fbpx

How Private Student Loans Can Affect Your Career Choices

Student loans are a rising issue. Private student loans are primarily an issue because they have high interest rates and are not afforded the same options for relief as federal student loans.  However, they are similar to federal student loans in that they are extremely difficult to qualify for bankruptcy. Going to college or university is essential to accessing many quality career paths. However, the need to take on private student loans to obtain a higher education can affect your career choices. 

Your student loan decisions can impact many of your decisions further down the road. If you’re having trouble managing your student loan debt, it may be beneficial to consult a student loan debt lawyer about student loan settlement.

Career Paths with Career-Based Student Loan Repayment Programs

While private student loans don’t have the same debt relief options as federal student loans, certain career paths are eligible for career-based repayment assistance programs organized by their state government or professional associations. The presence of these programs may sway you into choosing one of these career paths so you can obtain an education without wondering how they’ll pay it off in the future.

Typically these repayment programs will repay a portion of your loans in exchange for a commitment to work in a high-need area. Careers that commonly qualify for these programs include nurses, doctors, dentists, teachers, and lawyers. Students who need private student loans to get an education may lean towards choosing these career paths to have a significant portion of their loans repaid under these types of programs.

Employers That Offer Student Loan Assistance Programs

Some people have dream employers that they are dying to work for, but when you take out private student loans, you have to be a little more strategic about who you choose to work for to get them paid off. 

More employers are helping their employees with their student loan payments. Such employers will likely be attractive to graduates with private student loans instead of other companies without such benefits. With limited options for relief, private student loans make you more likely to choose an employer with a student loan assistance program.

Relocation to Take Advantage of Location-Based Repayment Assistance Programs 

Some areas offer payment assistance to their residents. Graduates with student loans can decide to relocate to a different state or county that offers its residents repayment assistance. Typically, these areas put these programs in place to attract people to live there and make the area a more desirable community with a quality workforce. 

This type of payment assistance often comes in income tax waivers, reimbursements, tax credits, and other methods. If you choose to move to a location with a program like this, your career choices will be further impacted by whatever jobs are available in that area or rely heavily on remote work if those options are unsuitable. 

An Experienced Student Loan Lawyer Can Help You Reduce Your Private Student Loan Debt

Private student loan debt can affect many facets of your life, and it’s not often that we acknowledge the role debt plays in our career choices. Many former students believe that they are stuck with their debt with little to no options for resolution. Fortunately, there are more solutions available than you may be aware of for private student loans. 

The experienced student loan lawyers at McCarthy Law will be able to inform you of your options for having your private student loan debt reduced. When it comes to debt of any kind, addressing it as quickly as possible is the best way to pay less in the long run. Reach out to our skilled lawyers today to take advantage of our years of experience practicing in areas of debt settlement. Schedule your free consultation today by calling (855) 976-5777 or filling out our contact form

https://stock.adobe.com/images/stressed-out-nursing-student-studying-for-an-exam/4219885

The following two tabs change content below.

Garrett F. Charity

Garrett F. Charity is Lead Attorney in the McCarthy Law PLC Los Angeles, California office and a member of the California Bar. He received his Bachelor of Arts Degree in Art History from Princeton University and his Juris Doctor Degree from Southwestern University School of Law where he was a recipient of the Schumacher Scholarship.