Lori Meadows
Student loan debt is a significant burden for many college graduates, with 59% of graduates from the class of 2023 taking on student debt, averaging $29,374 in loans. Fortunately, there are various job opportunities and loan forgiveness programs that can help alleviate this financial strain. Some employers offer student loan repayment assistance as a benefit, spanning a range of industries. Additionally, certain careers, such as public service, healthcare, and education, often offer loan forgiveness programs. For those seeking to reduce their student debt, exploring these options can provide a path towards financial relief.
Characteristics and Values of Jobs that Help Pay off Student Debt
| Characteristics | Values |
|---|---|
| Public service jobs | Teachers, law enforcement, social workers, government workers, prosecutors, public defenders, doctors, nurses, veterinarians, lawyers, members of the military |
| Nonprofit jobs | Teachers, doctors, nurses, veterinarians, lawyers, volunteers |
| Healthcare providers | Physicians, dentists, behavioral health professionals, nurses |
| Veterinary medicine in rural or underserved areas | VMLRP program offered by the USDA |
| Education companies | Chegg's Equity for Education student loan repayment program |
| Financial services companies | SoFi |
| Financial consulting companies | Gradifi |
| Aerospace and defense companies | RTX |
| Wealth management firms | Performance Wealth |
| Part-time jobs | Babysitting, photography, retail, tutoring, data/engineering, technician, IT, flipping items on eBay |
| Sign-on bonus |
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What You'll Learn
Public service and non-profit jobs
To qualify for PSLF, you must work full-time (a minimum of 30 hours per week) for a qualifying employer and make 120 monthly payments while employed by them. Eligible loans include Federal Direct Loans and federal loans consolidated into a federal consolidation loan. It's important to note that PSLF has strict requirements, and many applicants are denied. Since the program began in 2007, 98% of applications have been rejected as of April 2021.
For lawyers, there are public interest law career paths with non-profit organizations, NGOs, and government bodies at all levels. These jobs often involve working with individuals who are elderly or have disabilities. Examples include immigration, healthcare, elder law, education, energy, veterans' rights, and housing.
Additionally, there are specific programs for certain careers. For instance, the Teacher Loan Forgiveness program provides up to $17,500 in student loan forgiveness for eligible teachers working full-time in low-income schools or educational service agencies for five consecutive years. Healthcare providers and veterinarians serving in rural or underserved areas may also qualify for loan forgiveness through programs like the National Health Service Corps Loan Repayment Program and the VMLRP program offered by the USDA.
Some employers within the public service sector offer internal student loan relief programs. For example, federal government employees may access repayment assistance programs at agencies like NASA, the Department of Energy, and the Department of Transportation. Social workers and law enforcement officers may also have access to repayment assistance, depending on their employer.
It's always beneficial to ask about loan forgiveness during job interviews to ensure you understand the benefits offered by the institution. Additionally, some employers may be open to negotiating student loan repayment assistance as part of your benefits package, so it's worth discussing this with your potential employer.
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Healthcare providers
The National Health Service Corps Loan Repayment Program, offered through the Health Resources & Services Administration (HRSA), helps healthcare providers – such as physicians, dentists, behavioral health professionals, and nurses – who work in underserved areas repay their medical school loans. Primary care providers can receive up to $37,500, while all other providers can receive up to $25,000 for a two-year initial term. After completing the initial two-year service contract, healthcare providers may be eligible to apply for additional loan repayment funds to pay off any remaining school loans through one-year continuation service contracts.
Additionally, the Perkins Loan Cancellation program offers forgiveness for Perkins Loans for individuals working in fields like healthcare. By fulfilling specific service requirements, borrowers could have their Perkins Loan debt completely canceled.
Furthermore, clinicians in primary care medical, dental, or behavioral health disciplines serving in health professional shortage areas may be eligible for loan repayment programs.
It is important to note that some employers also offer internal student loan relief programs, so it is worth negotiating employee benefits and exploring opportunities to have your employer contribute towards student loan repayment.
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Lawyers and prosecutors
The DOJ also offers the Attorney Student Loan Repayment Program (ASLRP), which provides loan repayment assistance to attorneys employed by the department. To be eligible, attorneys must have a minimum qualifying federal student loan debt of at least $10,000 and sign a three-year service agreement. It's important to note that this program is paused for 2025, and there will be no new selections or renewal payments issued during this year.
Additionally, the JRJ Grant Student Loan Program encourages qualified individuals to pursue careers as local and state prosecutors and public defenders. This program is administered by the Legal Services Corporation (LSC) and offers funds to attorneys employed by LSC-funded legal aid organizations to repay their law school loans. To be eligible, applicants must have at least $75,000 in law school loans and meet certain income limits.
