Income is used to cover wants and needs. The more income that is brought in, the easier it will be to move forward in your financial goals. In addition to adding to your current lifestyle there are jobs that offer the added benefit of paying you back for your expertise. These jobs repay your financial burden for specialized education. Education is an investment. Whether you are a young adult just entering college or a seasoned individual looking to expand your economic value, student loan repayment plans make it possible to weigh the costs to your benefit. Look for industries that pay well and have a wide income potential that can grow with you as you grow in the field.
Career Options
Here is a list of great careers to explore that offer student loan forgiveness or repayment plans:
1. Doctor/Physician
The average school debt for a doctor is 200k (AAMC, 2019). Taking on this much debt may seem overwhelming but it pays off in yearly salary alone. The average doctor/physician makes 200k-500k depending on the specialty (Salary.com).
The good news is that due to the specialized skill obtained in the medical field there are a variety of ways to repay these amounts if options are known.
- Association of American Medical Colleges State Database
- Minnesota State Loan Repayment Program
Reimbursement amount: Up to $20k for full time primary care providers and up to $10k for part time primary care providers
Minimum commitment: 2 year service at a non profit private or public site in a federally designated Health Professional Shortage Area (HPSA)
Health providers: PC Physicians (MD or DO), Dentists, Dental Hygienists, CNMs, NPs, PAs, Clinical Psychologists, Licensed Independent Clinical Social Workers, Psychiatrists, Licensed Professional Counselors, Psychiatric Nurse Specialists, Marriage & Family Therapists
- Arizona Loan Repayment Program
Requirement: U.S. citizen, completed final year of course of study, AZ license or certificate in good standing
Reimbursement amount: Up to $65k for physicians and dentists and advanced providers up to $50k
Minimum commitment: 2 years
- Armed Forces Loan Repayment Program
- Health Professions Student Loan Repayment Program
Requirement: Satisfactory service as an officer in the Selected Reserve of an armed force with a professional qualification or enrolled in a program leading to a professional qualification in the health profession for wartime combat medical skill shortages
Reimbursement amount: Maximum of $40k per year minus 25% taxes
Minimum commitment: Repayment determined on length of service
Health providers: Doctor of dentistry, Bachelor or Doctor of Science in Pharmacy, Doctor of Podiatric Medicine, Doctor of Optometry, Doctor of Veterinary medicine
- Coast Guard Student Loan Repayment
Requirement: Service commitment begins when first payment is made
Reimbursement amount: Up to $30k-$60k
Minimum commitment: 3 years for up to $30k, 4 years for up to $40k and so on up to 6 years.
- Navy Financial Assistance Program (Navycs.com)
Requirement: Current enrollment
Reimbursement amount: Annual grant and monthly stipends established annually
Minimum commitment: 8 year minimum service obligation, minimum 2 year active duty first year and half year active duty thereafter
- National Health Service Corps (NHSC) Loan Repayment Program
Requirement: Provide healthcare in urban, rural, or tribal communities with limited access to care
Reimbursement amount: 2 years full time up to $50k, 2 years part time up to $25k
Minimum commitment: 2 years service at an NHSC approved site
- Indian Health Service Loan Repayment Program
Requirement: Practice in health facilities serving American Indian and Alaska Native communities
Reimbursement amount: $20k per year totaling up to $40k
Minimum commitment: 2 years
2. Lawyer
With an average law school debt of 165k (Bankrate) the average lawyer makes 40k-100k (Salary).
As a lawyer there are a variety of concentrations in which to specialize. There are also great positions for advancement such as becoming a judge or representative.
- Attorney Student Loan Repayment Program (Justice.gov)
Requirement: Service to Department of Justice in hard to fill positions
Reimbursement: Up to $6k per year
Minimum commitment: 3 years service
- John R. Justice Student Loan Repayment Program
Requirement: Serve as a prosecutor or public defender or full time at a nonprofit organization under contract with a state or local government
Reimbursement: Differs according to state, example Florida: Repayment benefits cannot exceed $10,000 in a calendar year with a total aggregate not exceeding $60,000
Minimum commitment: 3 years
- Herbert S. Garten Loan Repayment (Lsc.gov)
Requirement: Total debt of at least $75k, annual income state based, full time attorney at the LSC grantee while under grant
Reimbursement: Up to $8k per year, maximum 3 years offered with new submissions required yearly
Minimum commitment: 1 year
3. Nurse
The possibilities in nursing are endless. In addition to the wide range of options nursing jobs are offered in high demand. According to Debt.org the average school debt for a nurse professional is $37k. With a willingness to commit to a certain term this debt can be repaid in full.
