Lana Oconnell
Taking on a second job is a common way to accelerate student loan repayment. However, some jobs offer student loan forgiveness programs that can help you get out of debt. These include government jobs, such as NASA, the Department of Energy, and the Department of Transportation, as well as public service sector jobs like law enforcement and social work. Additionally, working in the medical field, as a teacher, lawyer, or member of the military may also qualify you for loan forgiveness programs. Some companies even offer internal student loan relief programs, so it's worth negotiating with your employer or prospective employer to see what opportunities are available.
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What You'll Learn
Jobs with student loan forgiveness programs
If you're looking for jobs that offer student loan forgiveness programs, there are a few options to consider. Firstly, the Public Service Loan Forgiveness (PSLF) program is a federal initiative that applies to government and qualifying nonprofit employees. This includes teachers, law enforcement officers, and social workers. Additionally, compensated volunteer work through organizations like AmeriCorps and Peace Corps also qualifies for PSLF.
For those in the medical field, there are several loan forgiveness opportunities available, including the Perkins Loan Cancellation program. This federal program offers loan forgiveness for individuals working in specified fields like education, healthcare, or public service. Nurses, for example, may qualify for programs that pay up to 85% of their student loan debt if they work for a minimum of two years in certain settings.
Lawyers and those entering the legal field may also be eligible for loan forgiveness through state programs and select employers. Similarly, federal government employees can access repayment assistance programs at various agencies, including NASA, the Department of Energy, and the Department of Transportation.
It's important to note that requirements and terms may vary for each program, and not everyone is eligible. Aside from these career-specific options, some employers offer internal student loan relief programs, which you can negotiate during your compensation discussions.
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Federal government jobs
Federal government employees can access repayment assistance programs at many agencies, including NASA, the Department of Energy, and the Department of Transportation. Working full-time in the public service sector may also give you access to repayment assistance programs and benefits, depending on your employer. For example, law enforcement and social workers may qualify for loan forgiveness programs.
The US Department of Education offers loan forgiveness programs for government workers, such as the Public Service Loan Forgiveness Program (PSLF). The 10-year PSLF program allows borrowers employed at government organizations and qualifying nonprofit organizations to have their Federal Direct Loans forgiven after ten years of repayment (or 120 qualifying payments). To qualify for PSLF, you must be employed at a US government organization at any level (federal, state, local, or tribal) – including US military service, or a qualifying nonprofit organization.
The federal government also offers the Income-Driven Repayment (IDR) program, which helps borrowers who struggle to make their monthly payments under the Standard Repayment Plan. IDR plans allow borrowers to make payments based on their income, and the federal government will forgive the remaining balance after a certain period. The Perkins Loan Cancellation program is another federal program that forgives Perkins Loans for individuals working in specified fields like education, healthcare, or public service.
Additionally, compensated volunteer and nonprofit work through organizations such as AmeriCorps and Peace Corps qualify for PSLF.
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Volunteer work
Volunteering is a great way to give back to your community while gaining new experiences and building a professional network. There are volunteer programs that can help you pay off your student loans or provide loan forgiveness opportunities. Here are some options to consider:
AmeriCorps
AmeriCorps is a federal agency for national service and volunteerism. As an AmeriCorps member, you can gain real-life educational and work experiences while serving in intensive service positions suited to your skills, interests, or location preferences. AmeriCorps members typically qualify for postponement or forbearance of loan repayment during their service. After completing full-time service, volunteers become eligible for the Segal AmeriCorps Education Award, which can be used to repay student loans. Additionally, AmeriCorps volunteers can apply their service hours to the federal Public Service Loan Forgiveness (PSLF) program.
Peace Corps
The Peace Corps is a well-known international service organization that offers volunteer opportunities for Americans. Compensated volunteer work through the Peace Corps qualifies for PSLF.
National Health Service Corps Loan Repayment Program (NHSC LRP)
The NHSC LRP offers healthcare providers in medical, dental, mental, and behavioral health fields the opportunity to have their student loans repaid. In exchange, volunteers commit to working for two years in communities with limited access to medical care. Award amounts vary based on full-time or part-time work and the specific field.
SponsorChange and Shared Harvest Fund
Organizations like SponsorChange and the Shared Harvest Fund offer volunteer opportunities that can provide small amounts of debt relief. These organizations may pay directly to your loan servicer upon project completion or offer other incentives, such as referral bonuses. Volunteering with such organizations can also help you gain valuable experience and potentially lead to full-time employment opportunities.
