Going to college is something quite a few teens and adults tend to take for granted. Going to college can help you get a great paying job versus not getting an education and possible end up with an awful low-paying career for the rest of your life. In the past, it was much more difficult for an individual to pay for their education in cash or even obtain a loan.

However, today you can get a number of grants and loans to help you be able to go to college and get that high paying job in the field in which you wish to work. But no matter what you are going to have to repay your college funds one way or another. Many people come to think they can just avoid this matter and it will eventually go away, but this is generally not the case.

The devastating affects of this usually do not affect the student until after they are done with college because at this time they will most likely be knee deep in debt. Even with a stable well-paying job some individuals find it very difficult to manage this obligation. Like all jobs, you do not start off at the top. Even with a college degree, you won’t start out by getting a ton of money at first. You will have to start out at a lower wage and work your way up. Some people think they can just file bankruptcy on their student loans but they find out that is not possible.

So what are you to do if you can’t pay back all your student loans? Well, there are some programs out there to forgive student loan debt. This is to help people out who have gotten in over their head and can’t pay back their loans. These programs won’t clear up all the debt but they can reduce it to a more manageable debt amount so that you can pay it back over time. This forgiveness can come in two different forms, either through an economic hardship that is making it difficult to repay the debt, or for graduates in various fields of work.

The most common types of student loan forgiveness programs are aimed at teachers, law students, and nurses, in which they choose to work in high need areas such as a public interest attorney working with less fortunate people, teacher at a low income school, or even a nurse undeserved healthcare facility. This usually involves you going and taking a job that is hard to fill. That way, you’re doing something for your financial future and contributing to society while you’re at it. In exchange for years of work at one of these places mentioned above teachers, nurses, and lawyers may be entitled to forgiveness of their federal student loans. For example, by helping at a hospital for a while after a natural disaster because they would need nurses, there’s always demand for people who are genuinely interested in contributing to society.

Below we will discuss a few of these options:

Teacher: The most common and popular program for this type of assistance comes to teachers. For teachers that have graduated with a a ton of debt you may want to consider working in one of these situations.

-Low income school for the public
-An area of study in critical need such as science or math
-Teacher for the disabled
-Some early childhood programs

It comes to a surprise to many that there are actually a wide range of sources one can turn to for this type of assistance. Please check out the federally sponsored Teacher Loan Forgiveness Program website for more details.

Nurse: Because of the national nursing shortage there is a major need for well-trained individuals. LPNs, RNs, and nurses are all in high demand across the country. Like teachers, the federal government has also provided repayment or forgiveness programs to qualified graduates. For those nurses out there with a large amount of debt due to your education, it would be foolish not to check out the government’s Nursing Education Loan website to see if you may qualify for a repayment up to 60% of the amount borrowed.

Law students who practice public interest: To start off it is important to realize that public interest lawyers make little money. But this area of work is in high demand and extremely important to less fortunate individuals. However, programs for this field of work are lagging behind the nurses and teachers programs. So because of this we strongly advise that any law student graduate in need of help to consult with their school to find out if they have any programs available for loan forgiveness.

If you need your debt freed up, it can be done. There are programs to help you out, so be sure to check them out if you haven’t by now.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.