Douglas Olsen
Student loan debt can be a daunting burden when entering the working world, with monthly payments adding up alongside rent, bills, and other expenses. Luckily, there are many jobs that can help pay off student loans through loan forgiveness programs or repayment assistance. These include jobs in the public sector, such as medicine, education, law, and government work, as well as specific programs like the Public Service Loan Forgiveness Program (PSLF) and Income-Driven Repayment Program (IDR). Some companies in the private sector also offer student loan repayment assistance as an employee benefit. Additionally, taking on a second job or starting a side hustle can help generate extra income to put towards loan repayment.
Characteristics and Values
| Characteristics | Values |
|---|---|
| Type of Job | Public service jobs like medicine, education, or law. |
| Military jobs | |
| Government jobs like NASA, the Department of Energy, and the Department of Transportation | |
| Nonprofit jobs | |
| Jobs in the private sector | |
| Second jobs like bartending, serving, babysitting, or photography | |
| Jobs with companies that offer student loan programs as a benefit, like SoFi | |
| Jobs with companies that offer internal student loan relief programs, like Summer | |
| Criteria | Being a full-time employee |
| Being in the field for several years | |
| Working at the same place for at least a year | |
| Benefits | Employers may match part of monthly student loan payments |
| Employers may pay a set amount towards the loan | |
| Employers may pay off the loan through tuition reimbursement | |
| Employers may offer free financial classes to help with planning |
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What You'll Learn
Public service jobs
One example of a public service job that qualifies for PSLF is teaching. The Teacher Loan Forgiveness (TLF) Program offers up to $17,500 in loan forgiveness for teachers who complete five consecutive years of service in a school or agency serving low-income students. Similarly, the Perkins Loan Program provides partial or full cancellation of Perkins Loans for certain types of public service and volunteer work.
Another example is the JRJ Grant Student Loan Program, which encourages qualified individuals to work as prosecutors or public defenders. This program is offered through the Department of Justice (DOJ) and provides funding to attorneys employed by LSC-funded legal aid organizations to help repay their law school loans.
In addition to PSLF, there are other loan forgiveness programs tailored to specific careers in public service. For instance, the US Department of Education offers the Income-Driven Repayment Program (IDR) to help borrowers struggling with monthly payments. This program is available to anyone, including those in public service, who needs assistance in lowering their monthly payments.
It's important to note that the eligibility criteria and requirements for loan forgiveness programs can change over time, and the application processes may be lengthy. However, there are also companies that offer internal student loan relief programs, providing alternatives for those seeking financial relief outside of government initiatives. These companies may match part of employees' monthly loan payments, pay a set amount towards the loan, or offer tuition reimbursement.
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Medicine, education, law
There are a variety of jobs that offer student loan repayment assistance or forgiveness programs. These jobs are usually in the public service sector, including medicine, education, and law.
Medicine
Healthcare providers, such as doctors, nurses, and veterinarians, have several options for student loan repayment assistance. The Nurse Corps Loan Repayment Program, for example, is available to registered nurses, nurse practitioners, and nurse faculty serving in underserved communities. This program offers to pay up to 85% of the loan balance over three years. The Public Service Loan Forgiveness (PSLF) program is another option for those working in the medical field. This federal program is available to government and qualifying nonprofit employees and can forgive Federal Direct Loans after 10 years of repayment. Additionally, the United States Department of Agriculture (USDA) offers the Veterinary Medicine Loan Repayment Program (VMLRP), which provides assistance to veterinarians working in rural or underserved areas.
Education
Teachers also have access to several loan forgiveness programs, including the Teacher Loan Forgiveness (TLF) Program and federal programs such as PSLF. To qualify for TLF, teachers must work full-time in low-income schools or educational service agencies for five consecutive years, after which they can receive up to $17,500 in loan forgiveness. Education-based companies, such as Chegg, also offer student loan repayment assistance to their employees.
Law
Lawyers can take advantage of Loan Repayment Assistance Programs (LRAPs) to help with their student loan debt. The JRJ Grant Student Loan Program, for example, encourages individuals to become local, state, or federal prosecutors or public defenders. This program is offered through the Department of Justice (DOJ) and requires a three-year service obligation. The Legal Services Corporation (LSC) also offers a program for attorneys employed by LSC-funded legal aid organizations.
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Military jobs
Joining the military is an option to consider for those looking to pay back student loans. The military offers several programs to help service members pay off their student loans. Two of the most well-known options include the Student Loan Repayment Program (SLRP) and the Public Service Loan Forgiveness (PSLF) program.
