11 Jobs That Offer Student Loan Forgiveness

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While it can take a long time to pay back debt, there is a way to get your balance wiped out all at once: by qualifying for student loan forgiveness. If you work for a certain amount of time in a job with student loan forgiveness options, you could get your student loan balance canceled.

While student loan forgiveness jobs aren’t always the most high-paying, there’s often plenty of opportunity due to a shortage of workers to fill them. And what you might sacrifice in income, you could make back with loan forgiveness after a few years.

But before you can get loan forgiveness, you need to make sure your job qualifies. Here are some that do:

Federal agency employee
Public service worker
Doctor / physician
Lawyer
Automotive professionals
Nurse
Teacher
AmeriCorps, Peace Corps and other qualifying volunteer organization workers
Dentist
Pharmacist
Veterinarian

11 jobs that offer student loan forgiveness

Here’s our list of jobs with student loan forgiveness so you can decide if any would be right for you.

1. Federal agency employee

Here’s a little-known fact that applies to federal agencies: If they are having a hard time finding new employees to fill open slots, they are allowed to offer student loan repayment assistance.

To qualify, the new employee must sign a contract to work for the federal agency for a minimum of three years. The agency is allowed to pay up to $10,000 per year per employee for federally insured loans, but the total assistance given cannot exceed $60,000 per person.

2. Public service worker

If you work in a qualifying organization, such as a government agency or nonprofit, you could qualify for loan forgiveness.

Full-time public service employees with Perkins loans can get full cancellation of their loans, as long as they haven’t consolidated them. Potentially eligible workers include family and child services employees, law enforcement and correctional officers and public defenders.

Public servants with Direct loans (also known as Stafford loans) could pursue loan forgiveness through the Public Service Loan Forgiveness (PSLF) Program. PSLF is available to any worker in a government organization at any level (federal, state, local, etc.), as well as tax-exempt organizations or for-profit organizations with a qualifying service.

Any debt forgiven through the PSLF program is not considered taxable income, so you won’t have to pay taxes on the forgiven amount. Once your balance is discharged, you shouldn’t have to pay another cent on your student loans.

3. Doctor/physician

There are several options for doctors in need of student loan repayment help. The Association of American Medical Colleges maintains a list of loan assistance programs for doctors by state.

Additionally, medical professionals who serve in the military have access to forgiveness programs as well. For example, through the Navy Financial Assistance Program (FAP), medical residents receive an annual grant of $45,000 on top of residency income, which can be put toward medical school debt.

Check out our full guide to student loan repayment for doctors for more options.

4. Lawyer

In addition to public service forgiveness options targeted specifically at graduates working in law, there are some other sources of loan repayment help that lawyers can take advantage of.

For instance, every spring, the Department of Justice opens up its Attorney Student Loan Repayment Program (ASLRP) to help recruit and retain new talent. Justice Department employees must have at least $10,000 in federal student loans to qualify.

For those who want to work as public defenders, the John R. Justice Student Loan Repayment Program provides loan assistance of varying amounts, depending on where you live.

There are dozens of programs for borrowers with law school debt. See our list of loan repayment assistance programs for lawyers by school and state for details.

5. Automotive professionals

Any automotive aftermarket industry manufacturer who is an employee of the Specialty Equipment Market Association (SEMA) can apply for the SEMA Loan Forgiveness Program.

The SEMA program awarded $272,000 to 97 winners in 2019 in scholarships and loan forgiveness. To be eligible to apply for the program, you must have been a SEMA employee for at least a year, hold a degree or certificate of completion from a college or technical school and have graduated with at least a 2.5 GPA.

6. Nurse

If you are a registered nurse, an “advanced practice registered nurse” (such as a nurse practitioner) or a Health Professional Shortage Area (HPSA) facility nurse, you may be eligible for student loan repayment assistance through the Nurse Corps Loan Repayment Program.

The nurses chosen to receive assistance through the Nurse Corps Loan Repayment Program will get 60% of their qualifying student loan balance forgiven, in exchange for a minimum two-year service commitment. Also, qualifying participants may receive an additional 25% off their original loan balance if they complete a third year of service.

Please note that in this program, the full loan award amount is taxable. The amount you’ll pay in taxes will be far less than the amount of the loans, but it’s still a consideration to bear in mind.

If you would like to review the qualifications and fine print of the program, check out the Nurse Corps Loan Repayment program requirements. And for even more options, head to our full guide to student loan forgiveness for nurses.

