Most people are aware that your student loans can be forgiven if you’re in a government position. A while back I wrote about states, cities, and provinces that are willing to pay back your student loans for simply moving there.
Today I’ve got even more programs that will help you pay back that nasty debt with either a full repayment plan or a student loan refinance plan. Most of them are based on your occupation. Some of them are pretty common. Some of them are completely random. Some of them only apply to certain states or geographic locations. Some are national.
All of them are worth reviewing. They could help you pay back a significant portion of your debt.
(These are all snippets…for full details of the program hit “more information” under each one as their may be additional qualifiers I do not mention. You may or may not be eligible for the full payback amount as listed depending on your situation.)
Teacher Student Loan Forgiveness
What it will pay back: Up to $17,500 on direct subsidized and unsubsidized loans & subsidized and unsubsidized Federal Stafford loans.
Special Requirements: Be a teacher in a low-income school district for 4-5 years
Teacher Student Loan Cancellation
Special Requirements: Hold on! You don’t have to be a teacher for this one! If you work in the educational field, odds are you qualify. You have to work either in a field where there is a lack of qualified educators as determined by your state, in special education, OR in a school with low-income families.
What it will pay back: A discharge of up to 100% of your loan from the Federal Perkins Loan program.
Association of American Medical Colleges Scholarships, Student Loan Repayment & Student Loan Forgiveness Programs
Locality: Various states across the country.
What it will pay back: Varies. Some state programs grant scholarships while others provide student loan repayment or forgiveness.
Special Requirements: Varies, but you will need a tie to a state in order to qualify for its program.
NURSE Corps Student Loan Repayment Program
What it will pay back: 60% of your loan balance over the course of two years, possibly 25% for a third year.
Special Requirements: Must be an RN with you education completed. Must be working full-time at a designated eligible critical shortage facility.
Pitt Law Student Loan Repayment Assistance Program
Locality: University of Pittsburgh Law School graduates
What it will pay back: An unknown-to-me sum towards your debt.
Special Requirements: Must be a graduate of Pitt who is using their law degree in public service (or public service related to the welfare of children depending on the program.) Your income must be below 400% of the federal poverty level.
Pitt Law has two additional student loan repayment programs available.
A lot of other schools and states have programs for their law students. Do some research around your own!
Arkansas Veterinary Student Loan Repayment
Locality: The state of Arkansas
What it will pay back: The balance due on your loans for five years.
Special requirements: Get a job or internship within 90 days of your graduation, and stay employed in the field consecutively to get the maximum benefits for the full five years.
Peace Corps Student Loan Deferment and Cancellation
Locality: National (You may serve outside of the US.)
What it will pay back: Potential 15-70% cancellations on Perkins Loans. Deferment on several Federal Loans. Deferment on private loans vary from lender to lender.
Special Requirements: Join Peace Corps and serve for at least two years.
New York State Licensed Social Worker Loan Forgiveness Program
Locality: The state of NY
What it will pay back: $6,500/year up to $26,000
Special Requirements: Be a licensed social worker in New York state working in a critical human service areas in health, mental health, substance abuse, aging, HIV/AIDs, child welfare, or in an area with multilingual needs. You must work in an eligible county at 35+ hours per week.
North Dakota Science, Technology, Engineering, and Mathematics Occupations Student Loan Program
Locality: The state of North Dakota
What it will pay back: $1,500/year up to $6,000
Special Requirements: Must be a North Dakota college graduate with a final GPA of 2.5 and have been working in your field for 12 months.
Vermont used to have a very similar program that paid out a little bit more, but Vermont’s Student Loan STEM incentive program has sadly been discontinued.
While it’s really exciting if you can take advantage of any of these programs, be aware that money you receive to pay off your loans may be subject to taxes!