Student loans are one of the biggest burdens on the American economy. There are tens of millions of borrowers with more than a trillion dollars in total outstanding debt. Paying these debts can be a serious drain on your finances. Many don’t know that there are programs out there that will help you eliminate debt altogether. Let’s look at a few, so you can see if you qualify.
Student Loan Forgiveness Programs
- Perkins Loan Cancellation: If you used any Perkins loans to pay for college you might qualify for the Perkin’s Loan Cancellation Program. A wide range of different professionals can potentially get help, from lawyers to speech pathologists. It’s worth taking a look to see if you qualify.
- Teacher forgiveness: There are multiple programs out there that will help eliminate student debt for teachers. Federal programs, like the Teacher Loan Forgiveness Program, and nonprofit programs, like Teach for American, can help educators with loans if they agree to serve in certain high-needs areas.
- Disability discharge: Sometimes disabilities and medical issues come suddenly and without warning. If you have a long-term disability that prevents you from working, you may qualify to have your student loans permanently discharged.
- Health Care Professional Forgiveness: There are multiple programs for doctors, nurses and other medical professionals to get loans paid in exchange for their work. These include both government programs like the Professional Loan Repayment Program and nonprofit programs like the Nurse Corps Loan Repayment Program.
This is by no means a complete list. There are a surprising number of programs out there that can provide support. The process of tackling student debt can be long and hard. It helps to know every possible option.