USA TODAY:…
1. Become a public school teacher in a low-income area.
Thanks to the government’s Teacher Forgiveness Program, up to $17,500 of your federal Stafford loans or the entirety of your Perkins loans can be forgiven in exchange for five consecutive, full-time years as a teacher at certain low-income elementary or secondary schools.
2. Join the military.
From the Army to the National Guard, each branch of the military has its own student loan forgiveness program. Forgiven loan amounts usually depend on the level of rank achieved. Those interested should contact their preferred branch to learn about their options, Mayotte suggested.
3. Apply for the Income-Based Repayment Plan.
Just about everyone should consider applying for the Income-Based Repayment Plan, Mayotte says. The program adjusts students’ monthly loan payments to be no more than 15% of their “discretionary” income (the amount of money they make that falls above the federal poverty level)…
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