2. CONSIDER WIPING OUT YOUR LOANS WITH SOME DO-GOODING

Unless you die, you won't be able to get away from paying off your loans… but you do have the option of paying them off in the form of service. This is called loan forgiveness and you'll have to do more than say you're sorry. The government decided that it'd take care of your debts for you if you'll agree to put some time into one or several of the following programs:

Volunteering loan forgiveness
Law school loan forgiveness
Med school loan forgiveness
Occupational or physical therapy education loan forgiveness

Volunteering loan forgiveness

  • Americorps. If you're willing to devote a year of your life to volunteering for Americorps, you'll be rewarded with $4,725 to spend on your college debts, and a stipend of up to $7,400. That doesn't sound much like volunteering to us, but hey, we didn't write the dictionary. For more information, visit the Americorps website or call them at (800) 942-2677.

  • Peace Corps. Go traveling with the Peace Corps and you'll get to defer most of your student loans until after you leave the program. Not only that, but you may even get some of your loans reduced (maybe as much as 70%, if you're lucky!). Call (800) 424-8580 for more details.

  • VISTA (Volunteers in Service to America).VISTA, which is all about community development and ending poverty, homelessness, and illiteracy in the United States, will pay off $4,725 of your loans if you join in on their cause for at least 1,700 hours. Call (800) 942-2677.

  • Military Service. Be on your way to complete loan forgiveness and buff up at the same time! If you join the Army Reserve or the National Guard after graduation, you can receive up to $10,000 to pay off your loans. If you're the sort of person who doesn't mind the occasional brush with death, ask to be stationed in areas of hostility and you could get even more money.

  • Teaching. If you like to get your summers off, then sign up to teach full-time under certain conditions and your loan will be completely forgiven. Your options are 1) to teach special ed, 2) to teach in a school that services kids students from low-income families, or 3) to teach in a designated teacher-shortage area.

  • Social Services. If you're a full-time provider of early intervention services for the disabled, employee of an agency that provides services to families of low-income communities, a full-time nurse or medical technician, or a full-time law enforcement or corrections officer, your loan can be completely absolved. Restrictions (that involve the date your loan was made) apply. You should contact the various agencies or organizations for more details.

Law school loan forgiveness

If you've just been through law school, it's likely that you owe between $80,000 and $125,000 in loans. No wonder you chase ambulances. Fortunately for you, more than 30 law schools in the U.S. allow loan forgiveness to students who take on public interest or non-profit positions. For a list of these schools and more information, visit the Equal Justice Works.

Med school loan forgiveness

National Health Service Corps offers a program in some states that will help you pay off your colossal med school loan and give you an annual salary in exchange for practicing medicine in underserved areas. This is an OUTSTANDING deal, so check out the Office of Statewide Health Planning and Community Development website or call (916) 654-1833.

Occupational or physical therapy education loan forgiveness

When you apply for a job in the occupational/physical therapy field, ask about your employer's loan forgiveness package. Because there is such a high demand for occupational and physical therapists, many hospitals and private health-related organizations will offer to pay off some of your student loans if you agree to lend them your valuable expertise.

If you've just read through all your options and you 1) don't qualify, 2) hate helping people, or 3) want to make money immediately and not 5 years down the road, that's fine too. Just continue to step 3 to learn about some more traditional repayment options.