8 Career Paths That Can Cancel Your Student Loan Debt

A college education can open pathways to rewarding career opportunities in several industries. Unfortunately, student loans debt can financially burden graduates for years to come. However, some careers offer student loan forgiveness opportunities to incentive graduates to join the workforce.

If you are looking to eliminate your loan debt you can pursue jobs that forgive student loans, if you meet certain requirements.

8 Careers Offering Student Loan Forgiveness

There are several student loan forgiveness opportunities available in certain careers. If you work in one of these professions, determine your eligibility for a loan forgiveness program.

1. Doctors, Nurses and Other Healthcare Workers

• National Health Service Corps (NHSC) loan repayment programs. The NHSC offers three loan repayment programs for medical and healthcare professionals. Awards are available to part-time and full-time workers, with forgiveness amounts ranging from $25,000 to $100,000, depending on the program, employment status and service commitment.
• National Institutes of Health (NIH) loan repayment programs. Qualified health research professionals can earn up to $50,000 in annual repayment assistance. The NIH accommodates eligible individuals seeking to work within the agency (intramural) and those interested in working outside of the NIH (extramural).
• Indian Health Service (IHS) Loan Repayment Program. This program offers up to $50,000 in loan forgiveness for medical workers with a two-year service contract in Native American and Alaska Native communities. Roles that forgive student loans under the IHS LRP include advanced practice nurses, physicians, pharmacists and behavioral health workers.

2. Teachers and Educators

• Teacher Loan Forgiveness Program. Teachers can receive up to $17,500 in loan forgiveness through the federal Teacher Loan Forgiveness program. Full-time workers at eligible schools servicing low-income students must work for five consecutive academic years. To earn the maximum award you must teach a math, science or special education subject.
• Public Service Loan Forgiveness (PSLF) program. Teachers working for nonprofit schools can have their federal direct loans forgiven. After making 120 qualifying payments toward their loans under an income-driven repayment (IDR) plan, tax-free forgiveness on their remaining balance is awarded.
• Perkins loan cancellation. Perkins loan recipients working for schools that serve low-income families might be eligible for up to 100% of Perkins loan cancellation. You must work full-time teaching an eligible subject at the school, and the institution must be a public or nonprofit primary or secondary school.

3. Dentists

• Faculty Loan Repayment Program. If you come from a disadvantaged background and work at an eligible nonprofit dental school for at least two years, you can receive up to $20,000 in student loan forgiveness through this program from the U.S. Department of Health & Human Services Health Resources & Services Administration.
• Indian Health Service Loan Repayment Program. Dental professionals, such as dentists, hygienists, dental assistants and dental therapists are also eligible for the IHS LRP. All participants, regardless of occupation, must serve Native American and Alaska Native communities during their service commitment.

4. Lawyers

• John R. Justice (JRJ) Student Loan Repayment Program. Full-time prosecutors, public defendants and full-time employees offering legal representation through a nonprofit employer can receive loan repayment support through the JRJ Student Loan Repayment Program, which is funded by the Bureau of Justice Statistics.
• Herbert S. Garten Loan Repayment Assistance Program. The Legal Services Corporation offers this program to its full-time attorneys. To qualify, you must have at least $75,000 in outstanding eligible student loans,  fall within the income limits and fulfill other requirements.
• Attorney Student Loan Repayment Program. Attorneys with a minimum of $10,000 in unpaid eligible federal student loans can apply for this government-backed repayment assistance program. It matches up to $6,000 annually in payments made by participants who agree to a three-year service agreement.
• Public Service Loan Forgiveness (PSLF) program. Lawyers working for nonprofit public service organizations and government organizations at any level (such as federal, state, local, tribal or military) can have their federal direct loans forgiven through the PSLF program. After making 120 qualifying payments toward their loans under an IDR plan, tax-free forgiveness on their remaining balance is awarded.

5. Veterinarians

• Veterinary Medicine Loan Repayment Program. Veterinarians serving in an approved shortage area for three years can receive $25,000 in annual repayment assistance—totaling $75,000 in forgiveness.
• Federal Faculty Loan Repayment Program. Faculty members at eligible public or private, nonprofit veterinary schools also qualify for the Federal Faculty Loan Repayment Program. You can receive up to $40,000 in repayment assistance if you meet the program’s contract requirements.

6. Military Members

• Armed Forces loan repayment programs. Each branch of the U.S. military offers a loan repayment program for its servicemembers. For example, the U.S. Army provides up to $50,000 to repay unpaid student loan debt, regardless of whether you’re active duty, reserve or a National Guardsman.
• Perkins loan cancellation. Under this program, military service qualifies for 100% debt cancellation if you’ve served at least five active-duty years starting on or after August 14, 2008.

7. Government Employees

• Federal Student Loan repayment programs. Several government agencies offer loan repayment programs to recruit and retain highly qualified employees. Awards amounts vary and most programs require at least three years of service.
• PSLF program. Government employees at any level must work for an eligible employer to qualify for this program. Your debt is forgiven after you make 120 qualifying payments.

8. Nonprofit Workers

• PSLF program. If you’re not in a career that’s listed above or a government employee, you might still be eligible for PSLF if you work for a nonprofit organization. Your remaining federal loan debt is forgiven after 120 loan payments while you are employed full-time at a nonprofit.
• Perkins loan cancellation. If you volunteer through AmeriCorps VISTA or Peace Corps, you can receive up to 70% of Perkins loan debt cancellation after four years of service. Additionally, full-time employees working at a child- or family-services agency are also eligible for up to 100% cancellation after five years of service.

Other Ways To Get Help With Student Loans

If you have a career outside of the ones listed above, there are several alternative repayment assistance and debt forgiveness options for you to consider.

Employer-Based Payments

If you work in the private sector or have private student loans that don’t qualify for federal forgiveness programs, some employers have stepped up to assist employees. Companies like Chegg, Google, and PwC are just a few examples of employers that offer a student loan repayment benefit.

Alternative Federal Forgiveness Programs

The U.S. Department of Education also offers other loan forgiveness and cancellation programs that don’t pertain to a specific career.

For example, an IDR  plan reduces your monthly federal loan payment to anywhere between 10% and 20% of your discretionary income over 20 or 25 years. After completing your repayment term, any remaining debt is forgiven. However, be aware of any tax implications on the forgiven amount.

State-Based Programs

Many states have designed loan repayment assistance programs to assist in-state student loan borrowers. Eligibility and awards vary by program; find the student loan forgiveness programs in your state.