With two-thirds of college students graduating with at least $20,000 in debt, rising unemployment and a stagnant job market, student loans can be a heavy burden, especially for students who seek traditionally high paying careers.

Fortunately, some grads now can reduce, or completely wipe out their student loan debt as an incentive to work in public service or fields like medicine, law and teaching that help struggling communities.

Also, starting July 1st, 2009, students can apply for income-base repayment (IBR) for their federal student loans (including Stafford and PLUS loans). With IBR, based on the student’s loan debt and income, monthly payments are reduced to a manageable level. If the total loan debt exceeds a student’s yearly income, they will qualify. Plus, after 25 years of repayment, any remaining debt will be forgiven!

With the potential of big chunks of debt being wiped away, now is the perfect time to find the right school and degree that will lead you to your dream career!