Posted on: July 29, 2020
If you have student loans, you probably want to pay off your debts quickly as possible. Doing so helps reduce your interest on student loans. There are several student loan forgiveness programs available to graduates. The options available to you depend on your career choice or annual income. After meeting program requirements, you could earn part or full debt forgiveness.
1. Teachers
Have you taught at a low-income school for five years or more? You could get up to $17,500 in loan help if you work full-time and make prompt payments. The program is open to special education teachers at any grade level. It’s also available to teachers of math or science at secondary schools.
2. Military members
Each branch has specific loan forgiveness programs. The amount paid varies. The borrower still is responsible for repaying the interest on their student loan. Military members with a permanent disability may earn total forgiveness.
3. Federal public workers
If you are in a public service career, you could qualify for student loan forgiveness. The program requires that you pay 120 on-time payments, and work in a specific government area or at a certified non-profit organization.
4. Health professionals
The Nurse Corps Loan Repayment Program assists nurses who work in underserved communities for two years. If you qualify, 60% of your loans could be forgiven. After three years, you’re eligible for another 25% in loan repayment help.
The National Health Service Corps program helps repay student loans for doctors and health care professionals. It pays $50,000 in loan forgiveness for licensed doctors, dentists and clinicians. If you are a doctor or a health professional, you must work for at least two years in a qualified position. If you’re a doctor in your final year of medical school, check out the Student to Service program. After working at least three years in a qualified position, you could receive up to $120,000 for loan repayment. The Indian Health Services Loan Repayment Program gives up to $40,000 in loan forgiveness. Doctors must work for two years in an American Indian or Alaskan native community. After two years of service, doctors who renew their contracts could qualify for more loan forgiveness.
5. Lawyers
Many states, local communities and law schools offer loan forgiveness help for lawyers. If you are a lawyer with the Department of Justice, you could get loan repayment help. After three years of employment, you could earn up to $60,000 to pay off your loans. But you must owe at least $10,000 in student loans. If you are a public defender, ask about the John R. Justice repayment program. You could earn $10,000 in loan forgiveness each year for up to six years.
6. Perkins Loan borrowers
Firefighters, teachers, police officers, nurses, librarians, military members, or public service workers with a Perkins loan may receive repayment help. After working for five years or longer, in a public service position, you could get partial or complete loan forgiveness.
7. Social workers
Do you work in a qualified social work organization? Look into getting help throughs the Public Service Loan Forgiveness Program.
8. Federal forgiveness
If you have a federal student loan, you may receive loan forgiveness after 20 to 25 years. There are several income-driven repayment options. But, income-driven repayments are taxable.
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