Several weeks ago, we wrote about how PricewaterhouseCoopers is helping workers pay back student loans. As it turns out, other career options help indebted college graduates pay back outstanding student loan balances.
- Government agencies, such as the Department of Defense, are hoping to attract workers with science, technology and engineering skills. Workers within certain professions can have up to $60,000 of their federal Direct Loans paid by employers. Other agencies helping pay back student loans include the Justice Department, State Department, and the Department of Veterans Affairs. Employees are required to agree to work at the federal jobs for three years before qualifying.
- Teachers working in areas with poor education infrastructure and a high demand for teachers can have $17,500 of their federal Direct Loans forgiven. In many cases, this means teaching in rural or low-income areas for up to five years.
- Members of the military can take advantage of student loan forgiveness plans. Each branch has its own policy for student loan forgiveness, taking into account years served and rank achieved.
- The federal government will offer partial student loan forgiveness for volunteers working overseas in the Peace Corps.
Will More Employers Help Workers Pay Back Student Loans?
More employers are beginning to notice the benefits of offering student loan repayment or forgiveness plans. A Boston startup has used this tactic to attract young and talented workers leaving college. Other financial and tech companies are likely to follow suit in an attempt to attract new graduates.
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