Student loan debt is higher than ever, and the burden on new college graduates can be severe. In fact, research shows that it will take most graduates nearly 20 years to pay off their loans.
If you’re a healthcare professional in Arizona, you might be able to qualify for student loan forgiveness through the Arizona Student Loan Repayment Program (SLRP). The program is designed to encourage healthcare professionals to work in underserved areas of the state.
The program is open to physicians, dentists, midwives, mental healthcare providers, pharmacists, and physician assistants.
The Arizona SLRP provides up to $65,000 in repayment assistance for physicians and dentists in return for a two-year commitment. Other healthcare professionals can get up to $50,000.
If you decide to stay in the program longer than two years, you can get even more money. Physicians and dentists can receive $35,000 a year for every additional year of service, and other healthcare providers can get $25,000 per year.
Unfortunately, forgiveness programs in Arizona are limited. If you’re not a healthcare professional, you are responsible for repaying your loans on your own. However, if you’re struggling to make ends meet, it’s important to know there are other ways to make your loans more manageable.
If you have federal student loans, you can apply for an income-driven repayment (IDR) plan. Under these plans, your loan servicer will extend your repayment term and set your monthly payment at a percentage of your discretionary income. Depending on your loan balance, family size, and income, you could have a payment as low as $0.
Your may also be able to have your loan forgiven after 20-25 years. However, be aware that you'll have to pay taxes on the forgiven balance.
If you have private loans or a mix of federal and private loans, another option is to refinance your student loans. With this option, you work with a private lender to take out a new loan for the amount of your current ones. The loan will have completely different repayment term than the old ones, including a new monthly payment, interest rate, and repayment term.
If you need help with your monthly payment, you can extend your repayment term and dramatically reduce your monthly bill. Or, you can get a lower interest rate and become debt-free faster.
Find out how much you can save and get quotes from lenders in just a few minutes with our refinancing calculator.
Works with 275+ not-for-profit community lenders for higher approval chances
LendKey operates student loan programs for over 275 not-for-profit and community lenders across the country. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.
Offers unemployment protection and career/coaching/networking
SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.
For every loan they fund, they contribute to the education of a child in need
CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.
Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.
Get a personalized review of your refinancing options with CommonBond today.
Earnest empowers people with the financial captial they need to live better lives.
Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.
Click here to see more of Splash's offerings and to see how you can save money.