You can reduce your college
debt quickly by taking a job serving the poor or working for the
government!!
Public interest jobs in
underserved areas generally pay lower salaries than comparable private work in
more competitive locations. To recruit qualified workers, a number of programs —
mostly governmental — offer loan repayment assistance plans in return for a
commitment of at least a year or two. Funding can change, so the number of
awards fluctuates from year to year. To put your best foot forward, you will
need to send in your application early, be flexible about relocating and be
committed. To qualify for full loan repayment assistance, you must fulfill your
entire service period.
The biggest and most diverse
program is Americorps, which offers more than 75,000 positions each year,
including the highly competitive Teach For America Program. As a corps
member you can defer your student loans and receive a taxable grant of $4,725
per year for up to two years toward repaying
them.
The Peace
Corps
More than 7,000 volunteers work
around the world in fields such as business development, health, agriculture and
education. In return for a two year commitment, you can defer your federal and
student loans. Perkins loan borrower’s may have 15% of their loans forgiven for
each year of service.
National Health Service
Corps.
Each year the NHSC pays 4,000
health-care professionals to work in underserved communities. Health-care
professionals qualify for loan repayment assistance of up to $50,000 for a
two-year commitment.
Nursing education loan
repayment program.
In return for a two year stint
in area’s where there is a shortage of nurses, RN’s can wipe out 60% of their
student loan balances. The National
Institutes of Health offers up to $35,000 per year in loan repayment aid to
researchers with doctoral-level
degrees.
Lawyers
Equal Justice Works pays (for
example) $37,000 or a $42,000 annual salary and will also give $14,000 in
assistance to help lawyers pay off student loans in exchange for giving free
legal advice to low-income-housing tenants facing relocation.
Teachers
If you teach full-time for five
consecutive years in an elementary or high school that is designated as serving
children from low-income families, the Department of Education will let you
cancel up to $5,000 (and in some cases up to $17,500) in federal Stafford or
direct loans. You may also qualify to have 100% of your Perkins loan forgiven if
you are a full-time teacher or teach low-income students or are in a field where
teachers are scarce.