If you live in Minnesota, you’re in luck. In addition to student loan forgiveness at the federal level, you’re eligible for a number of student loan forgiveness programs just for state residents.
This program offers help for a broad variety of healthcare practitioners looking to pay off their loans.
Under this program, you can get your student loans forgiven up to a specific yearly amount, in return for agreeing to serve in an area with a shortage of healthcare practitioners—usually for three to four years.
For most of these, you have to agree to live in a high-needs area for a set number of years, and apply during your last year of residency or licensure studies. The individual programs include:
Get $25,000 per year for 3-4 years of service in a rural, high-needs area.
Same deal: $25,000 per year for 3-4 years of service, this time in an urban high-needs area.
Up to $12,000 per year for 3-4 years of service. Qualifying practitioners include nurse practitioners, certified nurse midwives, nurse anesthetists, and physician assistants.
Get up to $9,000 per year for 3-4 years of service as post-secondary faculty, for those studying to teach in advanced nursing or allied health care.
Up to $10,000 per year for 3-4 years of service in a rural, high-needs area.
Get up to $30,000 per year for 3-4 years of service, with 25% of your patient base being sliding-scale or on public program assistance.
Get $7,000-$12,000 per year (depending on the type of mental health professional) for 3-4 years of service in a rural, high-needs area.
Same deal as above, but for practitioners in urban high-needs areas.
Get up to $5,000 per year for 2-4 years of service as an LPN or RN working for a qualifying nursing home or home care provider.
Get up to $20,000 per year for 3-4 years of service in a rural, high-needs area.
Get up to $5,000 per year for 3-4 years working in a rural, high-needs area. This one’s for RNs with certificates as Public Health Nurses.
Get up to $15,000 per year toward your loans in return for 5 years of service in a rural area with a shortage of veterinarians. At least 50% of your practice needs to involve the care of food animals.
This one’s only for University of Minnesota graduates who received their degree no more than three years ago.
This one’s for pilots and aircraft technicians who hold a Bachelor’s or Associate’s degree from a Minnesota institution. You can get up to $5000 per year (for pilots) or $3,000 per year (for technicians), in return for working at least 1 year in Minnesota.
This one’s for teachers in agricultural education, working with grades 5-12. You can get up to $3,000 per year for a minimum of one year working in Minnesota schools.
Get up to $1,000 per year in loan forgiveness in exchange for working at least one year in a teacher-shortage area in Minnesota.
In addition, Minnesota residents can be eligible for any student loan forgiveness program available at the national level. For a complete look at your options, go here.
Looking for other forms of student loan relief? Plug in the numbers at Refi Ready—and see how much you could save by refinancing.
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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
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.
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.
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.
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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.
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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