August 27, 2010, Newsletter Issue #185: Let's Forgive and Forget

Tip of the Week

Forgiveness is a virtue, and there is no one that students want to be more forgiving than the people controlling their student loans. For some people this may actually be possible.

Jobs that focus on public interests in low-income or inner city communities pay less, require longer hours and provide more stress. Yet they are attracting more young college graduates now than ever before.

Student loan debts can be forgiven, meaning partially paid off or canceled completely, when students commit to work in such an environment for a set period of time. The average time commitment is one or two years for partial forgiveness or three to five years for complete loan forgiveness.

These fields are typically government or public service oriented, like teaching, health care or legal practices. Depending on the field and the area a student works in, loans can be forgiven by the government, school or company the student agrees to work for. The goal of programs like this is to get more people interested in public service work and reward them by reducing their debt through student loan forgiveness.

Check to see if the school you attend has a program like this, or if they can recommend employers who forgive loans in exchange for your service.

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