special needs. Not available in all school districts, therefore you should ask about availability when considering the position.

• Social Work- If your career involves social work, you may be eligible for student loan forgiveness if you accept a position in a high-risk area or provide services to low income families. There may be government programs available for licensed clinical social workers which allows for student loan forgiveness.

As you can see, there is help available to students who graduate and accept positions in certain fields. In most cases, student loan repayment programs or forgiveness is offered to individuals who accept positions working with low income families or in high risk areas. If you accept a position which has a high demand or meet a specific need, you also increase your chances of qualifying for help repaying your student loan. Programs, availability and eligibility vary, therefore your best option is to do your research in advance.