It’s difficult enough entering into the real world without having to worry about paying back thousands upon thousands of dollars in student loans in the years after we graduate. It’s best to think of that money as an investment more than an evil, insurmountable debt that is going to be attached to our backs for years. But there are some options to lessen that weight in the forms of loan forgiveness.

If you aren’t familiar with the process, loan forgiveness is the cancellation of all or part of your student loans if you decide to go into certain charitable fields for a certain amount of time. Below is a list of some areas that offer loan forgiveness, but it’s not comprehensive. In fact, if you go into some sort of public service upon graduation, it wouldn’t hurt to consult the Human Resources department to see if your job qualifies for the program. Also, the military offers numerous loan repayment programs.

Volunteering

Americorps A year of service gets you up to a $7400 stipend and around $4500 to use against a loan.

Peace Corps Volunteers can get a loan deferment and up to 70% loan cancellation. Read More »

Imagine combining the joys of Aladdin’s ‘Whole New World’ with the hedonism of Huxley’s ‘Brave New World‘, and you’ll be feeling pretty good about your post-college-in-my-own-apartment-sweet-life.

Well, not so fast: before you start buying cool things like brand new wine glasses and Franzia, follow these basic financial rules:

Make a Budget

First of all, if you own your own jet or flying car, stop reading this column immediately and buy me something awesome (like a flying car). If you are, however, with the rest of us, you might want to consider making a budget: a list of all planned expenses and revenues. First, put a set amount of your salary into a savings account (the ‘rainy day’ fund) that’s working towards saving six months of salary in case of emergencies or other mishaps. After you’ve set aside that amount, you can then allocate the rest of your total net income in a variety of ways. Remember, these are guidelines, not rules; the point is to make a plan and stick to it! Read More »