October 21, 2021

6 Careers That Offer Student Loan Forgiveness

Paying back student loans can be a long-term endeavor. However, certain career paths could cut your loan repayment period in half or even have the potential for full loan forgiveness. Often, these jobs aren’t the most lucrative. If you have chosen a career in one of the following fields, you may be eligible for student loan forgiveness programs.

If you’re trying to determine the best way to repay your student loans, a student loan lawyer can be a great resource. The last thing you want is to leave your student loans unattended and end up in a scenario in which you are missing your monthly payments. Here are six careers that offer student loan forgiveness.

Government and Public Service Careers

Certain government and public service careers are eligible for loan forgiveness. If you work for a qualifying government or non-profit entity, you could receive varying levels of loan forgiveness depending on the kinds of loans you have.

Full-time public service workers who have Perkins loans can have all of their loans forgiven — as long as they are not consolidated. Public workers with Stafford loans can receive loan forgiveness through the Public Service Loan Forgiveness Program (PSLF). The PSLF is available to workers employed through any government organization, tax-exempt non-profit, or qualifying for-profit entities. One benefit of loan forgiveness through the PSLF is that it is not considered taxable income, meaning you won’t have to pay taxes on any loans that are forgiven. When considering student loan forgiveness programs, keep in mind that each program has specific requirements you must meet to qualify.

Doctors

Doctors can rack up a lot of student loans. Luckily, there are specific loan forgiveness options available to doctors. Different programs vary by state, and you can find the loan assistance programs you are eligible for by searching through the AAMC’s comprehensive database. In addition to these programs, doctors who serve in the military are eligible for loan forgiveness on top of their residency income.

Nurses

Just like doctors are eligible for loan forgiveness programs, so are nurses. Nurse practitioners, registered nurses (RNs), and other nurses may be able to qualify for loan assistance programs through the Nurse Corps Loan Repayment Program. To qualify, you must work for an eligible hospital or organization, usually located in high-need areas. Through this program, individuals can have up to 85% of their unpaid student loan debt forgiven in exchange for a fixed term of service — usually two years. It is important to note that the loan awards provided through this program are taxable. However, you’ll likely save far more in loan payments than you’ll pay in taxes.

Teachers

Pursuing a career as a teacher is another way to qualify for loan forgiveness. Specifically, teachers in low-income school districts or high-need subject areas may be eligible for the Teacher Loan Forgiveness Program. Under this program, individuals who are employed as full-time teachers for five consecutive academic years and who meet certain eligibility requirements can receive up to $17,500 in loan forgiveness. The amount of loan forgiveness you qualify for will depend on the subject you teach and your service term. It’s important to note that you can only qualify for this program if you have federal direct or Stafford loans. If you have federal Perkins student loans, you may qualify for the Perkins Loan Teacher Cancellation program, which could cancel all of your Perkins loans.

Attorneys

There are a variety of loan forgiveness options available to attorneys. Loan repayment assistance programs (LRAPs) are available to law school graduates working in the public or government sectors. Individuals who qualify for this assistance are eligible to receive a forgivable loan. Once you have completed your service obligation, the LRAP will then forgive or cancel your loans. Most LRAP programs are only eligible for individuals earning below a certain income. These programs are offered through various entities, including law schools, federal and state governments, and state law foundations.

Volunteers at Qualifying Organizations

Certain volunteer-based organizations — such as the Peace Corps — provide student loan awards and repayment assistance to those who complete a term of service. The terms vary depending on the organization and program, so look for the best volunteer opportunity for your loan situation.

Additional Careers That Offer Pathways to Forgiveness

While the six career paths discussed here are eligible for student loan forgiveness, countless others also provide pathways to easing your financial burden. Engaging in these careers can help you qualify for programs like Public Service Loan Forgiveness (PSLF), which requires 120 qualifying payments while working full-time for a qualifying employer. These options allow you to pursue your passion while managing your Federal Student loans and potentially achieving forgiveness.

