For those who wish to get their college degree but are not as financially stable to do so, student loans are definitely a great thing to have. However, the large interest rates of such as well as the length of time it takes to pay for them can make them a financial burden in the long run. This has been the trend until student loan forgiveness programs were introduced.
Some people might not know this fact, but it is actually possible to get a student loan forgiven. An effective way to do so is by getting a job that entitles one to avail of the opportunity to get the loans lessened up to a certain degree.
Here are some of the occupations one can take up and expect the possibility of loan forgiveness.
1. Volunteers – Some of the organizations in the community today can offer a student loan forgiveness opportunity for their volunteers. This is available in exchange for a specified length of time in service.
2. Military personnel – Aside from being able to serve the country, a military man also gets to avail of student loan repayment. However, this is limited to the Army and Air Force as well as their corresponding national guards. The Navy also offers this for its members.
3. Doctor or lawyer – Certified practitioners in both the legal and medical fields can choose from a variety of options to get their student loans forgiven as well. Since it takes up to a six-figure amount for them to finish their degree and be able to practice fully, forgiveness loans are definitely a blessing for them.
4. Teacher – Teaching is a profession greatly honored by the government considering how valuable education is. Because of this, complete loan forgiveness is also offered for those who teach in public elementary, middle and high schools.
Student loans that are set on an income-based repayment plan can take up a maximum of 25 years. This seems like a long time. However, someone who pays dutifully every month without missing a beat might be able to lessen the entire term of the loan.
Knowing all these, a student can take time to assess what college degree to take up and career to build. Of course, it is still very important to take note of what one really enjoys doing, but the financial part of the process is also something to think about in order to reach the ultimate state of financial stability.