Want a Job That Offers Student Loan Forgiveness? Here Are 11 Options.December 30, 2021
Choosing the right career is about more than just finding an area that interests you. It’s also about considering the practical realities involved, including salary, job opportunities and the amount of training required. These days, you also need to think about the price tag of the degree.
Depending on the career you choose, however, even if your degree has a high price tag, you may be able to seek jobs with student loan forgiveness to offset the cost. In other words, you may be able to have your student debt fully or partially erased by meeting certain eligibility criteria.
If you’re interested in taking advantage of one of these programs, look no further. We’ll explore some of the best options below.
Student loan forgiveness for doctors is available to some physicians, even if they don’t qualify for Public Service Loan Forgiveness (PSLF). The National Health Service Corps (NHSC) has four different repayment programs for doctors. All require that you work in a health shortage area or for a specific type of clinic or facility.
The Indian Health Service Loan Repayment Program will cover up to $40,000 if you work for two years in an American Indian or Alaska Native community.
The Association of American Medical Colleges offers a comprehensive list of both federal and state-based loan repayment programs.
2. Dentist and Dental Hygienist
Both dentists and dental hygienists are eligible for the NHSC LRP, which will forgive up to $50,000 after two years of full-time work or up to $25,000 after two years of part-time work. Borrowers must work for a qualifying organization.
Students currently working toward a Doctor of Dental Surgery (DDS) or a Doctor of Medicine in Dentistry (DMD) degree may qualify for the NHSC Students Service Loan Repayment Program. This program will repay up to $120,000 in student loans for three years of full-time work in a health professional shortage area.
3. Physician Assistant
Physician assistants who work in a National Health Service Corps (NHSC) location will qualify for the NHSC Loan Repayment Program. Borrowers can have up to $50,000 of loans forgiven after two years of full-time work or up to $25,000 forgiven after two years of part-time work.
Physician assistants also qualify for the NHSC Substance Use Disorder Workforce Loan Repayment Program, which repays up to $75,000 for a three-year contract. They must work in an approved substance use disorder facility.
The Nurse Corps Loan Repayment Program will pay off 60% of your student loans after two years of qualifying service. If you serve a third year, you can have 25% of your loans forgiven.
Only nurses working in a Health Professional Shortage Area (HPSA) facility will qualify for this program. Also, only registered nurses or advanced practice registered nurses are eligible for these jobs with student loan forgiveness for nurses.
23 states offer loan repayment assistance programs (LRAP) for lawyers. Lawyers must generally work as a civil legal aid attorney or some other kind of public interest attorney to qualify. Visit this site to see if your state currently offers this program.
Some law schools have their own LRAPs where students must promise to work for a nonprofit, legal aid society or the public defender’s office. The American Bar Association (ABA) keeps a list of qualifying programs here. Explore our student loan forgiveness for lawyers blog for more information.
The Veterinary Medicine Loan Repayment Program pays up to $25,000 per year for veterinarians who work in an underserved area for at least three years. Both private and federal borrowers are eligible for this program.
Veterinarians who join the Army may also have up to $120,000 in student loans forgiven after serving for three years. They must spend at least two years on active duty.
Teachers have access to the federal Teacher Loan Forgiveness Program, which pays off up to $5,000 or $17,500 after five consecutive years. Teachers must work in a low-income school or educational service agency to qualify. Only federal Direct loans are eligible; private loans do not qualify.
To qualify for $17,500 in teacher student loan forgiveness, borrowers must work as a high school math or science teacher or as a special education teacher. All other teachers may be eligible for up to $5,000.
8. Social Worker
Licensed clinical social workers who work at a qualifying substance use disorder (SUD) clinic or a facility located in a Health Professional Shortage Area (HPSA) may be eligible for the NHSC Substance Use Disorder Workforce Loan Repayment Program.
This program will repay up to $50,000 in student loans for two years of full-time work, or up to $25,000 for two years of part-time work. Social workers can also extend their contracts to have 100% of their loans repaid.
Pharmacists can qualify for the NHSC Rural Community Loan Repayment Program, which will repay up to $100,000 for three years of full-time work or $50,000 for three years of part-time work.
Pharmacists may also be eligible for the SUD LRP program, which will repay up to $75,000 after three years of full-time work. Applicants must work for a substance use disorder clinic at an NHSC-approved location.
All branches of the military offer military student loan forgiveness or repayment assistance options, but the amount forgiven depends on your rank, the branch and how long you serve. Generally, loan forgiveness jobs are only available during your first active duty contract, and you must serve for at least three years to qualify.
The Army and Navy will repay up to $65,000, while the National Guard will repay up to $50,000. The Coast Guard will pay up to $30,000, and the Air Force will cover up to $10,000. Also, servicemembers who enroll during college as part of an ROTC program may have their tuition partially or completely covered.
11. Member of Americorps or Peace Corps
Those who volunteer for Americorps or Peace Corps may qualify for Perkins Loan Cancellation, which cancels your Perkins federal loans after five years of service. Time spent in the Americorps or Peace Corps program may also count toward PSLF.
When you complete an Americorps service term, which usually lasts about a year, you can also qualify for the Segal AmeriCorps Education Award. This is a scholarship that can be applied to your student loans, awarding $6,345 to each winner in 2021.