The average 2016 college student graduated with a hefty $37,172 in student loan debt, according to Student Loan Hero. That’s a hefty load to carry into a career.
But for students pursuing prestigious careers in medicine or law, the situation can be worse. Their student loan balance can easily top $200,000, according to Credit.com. But as Credit.com reports, student loan forgiveness and assistance programs are available to help graduates working in the following six high-paying careers:
For example, Credit.com notes that lawyers who work for the good of society can eliminate their debt:
Those who work in qualifying nonprofit and public service jobs could be eligible for the Public Service Loan Forgiveness Program (PSLF). This program forgives the loans for any professional in an eligible public service position after 120 qualifying monthly payments.
Check out Credit.com to read more about the potential debt relief options available to the careers listed above.
How to pay down student loans
Overall, the U.S. has accumulated more than $1.41 trillion in student loan debt, according to Student Loan Hero. A whopping 44.2 million Americans are burdened with student loans.
There are several government options available to reduce student loans, no matter what field you’re working in, writes MTN founder Stacy Johnson in “Ask Stacy: What Can I Do About My Student Loan Debt?”
For example, deferment or forbearance — which both suspend your payments for a set period of time — might be beneficial for people who can’t keep up on their loan payments.
If you’re not in a high-paying field like law or medicine, an income-based repayment plan is another option to help reduce what you’re paying on your loans. Stacy writes:
These plans all have monthly payments tied to your income and can be ideal if you find yourself stuck in a low-wage job. For some programs, you may need a partial hardship to qualify, but after 20 to 25 years of repayment, any remaining debt is forgiven.
Are you feeling overwhelmed by your student loans? We can help you deal with your student loan debt. Check out our Solutions Center for more information.
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