Best jobs to get out of student loan debt

By: on 2012-07-02
Ask Phil Bradford

The cost of higher education is pretty heavy. The average domestic student has to spend around $35,000 per year if he has chosen to attend a private 4 year degree school. Its therefore a neat $140,000 just to cover the cost of tuition. Additionally, the cost of living and other daily items of expenditure like transport and insurance would easily drive up the total cost of being in college for 4 years to $200,000 in the very least.
The cost is therefore too great to handle by individual means and most students aiming for a 4 year degree cannot get one without opting for a student loan. Budgeting, working through college, interning and choosing the right course of study are all a part of repaying your student loan without hitting a roadblock. But what about after you have graduated out of college? There are certain jobs which offer different degrees of student loan debt forgiveness.
Armed forces – The US Armed Forces Recruitment Program pays up to 60 of your tuition as per the provisions set under the Montgomery GI Bill. Active and serving personnel in the National Guards are also eligible for a $10,000 student debt relief package. Army associations and veteran’s unions are also known to facilitate scholarships and grants for students in need.
Child care – Some child care providers are eligible for almost 100 percent student loan debt forgiveness. Eligible candidates must hold a bachelor’s degree or an associate's degree in early childhood education and must render service to low income sections of the society for at least 2 straight years. This program is available to federal student loan borrowers although the program is not accepting new applications at this moment.
Teaching – Teachers can also earn student loan debt forgiveness up to a $17,500. In the harsher areas of the districts. The length of employment at such a school should be at least 5 years. At such a rate, you might see your student load reducing itself significantly in 4 years Most teachers qualifying for a larger debt relief packet in case their academic expertise lie in the fields of mathematics, science or special education.
Social and volunteer work – Working for a non-profit/non-commercial organizations or volunteering for the Peace Corps or AmeriCorps is also a good way to get out of student relief debt. Each of these programs and sectors has their own unique debt forgiveness plans and you just might be lucky enough to get a 70% waiver on your total Federal student loan amount. Social workers will see their student loan debt reducing progressively over the course of 5 years for which they are working for a non-profit company.
Medicine and healthcare – Physicians, doctors and other healthcare professionals like nurses and dentists can take advantage of a number of programs to reduce their student debt load. Servicing low income districts and neighborhoods will defer the loan up to 100 percent. Clinical researchers are also eligible for student debt forgiveness based on certain eligibility criteria.
With the right kind of job, managing your student loan is just a bit easier. These jobs not only provide a healthy remuneration but also carry a significant amount of civil prestige with them.

Last Updated on: Mon, 2 Jul 2012

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