Careers That Eliminate Student Loan Debt

careerThe point of getting a college education is better position yourself for a successful career that you  love. While not everyone puts passion above salary, there is something to be said for working in certain fields of interest; namely, public service. Public service careers not only allow you a chance to give back to the community, but some may even be able to help you wipe out your student loan debt.

Education

The U.S. Education Department offers some debt relief assistance for graduates who teach. There is as much as $17,500 worth of student loan debt forgiveness for federal loans after five years of service and consistent payment.  Eligibility for the Teacher Loan Forgiveness program applies to Federal Family Education Loans and Direct Loans take out after October 1, 1998, for full-time teachers who are employed by school that qualifies for funds under Title I of the Elementary and Secondary Education Act of 1965 (or designated as low-income).

Military

Men and women who serve in the U. S. military can receive student loan debt relief assistance through the G.I Bill or Loan Repayment Program. Under the G.I. Bill, service members can use their benefit funds to repay their student loans. Under the Loan Repayment Program, eligible members can have up to $65,000 of their student loan debts repaid by the Army. This includes Military Occupational Specialties in the Army, Army National Guard, and Army Reserves. Air Force members may be eligible to receive debt relief assistance up to $10,000 in the College Loan Repayment Program.  Other military branch members should contact their main office for information about student loan debt assistance.

Peace Corp

Like other branches of public service including non-profit and local government employees, Peace Corp members may be eligible to have their student loan debts forgiven through the Public Service Loan Forgiveness Program. Typically, this entails eliminating the remaining student loan debt balance after ten years of service and 120 on-time monthly payments.