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Attending college has become very expensive, and recent studies show that college graduates are entering the working world with an average of around $30,000 in student loan debt. This number can seem daunting, but there are ways to get rid of that debt without repaying all of it.
Joining an organization like the Peace Corps or AmeriCorps allows you to serve the community either in America or abroad. With a two-year commitment, you get a small living stipend with paid room and board. Volunteering provides a lot of benefits. You get travel experience, learn work skills and meet new people. You also can get part of your student loan debt forgiven.
Teaching can be a rewarding career. If you are willing to work in high-need areas, one of the rewards can be having up to $17,500 of your federal student loans paid off for you. This often requires working in rural areas or on Native American reservations for up to five years.
Those in the health care field can get help paying off student loans by utilizing their skills in low-income or remote areas. This is true for medical, dental, mental and behavioral health care professionals including doctors, nurses and dentists. Some programs will pay as much as 85% of a nurse’s student loan debt in exchange for three years of service.
There are opportunities for past and current members of the military to have some of their student loan debt forgiven. Each branch of the military has its own program. Some of these programs will give a certain amount of money per year of service or rank achieved.
By working for the government or for qualified nonprofits, you may not have to pay back the entirety of your student loans. This includes jobs with federal, state or local agencies. Once you have made 120 qualifying student loan payments while working full time at a public service or nonprofit job, you may be eligible to have the remainder of your loans forgiven.
With so many leaving college in debt, it has many people wondering how they can pay off their student loans quicker. Besides saving and trying to increase your income, the answer could lie in what you choose to do with that college degree.
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