Finding the Best Student Loan Repayment Programs

| January 2, 2012

Repaying student loans can be an overwhelming and frightening experience for the new college grad. The good news is that a variety of student loan repayment programs exist to allow grads to pay off debt in an efficient manner. When a student chooses a certain career, then he or she will have the option to have student debt completely eliminated.

Joining the military is one popular way students can have student loans forgiven. Unfortunately, many students are unaware that joining the military can yield great financial benefits. By joining the Army, one can have up to $65,000 in student loans repaid. To be eligible for the Army student loan repayment program, there are some qualifications a student must meet. A student must decline enrollment in the Montgomery GI Bill in writing, by using the DD Form 2366. One must also enlist with a high school diploma. One must take the Armed Forces Qualification Test and receive a score of 50 or higher.

The Navy also offers a repayment program for students which is quite similar to that offered by the Army. Under the Navy’s student loan repayment program, students can have up to $65,000 in student loans repaid. One positive benefit of this program is that the loan repayment program is available for all positions in the Navy.

The Air Force also offers a student loan repayment program, however, the amount is significantly lower than that offered by the Army or Navy. The Air Force offers a maximum of $10,000 per each recruit.

Teachers also have the ability to benefit from student loan repayment programs. One must serve as a teacher in a low-income area for at least five years to qualify for this loan repayment program. The school must be designated as “low-income” by the U.S. Department of Education, otherwise one can not have loans repaid. The school must also be public or a non-profit private school. To apply for this loan repayment program, one can visit the website of the U.S. Department of Education for applications.

Public service attorneys can also qualify for loan repayment programs. The typical loan repayment program requires that an attorney work for at least 10 years in a public service legal field. Many lawyers are attracted to these sorts of programs, since the average law student will have to pay about $1,100 a month in loan payments after graduation. These monthly payments can be overwhelming for any new law school graduate.

Category: Student Loan

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