Graduation 2014

{Student Loan Forgiveness Programs}

Most student loan forgiveness programs have scary lists of eligibility requirements that might make the graduate cringe and stop reading halfway down the page. Don’t despair—the big ones are usually things like “Graduated from an accredited college,” or “Meets financial need requirements,” neither of which are too much of a stretch for the average graduate worrying about money. Loan forgiveness programs vary in the amount of money forgiven, but most are set up to incentivize workers to enter professions that serve others. So, forget about founding that vaguely named self-serving software startup, and get out and help people—you’ll be handsomely rewarded for doing so.

Colorado Healthy Service Corps

Nearly all health professionals are eligible for the CHSC: nurse practitioners, dental hygienists, pharmacists, doctors and even marriage counselors. You must work at a clinic in a nationally designated Health Professional Shortage Area, of which Colorado has 407 (Boulder’s Clinica Campesina is one).

Colorado Rural Health

CRH runs the Colorado Rural Outreach program, which allows medical facilities in rural, underserved areas to access money for employee student loan forgiveness.

Public Service

Anyone working a public service job is eligible to get a large amount of student loan forgiveness—as long as they make 120 on time payments. Granted, that’s ten years worth of loans, but whatever you owe following that benchmark will be forgiven. “Public Service” refers to anyone employed by the federal, state or local government; a non-profit that is designated as tax-exempt; or a non-profit that provides any basic service like emergency management, public safety, law enforcement or early childhood education.

AmeriCorps

Have you always dreamed of the Peace Corps, but like it a bit too much stateside? AmeriCorps is the federally funded domestic initiative involved in urban renewal projects, conservation and more. For a year of AmeriCorps work, $4,725 is rewarded in student loan forgiveness.

Military

America’s armed forces all offer loan forgiveness options (and, understandably, some tuition and expenses coverage if you attend school after service). Here are the numbers for student loan forgiveness, by branch: Air Force – $10,000; Navy – $65,000; Army – $65,000; National Guard – $65,000.

Teachers

Our educators aren’t quite given as much debt cancellation as our soldiers (although at preschool classroom can be quite the battlefield). Still, to incentivize teachers, federal loans can be partially forgiven, depending on your experience level and school location. As a rule of thumb, teachers with five years of experience in a low-income neighborhood who are deemed “Highly Qualified” by school administrators can receive $5,000 of forgiveness.

Finally, 50 counties in the state of Kansas are trying to lure graduates to settle there by offering up to $15,000 in loan forgiveness, along with income tax waivers—so if all else fails, click your heels and let loose a hearty “There’s no place like home.”