Connecticut is one of a handful of states that has no student loan forgiveness programs specific to state residents. All isn’t lost, though. Connecticut residents qualify for all the non-state-specific student loan forgiveness programs available elsewhere in the country. Here’s an overview.
Long-touted as a way for people in lower-paying public service jobs to pay off their loans, this program has been plagued with problems.
Ideally, you’re supposed to get your student loans forgiven after you’ve made 120 qualifying payments (which takes about 10 years) and work for a qualifying employer.
But recent reports have uncovered that 99% of applicants have been denied coverage.
The government has introduced a program meant to give some borrowers a second chance; the funds for that are first-come, first-serve.
The fallout for this is still going on, and the future of this program is yet to be determined. If you’re already committed to a public service career and are ready to jump through the hoops, go ahead and apply. But be sure to cross all your i’s and dot your t’s.
This consists of four different repayment programs you can enroll your federal student loans in. Each one has slightly different terms, but the gist is that you reduce your monthly payment to a percentage of your disposable income—between 10 and 20%.
This program has its own pitfalls—most notably that it can reduce your payments so much that they don’t even cover the interest, so your loans actually grow while you’re paying them. So, you know, keep that in mind.
But the upside is that after you’ve made payments for 20-25 years (depending on the program), your federal student loans get forgiven.
There are several national-level loan forgiveness programs aimed at getting people in certain professions to work in high-needs areas. Here’s a few:
There are numerous student loan forgiveness programs for members of the military. These include:
Want a more complete list? Check out the ultimate list of grants to pay off student loans.
Looking for other ways to reduce your student loan debt? Check out Refi Ready—and see how much you could save by refinancing.
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.