As federal student relief programs are on hold, find out how to get your student loan debt forgiven!
With uncertainty surrounding the federal government’s ability to forgive student loans, experts suggest how you can get your student loan debt forgiven. One of the solutions is for borrowers to explore relief programs offered by individual states.
“Most states have one [state-level relief program], especially if you’re in health care. There’s a bunch for teachers and public defenders, and some oddball ones. And some of them are really generous”, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit that helps borrowers navigate the repayment of their debt.
There are various programs across different states, often targeting specific professions. One notable state initiative is Minnesota’s program for nonprofit and hospital nurses. This program offers up to $12,000 in student debt relief for registered nurses working in nonprofit or public hospitals in the state.
How To Get Your Student Loan Debt Forgiven
The Biden administration’s Saving on a Valuable Education (SAVE) plan, designed to speed up forgiveness for eligible borrowers, is facing legal challenges, primarily from Republican-led lawsuits. President Joe Biden’s larger student loan forgiveness proposal may also end up in court and face delays. So, while federal relief hangs in the balance, experts say it’s worth exploring these state-level forgiveness programs.
They are usually tied to specific jobs, according to higher education expert Mark Kantrowitz. “So they should look for forgiveness based on their job, especially for their state”, he advised. For example, California offers up to $15,000 in loan forgiveness to licensed mental health professionals working in specific facilities, with an upcoming application deadline on August 26. The Institute of Student Loan Advisors maintains a database of state-specific student loan forgiveness programs.
An advantage of state programs is that many also include private student loans – something not typically covered by federal forgiveness programs. Some even provide relief based on financial circumstances, rather than profession. For instance, New York’s Get On Your Feet Loan Forgiveness Program, which began in 2015, offers forgiveness for up to 24 months of loan payments. To qualify, borrowers must meet certain conditions, including having an adjusted gross income under $50,000 annually.