Public-interest lawyers, including some public defenders, legal aid workers, and lawyers working for the government or eligible non-profits, can also take advantage of the Public Service Loan Forgiveness (PSLF) program. This federal loan forgiveness program offers forgiveness on federal Direct Loans after 120 qualifying payments.
Outside of these specific programs, lawyers can also explore other options such as income-driven repayment plans or student loan refinancing to manage their student debt. Additionally, many law schools offer student loan repayment assistance, which can be beneficial when applying for loan forgiveness programs.
When considering these options, it's important to carefully review the eligibility requirements and terms of each program, as well as stay informed about any updates or changes to the programs.
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Teachers
If you're a teacher with student debt, there may be options available to help alleviate the financial burden. Here are some ways that can assist in managing and potentially reducing your student loan debt:
Loan Forgiveness Programs
Additionally, certain special education teachers, as well as secondary mathematics or science teachers, may be eligible for enhanced forgiveness of up to $17,5000. It's important to note that only specific types of loans, such as Direct Subsidized and Unsubsidized Loans, qualify for TLF, while others like Direct PLUS Loans are not eligible.
Public Service Loan Forgiveness (PSLF)
The PSLF program is another option for teachers seeking loan forgiveness. PSLF forgives the remaining balance on your Direct Loans after 120 qualifying payments, which equates to a minimum of 10 years of service. Unlike TLF, PSLF does not require you to teach in a low-income school setting. Instead, it focuses on your employer, which can include government organizations at any level (federal, state, local, or tribal) or certain types of nonprofit organizations.
State-Specific Programs
Many states also offer their own loan forgiveness programs for teachers, especially if you teach in a high-need area. These programs vary by state, so it's essential to contact your state's education agency or department of education to learn about the specific opportunities available in your region.
Employer-Based Repayment Programs
Some employers, including certain universities and educational institutions, offer internal student loan relief programs as part of their employee benefits packages. These programs may provide direct assistance with student loan repayment or offer sign-on bonuses that can help with debt repayment. It's worth researching and negotiating these benefits when considering employment opportunities.
Military Service
If you're a teacher considering military service, there are programs that offer student loan repayment assistance. These programs are typically available for specific Military Occupational Specialties (MOSs) and can provide partial or full repayment of qualifying student loans.
Remember, it's important to carefully review the eligibility criteria, terms, and conditions of each program to determine which options are best suited to your specific situation. Additionally, staying informed about updates and exploring various opportunities can empower you to make informed decisions regarding your student debt management and financial journey.
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Private companies
Some notable private companies that offer student loan repayment assistance include:
- Google: In 2020, Google announced that it would match up to $2,500 per year in student loan payments for full-time employees with outstanding debt in the US, with no total cap on how much aid an employee can receive over their time at the company.
- Fidelity Investments: Fidelity offers up to $2,000 per year in student loan repayment assistance, with a lifetime maximum of $10,000. Employees working at least 20 hours per week are eligible, and the amount of assistance depends on the number of hours worked.
- Aetna: This healthcare company offers a tuition reimbursement program and matches employees' student loan payments up to $2,000 per year, with a lifetime maximum of $10,000.
- First Republic: This private bank and wealth management company offers a tiered student loan repayment assistance program in partnership with Gradifi. Employees are initially eligible for $100 per month, increasing to a maximum of $200 per month with no lifetime maximum contribution.
- Chegg: This education services company offers up to $5,000 annually towards student loan debt for employees from entry-level to manager-level positions, and up to $3,000 for director- and vice president-level employees.
- Live Nation: All full-time employees are eligible for Live Nation's student loan repayment assistance program after six months of working there, receiving $100 each month for up to 60 months, totalling $6,000 in aid.
- SoFi: This financial services company offers full-time employees a monthly contribution of up to $5,250 per year towards their student loan repayments.
Additionally, there are online resources such as Dwindle Student Debt and Sparrowfi's job page that can help you find companies offering student loan repayment assistance.
It is important to note that the availability and specifics of student loan repayment assistance programs can vary across companies and may change over time. Therefore, it is always a good idea to research and negotiate employee benefits before accepting a job offer.
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Frequently asked questions
There are several jobs that help pay off student debt. Some employers offer student loan repayment assistance, with about 36% of employers doing so in 2024. Some companies that offer this assistance include Chegg, SoFi, and Abbott.
There are several jobs in the public sector that offer student loan forgiveness programs. These include jobs in federal government agencies such as 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.
There are several student loan forgiveness programs for healthcare providers. The National Health Service Corps Loan Repayment Program helps healthcare providers who work in underserved areas repay their medical school loans. The Teacher Loan Forgiveness program also provides up to $17,500 in student loan forgiveness for eligible teachers working in low-income schools.
