If you live in Delaware, you’re eligible for all the student loan forgiveness programs available on a national level. But you could also qualify for a generous student loan forgiveness option, just for Delaware residents who work in medical or mental health fields. Here’s some more info on what this program is and how you qualify.
This program is designed to help medical and mental health professionals pay off their loans. Specialties that qualify include:
The deal is this: Agree to work in an area of Delaware designated as underserved for two or three years, and you could get up to $105,000 (for advanced-degree practitioners) or $52,500 (for mid-level degree practitioners) toward your student loans.
Some of the other qualifying requirements include:
This program pays back both your bachelor’s and graduate-level student loans, and it will pay back both federal and private loans. In some cases, the disbursements for loan forgiveness are tax-free.
You can apply by filling out the form here.
In addition to the Delaware State Loan Forgiveness Program, you may be eligible to get student loan forgiveness at the federal level. Some of your options include:
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.
This program has been severely mismanaged, but forgiveness may be possible if you’re careful about meeting all requirements. You may also qualify for a new program to give some borrowers who were initially rejected another chance.
This is actually four distinct programs, each of which will reduce your monthly payments to a percentage of your disposable income. After 20-25 years, you can get your loans forgiven.
There are also other student loan forgiveness programs at the national level, including:
Click here for a more exhaustive list.
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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.
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