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Students aren’t the only ones crushed by school debt

Students aren’t the only ones crushed by school debt

Where do you turn when you’ve maxed out on federal student loans? Ask Mom and Dad to take out some parent loans, too.

Students aren’t the only ones crushed by school debt

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The average cumulative federal student loan debt that parents borrow even exceeds what’s being taken on by students who graduate with debt, according to new research.

On average, parents owed $32,596 for their cumulative loans taken out under the Federal Parent PLUS program at college graduation in 2015-16.

On average, college grads with bachelor’s degrees owed $29,669 in student loans in 2015-16, according to Mark Kantrowitz, publisher and vice president of research for Savingforcollege. Continue reading Students aren’t the only ones crushed by school debt

National student loan forgiveness programs for doctors

National student loan forgiveness programs for doctors

IDR repayment plans last for 20 to 25 years, depending on which plan you enroll in. After the plan repayment period ends, any remaining federal student loan debt will be forgiven.

All federal student borrowers are eligible for the REPAYE Plan. The IBR, ICR, and PAYE plans are only available to those with certain types of federal loans.

If you have private student loans or don’t qualify for federal student loan forgiveness, other options are available exclusively to those in the medical fields. These programs may allow you to get a portion of your student loan debt forgiven, simply for doing the job.

National Health Service Corps Loan Repayment

The NHSC Loan Repayment Program offers up to $50,000 in nontaxable student loan repayment in exchange for a two-year, full-time service commitment and up to $25,000 in student loan repayment for two-year, half-time service.

  • U.S. citizen or national
  • You provide care in the Medicaid, Medicare, or state CHIP programs (or eligible to participate)
  • Fully trained and eligible to work in the primary care medical, dental, or mental and behavioral health fields in your state

Applicants need to have eligible student loan debt resulting from education expenses required for their health profession. Applications are accepted on an annual basis; for more information, visit the NHSC Loan Repayment Program page.

National Health Service Corps Substance Use Disorder Workforce Loan Repayment

The NHSC Substance Use Disorder Workforce Loan Repayment Program, also known as SUD Workforce LRP, is designed to support healthcare providers helping combat the opioid crisis in the U.S. It offers up to $75,000 in loan repayment funds for three years of full-time service, and up to $37,500 for three years of half-time service. Continue reading National student loan forgiveness programs for doctors