Five easy ways to do away with student loan debt

All of us know that a student debt crisis is brewing, but no sign of respite is there in the air. Few non-governmental groups have come up with viable ideas and the federal government is also trying to make some amendments in their policies in order make student loan debt a bit easier to bear. But those who are nearing to their Grad. day or trying to service their debt, are not seeing any sign of hope.

Leading frugal lifestyle while in college and even after then can prove to be a bit beneficial, but won’t erase the complete scenario. Below we have compiled a few jobs that can give a boost to your college loan repayment endeavor.

1) Become a teacher

Nowadays, many schools desperately look for teachers to work on lower monthly paychecks or on high-demand programs. If you are a graduate and work as a teacher for at least 5 years, you may be able to get a huge portion of your loan forgiven. Though the exact payoff depends on the type of the loan, the benefits that you receive are certain.

2) Join the Peace Corps

If you have accrued huge student debt, enthused to see the world and desperate to fill out your resume, you shouldn’t wait anymore. The Peace Corps can cancel 70% of your Perkins student loan debt. However, if it is Stafford or consolidated loan, the deal is not that much appealing.

3) Volunteer with Americorps and Vista

Recent graduates, who have a passion for volunteering but least interested to voyage the world, Americorps and VISTA could be enticing options. While Americorps recruits volunteers in schools and in environmental cleanup projects, VISTA places them with nonprofit groups.

4) Get into the Military

The military offers some exclusive assistance for college graduates, including the Montgomery GI Bill that shoulders more than half of the college education’s cost. Again, the Army National Guard has some marvelous options like the Student Loan Repayment Program that will pay off up to $50,000 worth of your student loan.

5) Live as a rural Vet

If you are a qualified veterinary physician but searching the answer for your debt burdens, The Department of Agriculture’s Veterinary Medicine Loan Repayment Program may have the answer. If your application gets approved, you can receive up to $75,000 in loan forgiveness - $25,000 each year for up to three years. However, in order to receive this loan forgiveness, you need to work in those areas that have insufficient veterinary coverage.

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