Career-Specific Loan Forgiveness Programs
Depending on your career field, you may qualify for career-specific loan forgiveness programs. For example, teachers, doctors, nurses, veterinarians, lawyers, and members of the military may be eligible for loan forgiveness or repayment assistance programs. These programs can vary by state, so be sure to check the specific requirements in your location.
Public Service and Nonprofit Organizations
Working for government or qualifying nonprofit organizations may make you eligible for PSLF. Additionally, compensated volunteer work for nonprofit organizations can qualify for PSLF. Federal government employees can access repayment assistance programs at various agencies, such as NASA, the Department of Energy, and the Department of Transportation.
While volunteering can provide student loan repayment assistance, it's important to remember that some programs may require a full-time, long-term commitment. Additionally, your loans may continue to accrue interest during the volunteer service period. Therefore, it's essential to carefully consider the terms and conditions of each program before making a decision.
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Second jobs
There are several second jobs that can help you pay off your student loans faster. Here are some options:
Part-time teaching or adjuncting
Working part-time as a faculty member or adjunct professor at a college or university can be a great way to earn extra income to put towards your student loans. This option is especially attractive if you are passionate about a particular subject and enjoy teaching others.
Online side hustles
Many people have found success in starting online businesses or shops on platforms like Etsy and eBay. If you have a hobby or skill that you can monetise, such as designing and selling embroidery patterns, this can be a great way to bring in extra money.
Service industry jobs
Taking on a service industry job, such as valet parking or scooping ice cream, can provide a steady stream of income to put towards your loans. These jobs are often flexible and can be fitted around your schedule.
Clinical trials
Participating in clinical trials for medical treatments or medications can be a way to earn money quickly. However, it's important to carefully consider the risks and potential side effects before signing up for any clinical trial.
Overtime
If your primary job offers overtime, this can be a way to increase your income without taking on an entirely new job. However, be mindful of maintaining a healthy work-life balance.
Freelance or contract work
Freelancing or contracting in a field related to your skills, such as data analysis, engineering, or IT, can provide additional income streams. These types of work often offer flexible hours and the ability to work remotely.
In addition to second jobs, it's worth noting that some employers offer student loan forgiveness programs or repayment assistance. These programs can provide significant financial relief, especially for those working in fields like education, healthcare, government, or public service. It's always worth discussing these options with your employer or prospective employer during salary negotiations.
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Negotiating with your employer
If your employer declines your initial request, this does not mean you should give up. Work hard, build solid relationships, and revisit the conversation in the future. You can also consider approaching them with colleagues who are also seeking student loan assistance, as there is strength in numbers.
It is generally easier to negotiate employer-based loan repayment programs when you are a new hire, but you can also negotiate after accepting a job. In this case, you will need to approach the right people, such as your boss or HR department. You can also take the initiative and start the conversation yourself when discussing your compensation. Remember, the worst they can say is "no."
Additionally, consider the type of employer you are approaching. Federal government employees can often access repayment assistance programs, so working for agencies like NASA, the Department of Energy, or the Department of Transportation may increase your chances of receiving loan assistance. Similarly, those in the medical field, education, law, or public service may be eligible for loan forgiveness programs through state programs and select employers. For example, compensated volunteer work through organizations such as AmeriCorps and Peace Corps qualifies for Public Service Loan Forgiveness (PSLF).
Finally, if you are negotiating with a private company, remember that they may be more willing to negotiate and offer special situations for outstanding candidates. So, don't be afraid to inquire about loan repayment programs, even if they don't traditionally offer them.
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Frequently asked questions
There are several jobs that offer student loan forgiveness programs. These include jobs in the medical field, such as nurses, veterinarians, and doctors. Teachers, lawyers, members of the military, and volunteers are also eligible for loan forgiveness. Additionally, federal government employees can access repayment assistance programs, including those who work for NASA, the Department of Energy, and the Department of Transportation.
PSLF is a federal program that forgives the remaining balance on Federal Direct Loans after 10 years of repayment or 120 qualifying payments. Compensated volunteer and nonprofit work through organizations such as AmeriCorps and Peace Corps qualify for PSLF.
IDR plans help federal borrowers who struggle to make their monthly payments under the Standard Repayment Plan. This program is available to anyone who needs to lower their monthly payments.
Yes, Perkins Loan Cancellation is a federal program that forgives Perkins Loans for individuals working in specified fields like education, healthcare, or public service.
Yes, some people take on part-time or side jobs to help with loan repayment. Examples include adjunct teaching, data/engineering work, tutoring, valet parking, and selling handmade goods online.
