debtIf you’re drowning in student loan debt and don’t know how you’ll ever make those monthly payments, you’re not alone. Many young (and even older) adults just getting out of school are in the same boat as you. Times are tough, and even with exceptionally low student loan interest rates, you may still be saddled with a monthly payment your entry level job at Sears just doesn’t cover.  This may be especially true if you’ve opted to get a place of your own instead of following the majority of your peers back to mom and dad’s house after graduation.  

If those loan payments are keeping you from living the lifestyle you expected once you had your college degree in your hand, you may be in luck!  There ARE options out there to reduce, or even eliminate your student loan debt.  Here are the top scenarios, one of which may be right for you!

The Military – The military has student loan forgiveness programs that will help you get out of debt. The Armed Forces Student Loan Forgiveness program will repay as much as $2,500 worth of student loans to borrowers who served between 9/11/01 and 6/30/06. The National Guard also offers a student loan forgiveness program that will repay as much as $10,000 worth of student loans to each qualifying individual.

Teachers – The Teacher’s Student Loan Forgiveness Programs pays your student loan debt in exchange for you taking on a teaching position in an area that is traditionally short-staffed, such as Math Special Education. This program will repay between $5,000 and $17,500 of your loan after at least 2 years of full-time teaching.

Head Start Staff – If you volunteer in a Head Start program, you may qualify for a very generous loan forgiveness program after a few years in the position.

Serve Your Community or the World – If you join the Peace Corps, Americorps, or VISTA (Volunteers in Service to America), you can get at least part of your student loan debt repaid for you.  Of course, you must remain in your chosen volunteer program for a certain period of time to qualify.

Become a Child Care Provider – There is a big push to recruit highly educated early childcare professionals, and the federal government is willing to reward you for working in a child care center by repaying up to 100% of your student loan debt.  Visit http://studentaid.ed.gov for more information on which child care centers qualify for this program.  

This is the first installment in our student loan series. Be sure to check back for updates…

Filed under: Student Loans

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