After a federal judge dismissed a lawsuit seeking to block student loan forgiveness, more than 800,000 borrowers from all over the U.S. are in line see their loans erased. The student debt in question is worth about $39 billion and was owed by borrowers who’ve been making 20 to 25 years worth of payments.
The borrowers involved in these plans for forgiveness include those with Direct Loans or Federal Family Education Loans held by the department, including Parent PLUS loans. Many of the borrowers affected are likely 50 or older. An estimated 9.2 million borrowers fall into this category.Â
If you don’t qualify for loan forgiveness through these programs, a career in public service may be the answer to student debt cancelation.
Which jobs will forgive your student loans?
The Public Service Loan Forgiveness Program encourages employment in sectors that benefit the public. Some examples of careers that qualify for loan forgiveness include:
- Emergency management
- Medical professionals, including nurses or doctors\
- Law enforcement officers
- Early childhood educators
- Public health professionals
- Social workers
The public service loan forgiveness program cancels the remaining balance of loans for people working full-time government or not-for-profit jobs. Here’s the catch: Qualified individuals must also make 10 years of consecutive payments on their loans.
Full-time teachers at low-income elementary and secondary schools or people working at educational service agencies may be eligible for $5,000 to $17,500 in student loan forgiveness under the teacher loan forgiveness program. Highly qualified math, science and special education instructors are eligible for up to $17,500, according to the Department of Education. Teachers must be working for five consecutive years to qualify.
In 2021, over 1 million Americans were qualifying borrowers under the public service loan forgiveness program, according to the office of Federal Student Aid. But the program faced major criticism for being…
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