Student loans are a big burden. They follow you around for years, even decades, making it harder to establish a solid financial future or do things like buying a house. It isn’t easy to pay off your student loans.
While most people assume they are just saddled with the debt until they pay it off, that doesn’t have to be the case. There are programs that can help you pay off your student loans, including many through the federal government.
If you’re looking to pay off your student loans fast, here’s what you need to know.
1. Loan Forgiveness for Public Service
If you take a job with the government or certain not-for-profit organizations, you may qualify for loan forgiveness. That means, once you reach the point of eligibility, all of your remaining federal student loans are forgiven.
Now, to qualify, you have to make 120 eligible payments while working for an eligible employer, which takes a minimum of 10 years. That means anyone on a 10-year repayment plan won’t benefit from the program. But everyone else can.
Additionally, you have to work full-time during the entire period to be eligible.
2. Teacher Loan Forgiveness
Teachers can also qualify for loan forgiveness, and at a much faster rate than public service employees. If you work five consecutive years at a qualifying school or educational service agency, you may be able to have up to $17,500 in student loan debt repaid by the government.
You have to have a qualifying federal loan to receive this student loan pay off benefit, but it is something all teachers should explore.
3. Total and Permanent Disability
Did you know that anyone who becomes totally and permanently disabled can have 100 percent of their federal student loans forgiven? It’s true.
This means, if misfortune befalls you, you have options for paying off your federal student loan debt.
4. Perkins Loan Discharge
If you used a Perkins loan for college, paying off your student loans just got easier as long as you work in a qualifying profession. A lot of career paths potentially qualify, including firefighters, nurses, law enforcement, attorneys, and more.
Now, there are other requirements beyond the job title, such as working for an eligible organization, so you’ll need to review the details to see if you can use this to pay off your student loans.
5. Volunteering
SponsorChange.org, a nonprofit organization, helps graduates pay off their student loans in exchange for volunteer work. There is a wide variety of opportunities to choose from, giving you the ability to find a cause that you want to support. Plus, you get to have a wonderful experience while lowering your student loan debt at the same time.
In some cases, you can use more than one of the options above to pay off your student loans, if a single one won’t pay them off in full. So, check out these programs to see if you are eligible. Ultimately, if you qualify, it can be just the relief you are hoping to find.
Want to see more of what Fine-Tuned Finances has to offer? Check out these articles:
- How to Lower Your Student Loan Payment
- What Students Need to Know About Repaying Student Loans
- Effective Computation of Student Loan Consolidation Interest Rates
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.