The SLRP is available to active-duty members who agree to serve in specific roles or occupations. The eligibility criteria for the SLRP include signing up for an original (first) active-duty enlistment of at least three years. After each completed year of active duty, the service branch will make a payment of 1/3 or $1,500 (whichever is greater) on the total remaining original unpaid principal balance. It is important to note that payments made through the SLRP are considered income and are subject to taxes.
The PSLF program is available to service members who work in qualifying public service positions. This program allows borrowers employed in government organizations and qualifying nonprofit organizations to have their Federal Direct Loans forgiven after ten years of repayment or 120 qualifying payments.
Additionally, some branches of the military offer their own loan repayment programs or incentives to recruit and retain personnel. These programs may vary depending on the needs of the branch and the specific job roles. The Army, for example, offers the Loan Repayment Program (LRP) as a special incentive to highly qualified applicants. Under the LRP, the Army will repay part of a soldier's qualifying student loans, but only specified Military Occupational Specialties (MOSs) qualify.
It is important to carefully review the eligibility requirements and terms of each program before making a decision. Individuals interested in joining the military and seeking student loan repayment assistance should consult with their recruiter for detailed information about the available programs and their specific criteria.
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Federal government jobs
For those in the legal profession, the Department of Justice (DOJ) offers the JRJ Grant Student Loan Program to encourage individuals to become local and state prosecutors or federal public defenders. This program provides loan repayment assistance to attorneys employed by LSC-funded legal aid organizations, with participants chosen through a lottery system.
Healthcare providers working in underserved areas may be eligible for loan repayment assistance through the National Health Service Corps Loan Repayment Program, offered by the Health Resources & Services Administration (HRSA). This program assists healthcare professionals such as physicians, dentists, behavioural health professionals, and nurses in repaying their medical school loans.
Additionally, members of the military can benefit from loan assistance and student debt repayment programs offered by various military branches. These programs are designed to help those entering the force, including service members, veterans, and their families. Eligibility criteria and benefits may vary depending on the specific branch of the military.
It is important to note that while these programs provide valuable assistance, not everyone may be eligible, and application processes can sometimes be lengthy. It is essential to carefully review the requirements and conditions of each program to determine your eligibility and understand the specific benefits offered.
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Nonprofit jobs
If you are employed by a nonprofit, it needs to be tax-exempt under Section 501(c)(3) of the Internal Revenue Code. However, you could still be eligible for PSLF even if your organisation is not a 501(c)(3) nonprofit. For example, if your nonprofit employer is doing work under a government contract, you may be eligible for PSLF as a government contractor.
The 10-year PSLF program allows borrowers to have their federal Direct Loans forgiven after ten years of repayment (or 120 qualifying payments). To qualify for PSLF, borrowers must make their payments under an Income-Driven Repayment (IDR) plan or the 10-year Standard Repayment Plan. These payments must be made on time and in the full amount.
In addition to PSLF, there are numerous other forgiveness programs specifically tailored to certain careers. For example, the Teacher Loan Forgiveness (TLF) Program forgives up to $17,500 from certain types of loans for teachers who have worked for five complete and consecutive years at a school serving low-income students. There are also loan forgiveness programs for those in the military, as well as for doctors, nurses, veterinarians, lawyers, and volunteers.
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Frequently asked questions
Many jobs offer student loan repayment or forgiveness programs. These include:
- Government jobs, such as working for NASA, the Department of Energy, or the Department of Transportation.
- Public service sector jobs, including law enforcement, social work, teaching, and medicine.
- Nonprofit jobs, such as working for a qualifying nonprofit organization.
- Legal jobs, including attorneys, prosecutors, and public defenders.
- Military jobs.
- Health careers, such as nursing, medicine, dentistry, or physician assistant roles.
Additionally, some companies in specific fields like fintech, education, or law may offer student loan repayment assistance as an employee benefit.
There are several student loan forgiveness programs offered by the federal government and other organizations. Some popular ones include:
- Public Service Loan Forgiveness (PSLF): For federal government and qualifying nonprofit employees.
- Income-Driven Repayment (IDR): Helps borrowers who struggle with monthly payments under the Standard Repayment Plan.
- Perkins Loan Cancellation: Provides partial or full cancellation for certain types of public service and volunteer work.
- Teacher Loan Forgiveness (TLF) Program: For teachers who work for five complete and consecutive years in a school serving low-income students.
You can specifically look for employers who offer internal student loan relief programs. These programs may come in the form of matching part of your monthly loan payments, paying a set amount towards your loan, or offering tuition reimbursement. It is also worth noting that you can negotiate employer student loan repayment programs when discussing your compensation for a new job.
Yes, there are several part-time or side jobs that can help with student loan repayment. Some examples include:
- Bartending or serving
- Working at a gym or a retail store
- Babysitting or adjuncting
- Photography or embroidery business
- Valet parking or working at a wine bar
