Public Service Loan Forgiveness is a program that can help you pay off your federal student loan debt. To qualify, you need to enroll in an income-driven repayment plan with the federal government. If you graduate and find a public service or nonprofit job, then make at least 120 eligible monthly payments for 10 years on your loan, you can qualify for Public Service Loan Forgiveness.
That doesn’t sound so fun.
You may be thinking that a public service or nonprofit job sounds pretty boring, but that doesn’t have to be the case. Apply yourself and you could find a job you’re passionate about at a nonprofit. Although jobs in the nonprofit sector often come with low salaries, you’ll save plenty on your student loan payments to make up for it.
Okay, so what can I actually do?
Almost any full-time job at a nonprofit or anything in public service. Jobs with labor unions or political parties aren’t eligible, but there are plenty of other fields that are. You’ve probably heard that you can go into the military or be a doctor, but those are not the only options.
You could:
- Work with kids or teach. Teachers, counselors, university employees, and Head-Start workers all qualify for this program. The Teacher Forgiveness Program can help you get even more of your debt forgiven than the general program.
- Be a librarian. Non-profit organizations that provide public library or school library services are good places to apply.
- Care for other people. Health care professionals such as nurses and those who care for people with disabilities or the elderly qualify for Public Service Loan Forgiveness.
- Get involved in public safety or law enforcement. Some of these jobs might be federal, such as the FBI or DEA, while others are found on the state or local level.
- Work for the Peace Corps or AmeriCorps. If you’re employed with the Peace Corps, you have the opportunity to travel to new places and foreign countries while providing a valued public service and getting your loans forgiven. AmeriCorps provides public service within the U.S., so you may still have travel opportunities, but you won’t have to leave the country.
- Do almost anything. There are a lot of nonprofits out there. You may even find a position in one that doesn’t necessarily reflect the overall goal of the organization. For example, you could be an accountant at an organization that provides healthcare services to the elderly.?
Why is this important?
If you’re already interested in working in the nonprofit sector, you should know how to make the most of the Public Service Loan Forgiveness program. It can save you money and help you become financially stable after college.
