Many graduates in the US are getting more and more worried about their student loan debt, which averages over $30,000 per borrower. There are a number of ways to reduce or even get rid of your student loan debt, which is good news.
In this article, we’ll look at the best places to apply for student loan forgiveness and how to use these programs to your advantage.
In This Article
Federal Student Loan Forgiveness Programs
There are several programs run by the federal government that can help you get rid of your student loan debt. These are some of the most popular shows:
Public Service Loan Forgiveness (PSLF)
The Public Service Loan Forgiveness (PSLF) program may let you get rid of your student loans if you work for the government. After you have made 120 qualifying monthly payments on your Direct Loans while working full-time for a qualifying employer, this program will wipe out the rest of the debt.
Income-Driven Repayment Plans
Income-driven repayment plans can help you pay less each month for your student loans based on your income and the number of people in your family. If you make payments for 20 to 25 years, you may not have to pay back the rest of your loan.
Teacher Loan Forgiveness
The Teacher Loan Forgiveness program may help teachers who work in low-income schools or educational service agencies pay off their loans. This program will forgive up to $17,500 of your direct subsidized and unsubsidized loans and federal Stafford loans, whether they are subsidized or not.
State-Based Student Loan Forgiveness Programs
In addition to federal programs, a number of states also have their own ways to get rid of student loans. These are some of the most popular shows:
California Teacher Corps
Teachers who work in schools with a lot of needs can get their loans paid off by the California Teacher Corps. Teachers who work for two years can get up to $20,000 back on their loans through this program.
New York State Loan Forgiveness Program for Physicians
The New York State Loan Forgiveness Program for Physicians lets doctors who work in underserved areas of New York State get their loans forgiven. Doctors who serve for four years can get up to $160,000 back on their loans through this program.
Colorado Student Loan Repayment Assistance Program
The Colorado Student Loan Repayment Assistance Program helps healthcare workers, lawyers, and social workers who work in underserved areas of Colorado pay back their student loans. The program helps professionals who have worked for at least four years pay off their loans by giving them up to $50,000.
Employer-Based Student Loan Repayment Assistance Programs
As an employee benefit, many companies now help their workers pay off their student loans. These are some of the most popular shows:
Aetna Student Loan Repayment Program
Aetna has a program for paying off student loans that gives eligible employees up to $10,000 over five years to help pay off their loans.
PricewaterhouseCoopers (PwC) Student Loan Repayment Program
PricewaterhouseCoopers (PwC) has a student loan repayment program that helps eligible employees pay off their loans by up to $1,200 per year.
Fidelity Investments Student Loan Repayment Program
Fidelity Investments has a program that helps eligible employees pay off their student loans by giving them up to $2,000 per year.
Military Service Loan Forgiveness
There are also some ways that joining the military can help you get your student loans paid off. Active-duty service members and veterans have a few options for paying back their loans, as well as options for getting their loans forgiven.
The Army’s College Loan Repayment Program
The College Loan Repayment Program in the Army can pay back up to $65,000 in student loans for people who join the Army and agree to serve for at least three years. People who join the Army or Army Reserve can take advantage of this program.
The Navy’s Student Loan Repayment Program
The Student Loan Repayment Program is a similar program run by the Navy. Students who join the military and agree to serve for at least five years can get up to $65,000 back on their student loans through this program.
The Air Force’s Student Loan Repayment Program
The Air Force also has a program to pay off student loans. People who join and agree to serve for at least four years can get up to $10,000 back on their student loans.
The Marine Corps Student Loan Repayment Program
The Marine Corps has a program to pay off student loans. People who join and agree to serve for at least three years can get up to $20,000 back on their student loans.
Public Service Loan Forgiveness
Public Service Loan Forgiveness is a program for people who work in public services, like government employees, people who work for non-profits, and certain other types of public service professionals.
Under this program, you may be able to get the rest of your Direct Loans forgiven if you make 120 qualifying monthly payments while working full-time for a qualifying employer.
In the end
There are many ways to get rid of your student loans, and you should look into all of them to find the best one for you. Whether you are a teacher, a nurse, a public servant, or in the military, there is probably a program that can help you get rid of your student loans and become debt-free. Do your research, get all the information you need, and take the steps you need to in order to use the programs that are out there. With a little work, you can pay off your student loans for good and live a debt-free life in the future.