Repaying a Student Loan for a Masters Degree without Paying a Dime
Finding financing for an extended college education to earn a masters degree can be difficult enough, though just wait until time to pay off the loan. How will you pay the loan off and still make a good living? This is a common dilemma that college graduates are facing as they obtain their masters degree and enter the work force in hopes to get ahead in their life. Sadly, it may take quite a while to actually get ahead because of the paddling to stay afloat when paying much of their pay checks on the repayment of loans. While there is a necessity to repay the student loans in a timely manner, it is not automatically a fact that you are the one that must pay them.
There are certain ways of repaying your student loan for a master’s degree without paying a dime and all you have to do is find them and initiate a plan to follow. Keep reading below for some of the many ways that this can be accomplished.
Can You Pay a Portion of the Student Loan?
If you can pay a portion of the student loan then joining the Peace Corps would be an excellent opportunity to have 15% of the Perkins loan paid for the initial two years and then for each of the next two years, 20%, altogether you could get up to 70% of your student loan forgiven. The VISTA and Americorps offer $4,725 for one year of service with them.
Government jobs such as a firefighter, librarian, lawyer, nurse, social worker or a number of other jobs in public service will earn an eligibility of repayment after ten years working in these fields; after a consecutive 120 payments being paid.
Nursing and other healthcare workers that work in an area where there is a shortage of healthcare coverage will be eligible for 60% loan forgiveness for two years of work in the area and for an additional year of work, you could qualify for 25% more repaid. As part of the Nursing Education Loan Repayment Program, anyone with an associate, bachelor or master degree may qualify for this student loan forgiveness plan.
Does Anyone Offer 100% Student Loan Forgiveness?
If you need a program of 100% Student Loan Forgiveness while you are completing your online master degree program, think about joining the National Guard. If you join when you’re still in college they will pay a full 100% of your student loan. More information can be found on their website, but it is a great way to get your loan repaid in full.