Find a Job with a Loan Cancellation Program

Facing a mountain of student loan debt after graduation can feel like an insurmountable task, but there are actually programs associated with certain professions or jobs Links to an external site. that will cancel all or a portion of your loans. If you are considering one of these careers, check to see if you qualify for loan repayment assistance:

Teachers and Librarians

The Teacher Loan Forgiveness (TLF) Program Links to an external site. is designed to encourage people to enter and continue in the teaching profession. If you’re eligible Links to an external site., you can receive loan forgiveness for up to a combined total of $17,500 of subsidized and unsubsidized FFEL or Federal Direct Loans.

Teachers may also be eligible for a Federal Perkins Loan cancellation Links to an external site.. You can find more information about this program on the Federal Student Aid website.

Government and Nonprofit Employees

If you work full-time for a federal, state, or local government agency or organization, a 501(c)(3) nonprofit, or other qualifying public service organization in any capacity, you could qualify for loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program Links to an external site.. This new program lets you cancel the remaining balance of your loans after you have made 120 on-time monthly payments after Oct. 1, 2007 on direct loans under certain repayment plans.

Volunteers

Some postgraduate volunteer programs like AmeriCorps Links to an external site., the Peace Corps Links to an external site., and Volunteers in Service to America (VISTA) Links to an external site. let participants defer or cancel part of their loans. If you’re interested in working as a volunteer with one of these organizations after graduation, talk with a recruitment advisor about how you can handle your student loans during your service.

Military Personnel

While there are a lot of scholarships and tuition assistance programs for military personnel and veterans, you can also investigate the student loan repayment program available through the Army National Guard Links to an external site. or ROTC, or programs available for members of the U.S. armed forces Links to an external site..

Firefighters

Firefighters can receive partial cancellation on existing qualifying loans for each year of full-time service after Aug. 14, 2008. Visit the International Association of Firefighters Links to an external site. website for more information.

Lawyers

If you’re a law student, and you’re thinking about practicing law in a public interest or nonprofit position, contact Equal Justice Works Links to an external site. for advice on applying for loan forgiveness. The American Bar Association also has a list of state loan repayment assistance programs Links to an external site. you could qualify for.

Doctors, Nurses, Medical Researchers, and Veterinarians

Students pursuing careers in a health-related field can qualify for quite a few different loan assistance programs. Visit these resources for more information:

With help from a repayment plan or loan forgiveness program, your student loan debt won’t seem so daunting. Talk with your school’s office of financial aid, or with someone in your field or department for more information.

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