Are you familiar with these Loan Forgiveness Programs for Students?

Advisor July 25, 2020

Student loans make for a viable option to pay for your education, but often, repaying them can be a bit of a burden. While financially challenged students may not have an alternative to such programs, there are some exemptions they can apply for, which can help reduce the amount they have to repay. It isn’t against the law, and it can alleviate some of the burdens a student may have to deal with.

Such programs are more commonly referred to as Student Loan Forgiveness Programs. If you’re going to apply for a loan to fund higher studies soon, reading this article can give you crucial tips regarding the repayment of the amount.

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Pexels | Student Loan Forgiveness Programs are a great way to obtain funds for education but not having to repay in cash

Read – Don’t Pay a Fee for Student Loan Help That’s FREE

Different kinds of SLFPs out there

Loan Forgiveness for Public Service

The PSLF program is aimed at motivating students graduating from college to opt for public service full-time positions in place of a part of their education loan. To obtain this benefit, you should be a regular employee devoting 30 or more hours every week in public service positions and pay ten years of monthly payments. Common jobs in public service are in the areas of law enforcement, education, health, veterinary medicine and federal law.

Read – Top Public Service Careers

Loan Forgiveness for Teachers

This variant of SLFPs is used to motivate teaching professionals to take up positions in primary and secondary schools or other educational services institutions that cater to families having low income. To be eligible for this program, you should be a full-time employee of one of the qualifying schools for a period of five consecutive years.

Unsplash | One way to obtain such benefits is to serve as a teacher in primary, secondary schools and other educational services agencies

Nurse Loan forgiveness

NLFP is aimed to help members of the nursing staff who serve in areas of high need or in places where there’s an acute shortage of health services. They can get almost 60% of loans in exchange for two years’ work in an area with a lack of facilities. An additional 25% is pardoned for a three-year program.

Lawyer Loan forgiveness

Lawyers who practice public service or work in governmental offices for a few years can avail a drop in a few of their loans from law school. The Department of Justice, for instance, offers almost $60,000 worth of loan exemption if you’ve been working with them for three years or more. Additionally, the Air Force Judge Program offers almost $65,000.

Doctor Loan forgiveness

The forgiveness amount and requirements may vary according to the program you enroll for. The NHS (National Health Service), for example, provides almost $50,000 to pay off the loan for two years’ work in a qualifying hospital.

Unsplash | You could also offer medical services in areas of high need to obtain these benefits

To Conclude

It is relatively easy to use student loan forgiveness plans. Just make sure you are applying to the right program and meeting all its requirements. The application process is not very difficult. Simply fill out an online application, and you’re part of the job is done!