How to Get Rid of Your Student Debt by Becoming a Teacher

Every year, students graduate from colleges or universities drowning in student debt. That student financial aid sounded really good in the beginning, until you realized that six months after graduation, you have to pay it back. Why not give something back to the community by becoming a teacher? There are programs for teachers that lead to student debt forgiveness, and that's as good a reason as any to join the profession.

Instructions

1. First, check your state's programs. The American Federation of Teachers at AFT.org has a tool to check every state to see what programs are available to forgive student loans by becoming a teacher. The amount of debt forgiveness varies.

2. If you have received a Stafford Loan after October of 1998, you can be eligible for up to $17,500 to pay off that loan by teaching in a designated school for five years. More information is at StudentAid.Ed.Gov.

3. If you have a Perkins Loan, 100% of that may be forgiven if you teach at a low-income school designated by the U.S. Department of Education. Visit StudentAid.Ed.Gov for more details.

4. Teach for America, part of AmeriCorps, will give you $9,450 after two years of service to pay your student loans. Visit TeachForAmerica.org for more details.

Resources

• Student Aid on the Web: Cancellation/Deferment Options for Teachers
• How to Get Out of Repaying Student Loans