- Nurse Corps Loan Repayment Program (Hrsa.gov)
Requirement: Licensed RN or nurse practitioner, or nurse faculty member working full time in an eligible Critical Shortage Facility (CSF) in a high need area
Reimbursement: 60% of total loan over 2 years and if eligible 25% in third year
Minimum commitment: 2 years minimum up to 3 years
- Perkins Loan Cancellation
Requirement: Work full time as a nurse and communicate and apply through school
Reimbursement: Up to 100%
Minimum commitment: 5 years
Health Providers: Registered Nurses (RNs), Licensed Practical Nurses (LPNs), Certified Nursing Assistants (CNAs), Medical Assistants (MAs), American Registered Nursing Practitioners (ARNPs)
- National Health Service Corps Loan Repayment
- State Level Loan Forgiveness
- Army Active Duty Health Professions Loan Repayment Program
4. Teacher
As a teacher in a special program or low income area you could qualify for loan forgiveness.
According to Credible, the average teacher carries around $17k in school debt. The debt taken on as a teacher is lower in comparison to the other options listed, but with the knowledge of such available repayment programs taking on education debt for a season could be in your favor.
- Teacher Loan Forgiveness Program (Studentaid.gov)
Requirement: Teach at a low income school in the Teacher Cancellation Low Income Directory full-time for Direct Loans or Federal Family Education Loan
Reimbursement: $5k or $17,500 depending on subject area taught
Minimum commitment: 5 consecutive years
- Perkins Loan Teacher Cancellation Program (Studentaid.gov)
Requirement: Work as a full-time teacher serving low income families, teaching special education, or working in a field with a shortage area for Perkins Loan cancellation
Reimbursement: 15% year 1 and 2, 20% year 3 and 4, 30% canceled year 5
Minimum commitment: 1 year +
- American Federation of Teachers State Database (Aft.org)
Requirement: Vary
Reimbursement: Awards range from loan forgiveness to mortgage assistance, post secondary education assistance, school supplies awards etc…
Minimum commitment: Vary
5. Dentist
The average school debt for dentistry is $293k (Education Data). This career choice is sure to pay off sooner than later. Dentists make an average 130k-230k (Salary) Many of the same opportunities are available for repayment in the health industry. With a willingness to commit to a certain amount of years in service this total can come off by the thousands per year.
- NHSC Student to Service Loan Repayment Program
Requirement: In last year of medical school and working in a Health Professional Shortage Area (HPSA)
Reimbursement: Up to $120k, in increments of $30k per year in 4 annual installments
Minimum commitment: 3 years (40 hrs per week, 45 weeks annually)
- National Health Service Corps Loan Repayment
- American Dentist Education Association State Database
- Association of American Medical Colleges State Database
- Indian Health Service Loan Repayment
- Military Loan Repayment
6. Pharmacist
The average school debt to become a pharmacist is $174k (AACP). The good news is that the average pharmacist makes about 120k-150k (Salary) The story is the same in this health field, through the Corps and state programs the options for repayment can knock off this high balance within a matter of years.
- National Health Service Corps
- State Loan Repayment Program, or SLRP
- Indian Health Service Loan Repayment Program
7. Veterinarian
The average school debt to become a veterinarian is $157k (AVMA). Are you fond of animals? Why not get paid to help them! The average veterinarian makes 60-150k (Salary).
Scholarships are available in addition to state level repayment options.
- Veterinary Medicine Loan Repayment Program (Nifa.usa.gov)
Requirement: Serve in a National Institute of Food and Agriculture (NIFA) designated veterinarian shortage area
Reimbursement: Up to $25k per year
Minimum commitment: 3 years
- American Veterinary Medical Foundation Scholarship (Avmf.org)
Requirement: 1st, 2nd, 3rd year students attending school
Awards: Vary
- State Level Veterinary Medical Associations
For example in Georgia (Gvma.net) Georgia Student Finance Authority (GSFA) awards 5 applicants yearly with loan financial relief of contracted veterinarian
Requirement: 5 applicants chosen, Georgia resident, work in board approved rural county
Reimbursement: up to $18k for outstanding debt with total of $20k per year up to $80k, must reapply yearly
Minimum commitment: 1 year+
- Army Active Duty Health Professions Loan Repayment Program
It’s Never Too Late
There are opportunities to expand your skills and increase your household income. With the knowledge of tuition reimbursement you can take the next step and find a field that works for your particular interest. Consider pursuing a field that benefits you and pays you back for your expertise. Find a profession where you can grow both your skill and financial potential.