| Lots of students graduate from colleges all over the | | | | Commission, offer employees a maximum of $10,000 |
| country with lots of debt in the form of student | | | | per year (up to a total of $60,000) in student-loan |
| loans. The primary strategy for saving money when | | | | repayment. These government programs can be |
| paying back these loans is to consolidate multiple | | | | difficult to find and get accepted into. |
| student loans into one loan with a (hopefully) lower | | | | But listen to this: enlisting in the Army National Guard |
| interest rate which will reduce the amount of interest | | | | qualifies you for $3,000 a year in student-loan |
| you are paying on the loan(s) and will also lower your | | | | forgiveness, up to a total of $20,000. Now almost |
| monthly payment. You truly can save thousands of | | | | anyone can avail themselves of this program. |
| dollars by consolidating student loans. | | | | Health Care |
| But, there are other, lesser known ways to save | | | | If you happen to be a new young doctor each year |
| even more money out of your pocket when paying | | | | the National Health Service Corps pays 4,000 |
| back student loans. | | | | health-care professionals to work in underserved |
| Shrink Student Loans With Public Service | | | | communities. Health-care professionals qualify for |
| The biggest and most diverse program is | | | | loan-repayment assistance of up to $50,000 for a |
| AmeriCorps, which offers more than 75,000 positions | | | | two-year commitment. |
| each year. As a member of AmeriCorps, you can | | | | If you are a newly graduated nurse, in return for a |
| defer your student loans and receive a taxable grant | | | | two-year commitment in areas where there's a |
| of $4,725 per year for up to two years toward | | | | shortage of nurses, you can wipe out 60% of your |
| repaying them. AmeriCorps is a network of local, | | | | student-loan balances with awards from the Nursing |
| state, and national service programs that connects | | | | Education Loan Repayment Program. In addition, 38 |
| more than 70,000 Americans each year in intensive | | | | states offer loan-repayment programs to retain |
| service to meet our country's critical needs in | | | | primary-care personnel. And some private hospitals |
| education, public safety, health, and the environment. | | | | use loan repayment as a recruiting tool. For |
| The Peace Corps, AmeriCorps' international cousin, | | | | information on health-related programs, go to the |
| has more than 7,000 volunteers working around the | | | | Bureau of Health Professions. |
| world in fields such as business development, health, | | | | Lawyers |
| agriculture and education. In return for a two-year | | | | About 90 law schools offer loan-repayment awards |
| commitment, you can defer your federal student | | | | to graduates who work in public service or other |
| loans. Perkins loan borrowers may have 15% of their | | | | low-paying fields. I found one example where a |
| loans forgiven for each year of service. | | | | young law school graduate working for a Legal |
| Government | | | | Assistance Foundation in Chicago received a fairly |
| To recruit and retain highly skilled employees, some | | | | good salary plus $14,500 in assistance one year to |
| federal agencies, including the departments of State | | | | help pay off her student loans. |
| and Justice and the Securities and Exchange | | | | |