In order to recruit the best talent, the government is offering graduates an opportunity to participate in loan forgiveness programs as an incentive to settle unpaid student debt. If you are an existing student, then it is crucial that your initial loan was offered to you directly from the federal government. This does not however apply to 3rd party private student loans. Alternatively, if the loan was provided by a private lender then you can still apply.
Here is a guideline of the 4 most popular careers offering student loan repayment forgiveness via public service:
1. Apply for community service and nonprofit programs
Ameri-Corps - Work for a period of 1 year and earn a salary of $7,500 as an intern. Additionally you can use $4,800 to towards paying off your student debt.
Student's who serve in the National Army Guard may qualify for an amount of $10 000 via scholarships and bursary programs.
2. Apply for teaching positions at government public schools
When you become a fulltime teacher for underprivileged learners your loan will written off by 20% within the 2nd year, 25% in the 3rd and 30% in the 4th year via the (NDEA) National Defence Education Act. It is important that you contact the Department of Education's regional office to find out which schools qualify for public service loan forgiveness. You can also work as a guidance councillor if you graduated with psychology as one of your major subjects.
3. Medical and Legal Schools
Most legal schools will forgive law school students who work in government institutions or at nonprofit organisations. Furthermore, groups such as the National Health Service Corps offer med school loan pardon plans to health professionals on condition that they practice for at least one year in regions lacking sufficient health care i.e. rural as well as economically disadvantaged areas. It is a well known fact that both private as well as public hospitals use loan forgiveness as an incentive to recruit physiotherapists, occupational health specialists and nurses.
4. Apply to the police force and/or fire fighting departments
Joining your local fire fighting department or law enforcement agency also qualifies as public service.
Additional public service positions that also offer student loan forgiveness include disaster management, social worker in a public family or child service agency, community day care, community service for the elderly and disabled people and community library service.
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