The average student loan debt for social workers with an MSW is more than $60 thousand.
Meanwhile, according to the Bureau of Labor Statistics, the median salary for social workers is around $50 thousand.
So if you owe more in student loan debt than you earn annually, how do you pay back your student loans, live on your own, buy a car, go on vacations, marry, raise a family, save for retirement, etc.
You could move in with your parents. Pick up per-diem work at another agency or private practice. Start your own supportive counseling business. Refinance your student loan debt with a private lender to get a lower interest rate. (I rarely recommend this for federal student loan borrowers because you lose PSLF and IBR benefits.)
Basically, you grind, grind, grind for a few years to pay your loans off as quickly as possible.
If you have the option to have your cost of living offset by your parents, perhaps this is the path for you.
But what if you can’t live with your parents? What do you do about your loans then?
Enter loan forgiveness options.