Entering the working world with a student loan hanging over your head is daunting. Rent, car payments, and credit card bills all add up. Before you know it, you might feel like you don’t have enough for loan repayments.
But don’t lose hope. Some employers offer student loan forgiveness programs to help you get out of debt. There are hundreds of jobs that pay off student loans — you just have to meet a few requirements.
What is student loan forgiveness?
But not everyone is eligible for these programs, and some application processes take a long time. Instead, you can get a job with an employer who offers an internal student loan relief program. There are all kinds of companies that pay off student loans, so knowing where to go can get you a leg up on your future.
10 Jobs that offer student loan forgiveness
You don’t have to
manage debt on your own. Keep your debt-to-income ratio down and find a job that helps you pay off your loans. Here are a few that commonly offer student loan forgiveness programs:
1. Federal employee
2. Public service worker
Working full-time in the public service sector may give you access to repayment assistance programs and benefits. Examples are law enforcement and social workers, but it depends who actually employs you.
3. Lawyer
Those just entering the law field may be eligible for loan forgiveness programs through state programs and select employers.
4. Healthcare worker
Several loan forgiveness opportunities are available for those working in the medical field. You could become a:
Nurse
Doctor
Dentist
Pharmacist
Specialist
Technician
5. Military personnel
The various military branches will offer loan assistance and student debt repayment programs for those entering the force. Examples of jobs in this field include:
Soldier
Military police
Medical professional
Administrative worker
IT professional
The
military also offers tuition assistance in the form of scholarships for service members, veterans, and their families to help you avoid taking on debt in the first place. Eligibility varies, depending on the branch of the military.
6. Automotive worker
Engineers and professionals working with automotive companies usually have access to loan forgiveness opportunities.
7. Teacher
Dozens of educator-specific programs give teachers federal student loan forgiveness opportunities.
Federal programs vary depending on the subjects and grade levels you teach along with your education level.
8. Peace Corps volunteer
Volunteers for the Peace Corps can get
exclusive loan forgiveness or deferment opportunities while deployed. Some are also eligible for partial cancellation and income-driven repayment. You just have to contact your loan provider and ask about opportunities for Peace Corps workers.
9. Non-profit worker
A few non-profit organizations offer loan assistance programs, too. Examples are grant writers, program directors, and special events coordinators for companies in this field.
10. Veterinarian
The U.S. Department of Agriculture and similar agencies offer student loan forgiveness for practicing veterinary professionals, especially in underserved areas. The
Veterinary Medicine Loan Repayment Program (VMLRP) can give you up to $25,000 a year.
10 Companies that help you pay student loans
There are hundreds, if not thousands, of companies that offer student loan repayment benefits, so this is a partial list. But if you’re looking for somewhere to apply, any of these organizations are a great start:
5. Fidelity Investments. Fidelity’s robust
Step Ahead Student Loan Assistance Program gives eligible staff up to $10,000 for their loans. In 2018, they’d helped 8,900 employees, and that number has only grown since then.
9. Penguin Random House. This publishing company
offers a student loan repayment program for eligible employees. Its website says that waiting periods apply, so you do have to work for the company for a while before earning this benefit.
2 Student loan assistance programs from employers
Depending on the company and the career path you choose, employers offer two main forms of student loan payment assistance:
1. Repayment assistance and forgiveness programs
These programs are available in specific fields — mainly in public service, like medicine, education, or law. There are also some military loan forgiveness programs. But you do have to meet a set of criteria, which usually includes being a full-time employee and in the field for several years.
For example, to be eligible for the
Teacher Loan Forgiveness (TLF) Program, you have to be a teacher for five complete and consecutive years and work at a school or agency that serves low-income students. Then, the program forgives up to $17,500 from certain types of loans.
2. Student loan repayment benefits
Many non-government companies offer student loan programs as a benefit for employees. In 2022,
7% had student loan repayment assistance. This might seem low, but that means some businesses are committed to helping their staff.
The terms vary, but like standard payment assistance programs, you have to commit to a service obligation to qualify. This usually involves working at the same place for at least a year or more. And different companies offer different benefits. Some match part of your monthly student loan payments, others may pay a set amount towards your loan, and a few may even pay off your loan through tuition reimbursement.
How to get your employer to cover student loans
You can still work at a company that doesn’t traditionally offer student loans. Take initiative and start the conversation yourself when discussing your compensation.
It never hurts to negotiate your terms and explain the situation — whether you want to keep your current job or get a new one. The worst they can say is “No.” But generally, it’s easier to talk about employer student loan repayment programs when you start a new job and are still negotiating your contract.
Here’s how to negotiate your employee benefits before and after accepting a job:
1. Research similar programs. What do comparable companies offer? Could you pursue better terms like a bigger payment towards your loan each month? You can use this information to explain your position and tell a potential employer that if they don’t give you the benefits you’re looking for, someone else might.
2. Make your interests known. It’s good to explain why loan assistance would benefit you, but you should also explain why it would benefit your employer. Debt can give you a lot of stress, and lessening the load could make you a better, more dedicated employee.
3. Consider a sign-on bonus. Even if the employer doesn’t want to help with your student loan debt payments, you can negotiate a sign-on bonus. Put this extra cash toward your loans.
4. Know that a denial isn’t the end. If the employer declines your initial negotiation, that doesn’t mean you can’t revisit the request in the future. Don’t dismiss a great employer because they won’t pay your debt. Work hard and ask again, or hold out for a better opportunity in a few years.
5. Talk to the right people. After accepting a job, negotiate future repayment opportunities, but you have to approach the right people. Your boss, HR, or even higher-ups might hear you out. Build solid relationships from the beginning.
6. Talk with your colleagues. There’s always strength in numbers, and chances are, your colleagues would also benefit from student loan assistance. Approaching your employer together could encourage them to look into the opportunity.
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