student loan forgiveness for nursesWhen you take out a federal student loan for college, the government expects you to pay them back—as would any creditor. But the difference between a bank and the federal government is that the government allows you to perform some types of public service in place of paying back a portion or all of your loan amount. As you are in college and looking at future careers, you might want to take into account the types of careers that would qualify for federal student loan forgiveness in the future.

First of all, the federal government will completely forgive your student loan debt if you die. However, unless you plan on faking your death anytime soon, you probably won’t see the benefits of this type of loan forgiveness. On the other hand, here are four other ways to get your loan fully or partially forgiven:

1. Volunteer Work

The government provides partial loan forgiveness for individuals who perform volunteer work through acceptable organizations. For example, if you join the Peace Corps. You could earn 15% off of your student loan total each year that you volunteer and have up to 70% of your loan forgiven. Forgiveness programs are also available for individuals who serve with AmeriCorps or VISTA.

2. Join the Military

Not only do the American Armed Forces offer payment for school as part of their compensation package under the GI Bill but if you join the Army National Guard after you graduate, you could be eligible for up to $10,000 in student loan forgiveness, just for being a member of the US armed services.

3. Be a Teacher

The government recognizes that education is important for the future of our nation, so they have provided forgiveness of student loans for graduates who go on to teach in elementary and secondary schools that are in low-income neighborhoods. In fact, after 5 years of teaching full-time in a low-income school, you could have 100% of your student loan forgiven. In addition, certain states offer forgiveness programs depending on where you teach. You can find a whole list of loan forgiveness programs across the US at The American Federation of Teachers website.

4. Medical Professions

Loan forgiveness is also available for individuals who go into medical professions—especially if they agree to live and practice in areas with inadequate access to medical care for a certain period of time. For example, here are some resources that will tell you more about loan forgiveness for medical professionals:
Doctors
Nurses
Medical researchers
Physical therapists
Occupational therapists

If you have already decided not to go into a public service profession, you might be lucky enough to land a job at a private company that offers loan assistance to employees who agree to work in certain positions or for a certain period of time. Now that you have your future ahead of you, consider your options not just for a future career, but for your financial career by thinking about service through which you can have some or all of your student loan completely forgiven.

Do you have experience getting your student loans forgiven through your career? Give us the scoop in the comments below!

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