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We’re thrilled to present a guest post from Lexi C today! This post is full of tips for paying off your student loans. Whether you’re tackling them yourself or looking for loan forgiveness plans, Lexi can help!

Btw: Lexi’s also a freelance writer and a self-proclaimed Smoothie lover, podcast fanatic, yogi novice, and prep cook extraordinaire! Find her on Twitter @LLexi_C.

Paying Off Students Loans: On Your Own and With Help

Whether your student loans are funded federally, privately, or both, you can rest assured that you are not alone. And sometimes taking out student loans can be a good thing. For starters, student loans can help first-time adults establish credit early. They can be low-risk and low cost, often with fixed interest rates that may even be subsidized.

Student loans also have repayment benefits that don’t exist with other types of loans. Even so, they can quickly become overwhelming. According to  Student Loan Hero, 44.2 million Americans are burdened with student loan debt, amounting to almost 1.5 trillion dollars. Fortunately, there are plenty of ways for both current and former students to cut down on the cost and long-term financial burden. These ways include both paying off the loans yourself, and seeking help paying them off through various programs.

Service Programs

There are many local and federal programs that provide financial assistance following a short-term service commitment. AmeriCorps, for example, hires individuals from a diverse array of backgrounds to participate in national service work, and the commitment is usually ten months to a year. During your service, you paid a sum that is just enough to cover your living costs. You might also receive housing, health insurance, and other benefits depending on the position.

But the biggest benefit of working with AmeriCorps is the postponement or forbearance of loan repayments. While working with the program, volunteers are given a grace period for student loan payments. And following service, AmeriCorps volunteers receive a Segal AmeriCorps Education Award, the amount of which varies from year to year depending on Pell Grants. This award can be used to help pay for college, grad school, or vocational training.

The Peace Corps offers similar opportunities for volunteers willing to make a two-year commitment. Peace Corps volunteers are placed in a specific area outside of the US, usually in a community in need. With communities on almost every continent, you even have a say in what area of the world you would prefer to work in. Volunteers are placed in various industries based on their own experience and the needs of the host country. Some of the biggest service areas include food security, agriculture, development, and healthcare.

Like AmeriCorps, volunteers get paid with a monthly living and housing allowance, paid vacation, and health coverage. And since you are stationed in foreign countries, your travel expenses to and from the host country are covered. Volunteers will be eligible for student debt relief or assistance from federally administered or guaranteed student loan programs, public student loans, and Perkins loans.

The best part about joining  AmeriCorps or Peace Corps is that you’re given the chance to travel without having to worry about immediate loan payments. And the memories and change you make along the way will help shape you into a person you may never have dreamed of becoming.

Career-Specific Loan Forgiveness Programs

There is an assortment of grants for people who have graduated and are now working in certain fields, particularly those pursuing careers in education, law, the military, and healthcare.

These types of loan assistance programs usually require some kind of commitment and can be offered yearly or in a lump sum. However, most career-specific programs differ state to state, often based on shortages or need in certain fields. Take a look at the following forgiveness programs, and check out this list of grants.

Outside of the major career based loan forgiveness programs, many private companies and unions offer loan programs of their own, like the Starbucks College Achievement Plan formed in partnership with Arizona State University. These plans may offer to match your payments or cover an entire loan, varying by business. Keep all of these career-specific programs in mind next time you’re in the market for a new job:

1. Loan Forgiveness Program for Teachers

To be eligible for this grant, you must be a teacher working for at least 5 years at a qualifying school. Qualified schools have some kind of established need, such as those in low-income communities. To be an eligible teacher, you will have to have Direct Subsidized Loans, Direct Unsubsidized Loans, Subsidized Federal Stafford Loans, and Unsubsidized Federal Stafford Loans. Total assistance from this grant can reach $17,500.

2. John R. Justice Student Loan Repayment Program

To be eligible for this lawyer program you must be willing to work as a public defender or state prosecutor for at least three years. Those applying for this grant can expect up to $10,000 of assistance per year and can qualify by living anywhere in the U.S.

3. Army Loan Repayment Program

This grant is for those who enlist into the army following college graduation. Individuals must serve at least three years and meet other specific qualifications. If you qualify, you can expect a third of their principal paid each year, with a cap at $65,000.

4. Contraception and Infertility Research Loan Repayment Program

This grant is issued through the US Department of Health and Human Services and incentivizes healthcare workers, scientists, and other individuals to work in reproductive research. If you qualify, you can expect assistance for this grant can reach up to $35,000 per year.

5. National Health Service Corps Loan Repayment Program

This grant is geared to health care providers working at a National Health Services Corps approved site. This can be applied to dental, medical, mental, or health services and only requires you to work in the field for two years. Did you qualify? Expect to receive assistance can expect up to $50,000.

6. Nurse Corps Repayment Program

Offered by the Health Resources and Services Administration, this grant is for licensed, registered nurses. If you’re a nurse and you qualify, you can get up to 85% of their outstanding loans paid off.

Public Service Loan Forgiveness

If you are ineligible for career-specific grants and work for the government or a non-profit, you may be eligible for public service loan forgiveness. Under this program, the government forgives the remaining loan balance for those who have a record of making qualifying payments on their federal student loans. And, of course, you must have at least ten years of service.

Income-Driven Forgiveness

Additionally, individuals struggling to make federal loan payments on their current salary can apply for income-driven repayment plans. These plans can be income-based, income-contingent, pay as you earn, or revised pay as you earn depending on the circumstance. In most of these plans, the government extends the repayment term while capping payments at a percentage of the individual’s discretionary income. This reduces monthly payments considerably, making them more manageable.

Refinancing Debt

Another viable option is to refinance your student loans. This is when you take out a new loan to pay your current student loan balance. The goal is to come away with a different repayment plan, lower interest rate, and smaller monthly payments. Ultimately, this saves money over time, giving you more walking around money and allowing you a little more room to breathe.

Paying On Your Own

For those who end up in a career after school that does not offer career-based loan forgiveness programs or just simply do not qualify for many of the other forgiveness options, the best path to take is to pay out of pocket. As difficult as this may be for some, there are plenty of ways to accomplish it.

if you have the option, paying more than minimum required payments each month will help you pay off your loans quicker. It will also help avoid growing your interest amount. This can be done by elected to make larger payments in your initial payment plan. If you prefer to be required to pay a smaller amount and only make lump sum payments when the funds are available, you also have the option to add extra money to the payment.

Side jobs are another great way to generate funds. By having two jobs, you can have a separate income that you can devote entirely to making student loan payments. There are plenty of ways to make extra cash without disrupting your lifestyle. You could drive for a rideshare company, sell crafts online, become a freelance writer or designer, and so much more.

Paying off student loans sucks. But just because it seems scary and overwhelming, it doesn’t have to be. There are tons of fun and creative ways for you to get help paying off your loans. And the best part is, some of these ways may be more exciting than you may ever have anticipated.