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10 Careers That Can Get Your Student Loan Debt Forgiven

by on May 21, 2012

By Samantha Savory

Congratulations on graduating from college! As soon as your last semester ends, it’s time to start strategizing how you are going to pay off that dreadful student loan debt off!  From the day you graduate, you have exactly six months until payments on your federal student loan debt starts kicking in. Many college grads are trying to figure out how they are going to manage the payments while still affording the cost of living.

With total outstanding student loan debt officially surpassing $1 trillion as of late 2011, there are millions of Gen Y grads who are eager to find a solution to their debt problems.

There are some great loan forgiveness options available to people in massive student loan debt that tends not to receive much publicity.  Instead of stressing about how you are going to pay off $40,000+ in student loan debt or accepting being in debt for the next 20 years, there are several career options you can take advantage of to get your debt forgiven or paid off faster.

Created in 2007, the U.S. Congress passed the Public Service Loan Forgiveness Program (PSLF) devised to encourage college graduates to work long-term in the public sector.  After 10 consecutive years of working for a public sector job and making on-time consecutive payments towards your federal student loans, you can have the remaining balance forgiven. To qualify, graduates need to make 120 monthly payments on-time. Since the program was just enacted in October of 2007, the first forgiveness granted on federal student loans will go into effect in 2017. Below is a list of careers you can pursue in an effort to take part of this program and wipe out that massive student loan debt of yours:

  1. Government Agency
  2. Non-profit organization
  3. Peace Corps
  4. Public Library
  5. Law enforcement
  6. Emergency Management
  7. Public Health sector
  8. Public Education
  9. Public interest law services
  10. Military

To learn more about what specific federal loans apply to this program, click here to visit Studentiad.ed.gov’s brochure.  To help gain a clear picture of your personal financial situation, visit powerwallet.com and sign up for free to start budgeting, planning and saving money today!

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