The problem of the higher education bubble is an area of great concern in the US. In 2015, the student loans total debt has exceeded $1 trillion, while the cost of a school year keeps increasing. For example, the number of colleges with tuition fees of $50,000 and higher has increased 25 times over the past 3 years. The college loan crisis can be compared to the mortgage crisis some time ago, but the difference is that students have neither a house nor job to pay for the debt. Besides, the number of jobs where the earnings per year can pay back the college debt is rather limited. With the government not in hurry to solve this problem, there are ways out for students. See the list of loan debt forgiveness options that are available to certain specialists.
Education System Employees
School librarians, full-time teachers, speech education teachers, special education teachers, employees of childcare, pre-kindergarten, Head Start programs, or staff members at a family-centered agencies are eligible to 100% forgiveness of Perkins Loans. You also need to be employed for a particular number of years and work in a low-income education facility. You can get forgiveness of 100% of a Perkins Loan by becoming a full-time faculty member at one of the colleges and universities designed for education of US citizens of Native American origin. If you are employed as a teacher at one of the low-income schools, you get only up to $17,500 forgiveness of a Federal Stafford Loan.
Employees of Early Intervention Services and Supportive Medical Staff
Because of the lack of medical technicians and nurses across the country, there are certain benefits available to students who choose to become one. A major benefit is 100% forgiveness of a Perkins Loan. The same benefit awaits graduates who are employed at an organization that provides early intervention services for the disabled.
Those Who Serve in the Armed Forces or Volunteers
There is a 50% Federal Perkins Loan Forgiveness for those who served in an imminent danger area before August 2008. Those who continued their service after August 14, 2008, are eligible for 100% loan forgiveness. Apart from that, students who see themselves as volunteers with either US Peace Corps program or AmeriCorps VISTA program will be pardoned 70% of their Perkins Loans. You will be able to choose yourself whether you want to serve in developed countries overseas or in domestic vulnerable areas.
Law Enforcement Officers and Firefighters
Officers with firefighting and law enforcement brigades, as well as corrections officers, get their Federal Perkins Loan forgiven at 100%.
There are common characteristics of jobs for which the US government offers loan forgiveness. Those are jobs which are associated with danger, low-income environments, or the ones which refer to supportive medical staff. They are also in high demand with the state. By working on such positions, you can get a partial or a full forgiveness from the student loan debt. While it remains unclear why you should take a loan to get this kind of education in the first place, there is still a way to gain a full debt forgiveness once you are employed.