7. Teacher

If you’re a special education teacher, teach in a low-income school district or work in an underemployed subject area or a teacher shortage area, you may qualify for the Teacher Loan Forgiveness Program.

If you qualify, you could receive up to $5,000 or $17,500 in loan forgiveness, depending upon what subject matter you teach and your number of years of service. Note that to qualify, your student loan debt must be from federal direct loans or Stafford loans.

If, however, you have federal Perkins student loans, you could be eligible for the Perkins Loan Teacher Cancellation program. Through this program, you could potentially receive cancellation of up to 100% of your Perkins loans. In order to qualify, you need to teach at a low-income school, teach an underemployed subject area or serve as a full-time elementary or secondary school special education teacher.

The cancellation of your student loan debt will come in steps. For the first and second years of teaching, you will receive a 15% cancellation of your loan. For the third and fourth years, you will receive a 20% cancellation of your loan. For the fifth year of teaching, you will receive a 30% cancellation of your loan.

An added bonus is that each amount canceled per year also includes the cancellation of any interest that had accrued through the year.

8. AmeriCorps, Peace Corps and other qualifying volunteer organization workers

Did you know that certain volunteer organizations offer student loan forgiveness opportunities? Don’t let high student loan debt deter you from taking the opportunity to help others.

Certain volunteer organizations like the Peace Corps, AmeriCorps and Volunteers in Service to America (VISTA) all have student loan awards or repayment options. You can apply for these after you have completed your term of service with the organization.

The terms and conditions on these programs vary, so visit their websites to learn more about student loan programs for volunteers.

9. Dentist

Although dentists tend to make a high income — a median of $156,240, according to the Bureau of Labor Statistics — they also accrue a huge amount of debt before they start working. The American Dental Education Association found that the average dentist with student loans in the Class of 2019 left school owing a whopping $292,169.

Luckily, there are some loan repayment assistance programs, or LRAPs, for dentists, such as the Ohio Dentist Loan Repayment Program and Maryland Dent-Care Loan Assistance Repayment Program. Programs such as these offer significant loan assistance to dentists who work in qualifying areas or workplaces.

10. Pharmacist

Like dentists, pharmacists take on a lot of education debt to earn their degrees. According to the American Association of Colleges of Pharmacy, pharmacists in the Class of 2019 who borrowed student loans took on an average of $172,329 to finance their education.

Here, too, assistance is available: Several national LRAPs provide financial help to health care providers, including pharmacists. Plus, some state programs, such as the California State Loan Repayment Program, will pay back all or a portion of your loans if you establish residency and practice in a qualifying area.

11. Veterinarian

Not only could working with animals be a fulfilling career, but it could also help you get forgiveness for your student loans. The U.S. Department of Agriculture offers $25,000 per year for three years in student loan repayment assistance to vets who work in underserved areas. Programs such as the North Dakota State Veterinarian Loan Repayment Program help veterinarians who agree to work in shortage areas.

According to the American Veterinary Medical Association, 44% of veterinarians in the Class of 2018 left school owing more than $200,000 in student loans, while the average debt for all graduates was $143,111. Any program that offers relief in the form of forgiveness or repayment assistance could be a huge help as you work toward financial independence.

Should you pursue jobs that offer student loan forgiveness?

Most student loan forgiveness jobs have strict requirements, contracts and a minimum term of employment to qualify for loan cancellation. Also, you have to be current on your student loan payments — your loans can’t be in default.

Once you meet the requirements, though, you will receive debt repayment, cancellation or forgiveness. Giving just two or three years of your professional life to a qualifying job may be the answer to your student loan problems.

Every student loan repayment and forgiveness program has its own set of qualifications and eligibility requirements, so make sure that you do your research before pursuing any of these or other loan forgiveness programs.

If you do qualify, these programs could be a life-changing way to rid yourself of burdensome student loans.

Paula Pant contributed to this report.

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& Graduate

Visit Earnest

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2.25% – 6.28%3Undergrad
& Graduate

Visit SoFi

1.89% – 6.77%4Undergrad
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2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

1.99% – 5.61%5Undergrad
& Graduate

Visit CommonBond

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1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of July 31, 2020, and are subject to change based on market conditions and borrower eligibility.

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2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

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Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

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Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of September 9, 2020. Information and rates are subject to change without notice.
 


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 2.99% APR to 6.28% APR (with AutoPay). Variable rates from 2.25% APR to 6.28% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.18% plus 2.32% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 

4 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 10, 2020.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation.

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.