The majority of us have worked at places that have offered scholarships, or help with college funds if we are going into a program that will help further our career with that company. However, we often do not realize that there are other programs that certain industries may offer that can be just as beneficial to us. Some employers now offer assistance or forgiveness for student loan debt.
Is it too good to be true?
Before getting too excited at the possibility of getting some of your student loan debt wiped out, it is important to consider the positives and negatives when it comes to opting for a job that offers student loan forgiveness or assistance.
The majority of these positions offer loan forgiveness as an incentive. Typically, incentives are given out when work is needed done that people typically do not want to do. It could be because this is a lower paying job, the working conditions are more difficult, the location isn’t the greatest, or several other factors. Also, these positions tend to come with strict guidelines and these positions can be hard to land.
On the positive side, you are getting an opportunity to work in a field where you are desperately needed and will really be able to make a difference in the lives of others. Not to mention, you will be receiving a paycheck on top of getting that student loan debt taken care of.
What are some of my career options?
Public Service Loan Forgiveness – This would be a public service job that is within the local or federal government, or at a not-for-profit organization that’s designated tax-exempt by the IRS. A few examples of these are military service, public education, public service for the elderly or those with disabilities, or early childhood education.
SEMA Loan Forgiveness Program – This program is only for those in the automotive aftermarket industry.
Teacher Loan Forgiveness Program – You must teach full-time for five consecutive years in a specific school that serves low-income families in order to qualify for this program.
USDA Veterinary Medicine Loan Repayment Program – This program is for veterinarians that qualify and are willing to serve in high-priority veterinary situations for a specific period of time.
Legal Practice Student Loan Forgiveness – LRAPs, or Loan Repayment Assistance Programs, are for lawyers interested in pursuing a job in a public interest position.
Faculty Loan Repayment – This program is for health professionals from disadvantaged backgrounds serving on the faculty at an accredited health profession college.
Things to keep in mind
When considering pursuing one of these careers it is imperative that you research any and all opportunities before signing up for anything. If there is a specific program that you have been considering then take the time to do your homework. Try to find someone to speak with who has already participated in the program, or find someone who is an expert on the requirements and will be able to answer your questions.
If you find yourself struggling with debt or would like to find out about becoming debt free, call Debthelper at 800-920-2262, or visit @ www.debthelper.com.