In This Chapter

Over the years, I’ve done a lot of interviews about the ins and outs of paying for college. Without fail, each reporter invariably asks me what my number one “paying for college” tip is. Without an ounce of hesitation, my answer is always “loan forgiveness programs.” I know that might seem far-fetched; the idea that you could borrow tens of thousands of dollars for college only to have some bureaucrat somewhere wave his hand and wipe it out. But, for once, something that is too good to be true actually is true.

It’s not that the government randomly picks a few lucky graduates to let off the hook at the cost of taxpayers. Rather, federal and local governments use loan forgiveness programs to fill crucial holes in the employment landscape, such as teachers, nurses, and public servants. In doing so, they ensure the public continues to have access to quality services and professionals.

If loans are going to be a necessary part of paying for your or your student’s college education, you’ll need to pay close attention to this chapter and begin following these programs. Qualifying for them is in fact much easier than qualifying for many scholarship programs, and these can essentially pay for college with as little as 2 to 4 years of work in a certain profession or geographical area after graduation. Although there are no guaranteed silver bullets in paying for college, this is as close as it comes.