Military

Serving in the military offers not only the honor of serving your country but also significant benefits when it comes to student loan forgiveness. Various branches, including the Army, Navy, Air Force, and Marine Corps, offer unique programs to help service members manage their Federal direct loans. The military service loan forgiveness programs can cover up to 100% of your loan debt, depending on your role and time served.

Social Work in a Family Service Agency

Social workers play a vital role in communities, especially those employed by family service agencies. Working as a social worker in this setting can make you eligible for Public Service Loan Forgiveness (PSLF). These agencies often address important issues like child welfare and family support, making your work impactful and fulfilling. By dedicating 30 hours per week or more to helping families in need, you can slowly but surely work toward eliminating your Federal Student loans through the PSLF program.

Public Library Sciences

If you have a passion for books and community service, a career in public library sciences might be your calling. Librarians working in public libraries often serve as qualifying employers under the PSLF program. This career allows you to foster a love for reading and education in your community and provides a pathway to manage and eventually forgive your Federal Student loans.

Teaching as a Faculty Member at a Tribal College or University

Teaching at a Tribal College or University is another commendable career path that qualifies for student loan forgiveness. Faculty members at these institutions often dedicate themselves to providing quality education to Native American communities. This work can make you eligible for the PSLF program, and some Tribal Colleges even offer specific loan repayment assistance programs, further aiding in your journey to relieve your financial burdens.

Emergency Management

Emergency management professionals are essential in planning for, responding to, and recovering from disasters. This high-stakes career can lead to student loan forgiveness opportunities through the PSLF program. By working full-time for a government or qualifying non-profit organization and making 120 qualifying payments, emergency managers can move towards loan forgiveness.

Volunteering Full-Time for the AmeriCorps or Peace Corps

Volunteering full-time with organizations like AmeriCorps or the Peace Corps is a noble path that also offers benefits for student loan forgiveness. These programs often offer loan deferment options and sometimes provide Segal Education Awards, which you can use to pay down your Federal direct loans.

Careers That Don’t Offer Pathways to Forgiveness

While there are many jobs that have loan forgiveness or offer direct pathways to student loan forgiveness, there are several that do not. These professions often lack qualifying employers or specific programs geared toward loan forgiveness. Here are some examples:

  • Sales Representatives
  • Real Estate Agents
  • Self-employed Entrepreneurs
  • Private Sector Consultants
  • Retail Managers

Many private-sector careers don’t qualify for forgiveness because they lack the public service element required by programs like PSLF. These jobs might offer financial rewards in other ways, but they typically do not meet the criteria for loan forgiveness related to public service or non-profit work.

Are There Pathways to Forgiveness for Private Student Loans?

For those holding private student loans, the options for forgiveness are limited. Private lenders generally don’t offer forgiveness programs similar to PSLF. However, there are still steps you can take to manage and reduce your debt. Refinancing your private loans with a consolidation loan can lower your interest rates and monthly payments, making your debt more manageable. Some employers may offer repayment assistance as part of their benefits package, so it’s worth exploring this option with your current or prospective employer or choosing a career path where this is common.  Debt settlement through an experienced student loan settlement law firm like McCarthy Law can provide substantial savings in the amount you owe on your private student loans.

Contact a Skilled Student Loan Lawyer for Help Managing Your Loans

Figuring out the best repayment options for your student loans can be overwhelming. However, choosing a strategic repayment option is essential for loan management. If you are struggling to figure out the best repayment plan for your situation, work with a skilled student loan debt lawyer.

At McCarthy Law, our attorneys are dedicated to helping students navigate the complexities of the student loan system. Under our student loan debt settlement program, our licensed attorneys negotiate with lenders to reduce the balance of your student loans. At the end of a successful negotiation, our clients pay only a fraction of their original loan balance. To schedule a consultation with one of our skilled student loan settlement attorneys, call us today or fill out our online contact form.

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