There's a new student loan repayment program - and it can help you repay student loans to the tune of $75,000.
Here's what you need to know.
New Student Loan Repayment Program
This new student loan program helps attack two epidemics in the U.S.: student loan debt and opioid addiction.
Student loan debt is now the second highest consumer debt category - second only to mortgages and higher than credit card debt. According to personal finance site Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt. The average student in the Class of 2016 has $37,172 in student loan debt. The average student in the Class of 2017 has almost $40,000 in student loan debt.
Every day, according to the U.S. Department of Health and Human Services (HHS), more than 130 people die due to opioid-related drug overdoses. In 2017, HHS declared opioids a public health emergency. Approximately 2 million people have an opioid use disorder and 47,600 people have died from overdosing opioids.
How This Student Loan Repayment Program Works
To combat these twin epidemics, the National Health Service Corps (NHSC), a division of HHS, launched a new student loan repayment program that offers up to $75,000 to qualified health care professionals for three years of full-time service at an approved substance use disorder site, particularly in "health professional shortage areas." There is also a part-time option for three years that awards up to $37,500 for student loan repayment.
The goal of the program is to attract high quality clinicians to under-served communities to help increase patient access to high-quality substance use disorder preventive, treatment, and recovery services.
Student Loan Repayment Program: How To Apply
To apply to the NHSC Substance Use Disorder Workforce Loan Repayment Program, you must meet several requirements.
Eligible health care professionals for the program include physicians, nurses, pharmacists, midwives, physician assistants, behavioral health professionals and substance use disorder counselors, among others.
The application deadline is February 21, 2019 at 7:30 p.m. ET.
Public Service Loan Forgiveness
This new health care program is different from the Public Service Loan Forgiveness program. If you don't qualify for this program, you can consider public service loan forgiveness.
The Public Service Loan Forgiveness Program is a federal program that forgives federal student loans for borrowers who are employed full-time (more than 30 hours per week) in an eligible federal, state or local public service job or 501(c)(3) non-profit job who make 120 eligible on-time payments.
Other Strategies For Student Loan Repayment
These are not the only strategies for student loan repayment. Consider these options:
Income-Driven Repayment: Income-driven repayment plans are available for your federal student loans, and your monthly payment is based on your income, family size and other factors. While you can lower your monthly payment with income-driven plans, your student loans still accrue interest. After 20 to 25 years, you can receive student loan forgiveness on your student loans. However, you may owe income taxes on the amount of student loans that are forgiven.
Student Loan Consolidation: You can consolidate your federal student loans into a Direct Consolidation Loan through the federal government. This will result in a single student loan, servicer and monthly payment and can help you organize your federal student loans. However, your student loan interest rate will not decline; it will be equal to a weighted average of the interest rates on your current student loans, rounded up to the nearest 1/8%.
Student Loan Refinancing: Student loan refinancing enables you to consolidate your federal student loans, private student loans or both into a single student loan with a lower interest rate and monthly payment. The result is that you can save money each month and pay off your student loans. However, if your income is not steady, you're unemployed or you want to enroll in income-driven repayment plans, then student loan refinancing may not be right for you. That said, you can still refinance private student loans even if you keep your federal student loans.
Is this information overwhelming? Let us do the hard work for you! Get your student loan debt forgiven by calling Student Education Center today at 1-833-239-9522
Source: https://www.forbes.com/sites/zackfriedman/2019/02/07/student-loans-forgiveness-program-health-care/#34bc8e0751c6
Here's what you need to know.
New Student Loan Repayment Program
This new student loan program helps attack two epidemics in the U.S.: student loan debt and opioid addiction.
Student loan debt is now the second highest consumer debt category - second only to mortgages and higher than credit card debt. According to personal finance site Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt. The average student in the Class of 2016 has $37,172 in student loan debt. The average student in the Class of 2017 has almost $40,000 in student loan debt.
Every day, according to the U.S. Department of Health and Human Services (HHS), more than 130 people die due to opioid-related drug overdoses. In 2017, HHS declared opioids a public health emergency. Approximately 2 million people have an opioid use disorder and 47,600 people have died from overdosing opioids.
How This Student Loan Repayment Program Works
To combat these twin epidemics, the National Health Service Corps (NHSC), a division of HHS, launched a new student loan repayment program that offers up to $75,000 to qualified health care professionals for three years of full-time service at an approved substance use disorder site, particularly in "health professional shortage areas." There is also a part-time option for three years that awards up to $37,500 for student loan repayment.
The goal of the program is to attract high quality clinicians to under-served communities to help increase patient access to high-quality substance use disorder preventive, treatment, and recovery services.
Student Loan Repayment Program: How To Apply
To apply to the NHSC Substance Use Disorder Workforce Loan Repayment Program, you must meet several requirements.
Eligible health care professionals for the program include physicians, nurses, pharmacists, midwives, physician assistants, behavioral health professionals and substance use disorder counselors, among others.
The application deadline is February 21, 2019 at 7:30 p.m. ET.
Public Service Loan Forgiveness
This new health care program is different from the Public Service Loan Forgiveness program. If you don't qualify for this program, you can consider public service loan forgiveness.
The Public Service Loan Forgiveness Program is a federal program that forgives federal student loans for borrowers who are employed full-time (more than 30 hours per week) in an eligible federal, state or local public service job or 501(c)(3) non-profit job who make 120 eligible on-time payments.
Other Strategies For Student Loan Repayment
These are not the only strategies for student loan repayment. Consider these options:
- Income-Driven Repayment
- Student Loan Consolidation
- Student Loan Refinancing
Income-Driven Repayment: Income-driven repayment plans are available for your federal student loans, and your monthly payment is based on your income, family size and other factors. While you can lower your monthly payment with income-driven plans, your student loans still accrue interest. After 20 to 25 years, you can receive student loan forgiveness on your student loans. However, you may owe income taxes on the amount of student loans that are forgiven.
Student Loan Consolidation: You can consolidate your federal student loans into a Direct Consolidation Loan through the federal government. This will result in a single student loan, servicer and monthly payment and can help you organize your federal student loans. However, your student loan interest rate will not decline; it will be equal to a weighted average of the interest rates on your current student loans, rounded up to the nearest 1/8%.
Student Loan Refinancing: Student loan refinancing enables you to consolidate your federal student loans, private student loans or both into a single student loan with a lower interest rate and monthly payment. The result is that you can save money each month and pay off your student loans. However, if your income is not steady, you're unemployed or you want to enroll in income-driven repayment plans, then student loan refinancing may not be right for you. That said, you can still refinance private student loans even if you keep your federal student loans.
Is this information overwhelming? Let us do the hard work for you! Get your student loan debt forgiven by calling Student Education Center today at 1-833-239-9522
Source: https://www.forbes.com/sites/zackfriedman/2019/02/07/student-loans-forgiveness-program-health-care/#34bc8e0751c6
This New Program Will Pay $75,000 Of Your Student Loans
Reviewed by Student Loans Center
on
February 08, 2019
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Reviewed by Student Loans Center
on
February 08, 2019
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