Student loan repayment assistance can come through a variety of options but there are more graduates who may be able to benefit from turning to specific careers after graduation in order to help him erase college loan debt. Obviously, students typically have some form of career in mind while in school and may not be considering the fact that public service occupations or various governmental agencies may offer these men and women the option of having their student loan debt erased after graduation.
According to the U.S. Office of Personnel Management, “Although the student loan is not forgiven, agencies may make payments to the loan holder of up to a maximum of $10,000 for an employee in a calendar year and a total of not more than $60,000 for any one employee.” Obviously, this can be greatly beneficial for students who may have a high amount of student loan debt that have not entered into a field which may allow them to erase debt in a timely manner. While there are benefits to working in agencies that can help erase a student’s debt, there are also public service jobs which may offer students the opportunity to have their debts forgiven rather then repay the entire student loan debt to the loan holder.
However, employees who are able to benefit from this program typically must sign some sort of agreement to work with an agency for a set period of time, or else they will have to reimburse the agency the funds they received while they were employed. Yet, programs which help students finance their college education or erase debt from student loans can be a helpful tool for these men and women as it not only gives real-world experience in the job market with a reputable organization, in most cases, but it can help these men and women get out of debt faster and set them on a more financially stable future after graduation.
While there are grants and scholarships which may offer financial aid to those who are attending a college or university if they agree to enter into a certain career for a set period of time, by teaching, there are also these repayment plans and student loan forgiveness opportunities available to men and women who graduate and gain employment at one of these organizations or are employed with a nonprofit organization.
There are opportunities for students to acquire debt assistance from plans like consolidation loans, income-based repayment plans or even forgo making student loan payments for a set period of time through forbearance. Yet, some advisers suggest that students seek out these types of careers or job over to before graduation as it could be a way to not only gain experience in a field related to their career goals and aspirations, but these of student loan assistance plans may also erase a student’s debt years ahead of schedule were they to meet payments out of pocket.