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.
Want another option for reducing your student loan payments? See if you're Refi Ready.
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Many ELFI customers save hundreds per month month and thousands over the length of the loan term.
Education Loan Finance is designed to assist borrowers through consolidating outstanding education loans into one single loan that effectively lowers your costs of education and/or makes repayment very simple. Education Loan Finance - backed by the strength of SouthEast Bank - combines the benefits of traditional education loan refinancing with the superior products, service, and support found in the private market.
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Works with 275+ not-for-profit community lenders for higher approval chances
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For every loan they fund, they contribute to the education of a child in need
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Offers unemployment protection and career/coaching/networking
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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.
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