Poof! Public Service Jobs Can Make Your Student Loan Debt Disappear
The aftermath of higher education leaves the average student drowning in nearly $29,000 in loans. For many, the prospect of buying a home or car is completely dashed by the entanglement of debt. But there is a light at the end of the tunnel. Should you choose to work in public service, your student loan debt may be forgiven, MSN Money reports.
“More than 33 million workers qualify to have their student loans forgiven because they work in schools, hospitals, firehouses, police stations, city halls, the military,” MSN added. But not many participate in these student loan forgiveness programs because of their complexity, and well, no one really knows they exist! The Consumer Financial Protection Bureau (CFPB) has implored Congress to enforce better regulation on these programs so workers know they are available.
“[T]he CFPB says U.S. workers are sending millions of dollars to lenders instead of keeping that cash in the local communities. It also actively discourages college graduates from entering public service fields,” the story says.
With public service positions, such as education, offering starting salaries at just $36,000, many students overlook these jobs. These student loan forgiveness programs would make those jobs more attractive. “The demand for nurses, police officers and social workers face […] supply problems thanks to low starting salaries,” MSN Money said. “The government is willing to help them out, but it seems content to just let student loan cash flow to big lenders instead.”
While teachers, military personnel, police officers and other public servants are kept in the dark about these debt forgiveness programs, they remain chained to a low-paying job with hefty debt.
“People give up higher incomes to serve their city, their state, or their country,” said Richard Cordray, director of the CFPB. “We believe that people who contribute part of their talents, part of the benefits of their education, to society as a whole should not be mired in debt because they stir themselves to the calling of public service.”
The CFPB estimates that about 25 percent of America’s workers qualify for student loan forgiveness programs and these public service workers are eligible to have their debt wiped out within 10 years.