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Through the Federal Student Loan Repayment program, participating agencies can award up to $10,000 per year, and up to a total of $60,000, towards the payment of your student loans. In return, you must work for that agency at least 3 years.
Now just imagine getting a under grad, masters or even a trade school education that cost you over $100,000. For many getting a college degree today, this is a reality. Now imagine having $60,000 of it paid off, only leaving you $40,000 in student loans to re-pay. You could go from have a debt payment that lasts 15 years to having a debt payment that may only last 5 years. 3 years working for an agency is a small price to pay for the trade-off.
All 15 cabinet-level departments participate in the program, plus more than 20 independent agencies. Some agencies will specify the types of degrees necessary to qualify for the program and will tailor their plans to recruit certain candidates for hard-to-fill positions.
Some of the most common educational loans that qualify for repayment also include:
If you are interested in applying, contact the individual agency you are considering and they will instruct you on their specific loan repayment program. Many agencies also include information about loan repayment on their specific websites.
Through the Public Service Loan Forgiveness Program, the government will forgive the remaining balance on your eligible student loans if you have worked in a public service job for at least 10 years.
To qualify, you must have already made 120 monthly payments and you must be employed full-time in AmeriCorps, the Peace Corps position or another public service organization, such as: