The national student loan debt is over $1.5 trillion. If you went to college, you likely graduated with a good amount of student loans. Having that debt can affect your daily life, limiting your ability to make ends meet.
Luckily, there may be some ways New Hampshire residents can get some relief in the form of loan forgiveness. There are two different loan repayment assistance programs available to you if you work in the healthcare or legal fields.
The New Hampshire State Loan Repayment Program (SLRP) is designed to encourage healthcare professionals to work in underserved or low-income areas. It grants money to be used for student loan repayment to qualifying healthcare workers.
If you’re willing to serve full-time in an underserved areas for a term of at least three years — and sign a legally-binding contract — you could qualify for student loan repayment assistance.
How much aid you could receive is dependent on your profession and a three-year service term:
Primary care physicians, psychiatrists, and dentists
Nurse practitioners, nurse midwives, psychologists, mental health counselors, marriage and family therapists
Dental hygienists, alcohol and drug counselors
Both federal and private student loans are eligible for the repayment assistance program.
You can apply for the program online. Applications are reviewed on a rolling basis. Application deadlines are as follows:
June 15th for October 1st contract start date.
September 15th for January 1st contract start date.
December 15th for April 1st contract start date.
March 15th for July 1st contract start date.
If you’re a lawyer working for select non-profit organizations, you could qualify for a program that would help repay a chunk of your loans.
The program issues forgivable loans that are a percentage of your total student loan balance in return for a commitment of service. You use that amount to pay off a portion of your loans.
If you complete your service term, the loan is forgiven. Otherwise, it must be repaid in full. For every quarter of the year that you serve, a quarter of the loan balance is forgiven.
How much you receive is dependent on the program’s funding that year, your debt, and how much other assistance you receive through other programs, such as federal or school repayment programs.
You must be an attorney employed full-time or part-time by New Hampshire Legal Assistance (NHLA), the Legal Advice and Referral Center (LARC), the Disabilities Right Center (DRC), or the New Hampshire Pro Bono Referral Program (NHPBRP).
Both private and federal student loans used for eligible education expenses, such as tuition and textbooks, and living expenses qualify for the program.
Every year on or about May 1, NHLA will provide attorneys at the four participating agencies with an application. The application asks for the following information:
A list of your debt, including lender name, loan balance, and monthly payments
Information about your participation in other repayment assistance programs
If you don’t qualify for the repayment assistance programs but still need help managing your loans, one solution to consider is student loan refinancing. With refinancing, you work with a private lender to take out a new loan for the amount of your old ones.
There are several advantages to refinancing. You could qualify for a lower interest rate or a different repayment term with a lower monthly payment, helping you save money or get more wriggle room in your budget.
If you’re ready to refinance your loans, get a quote online and find out how much you can save,
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 2.49% 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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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.
SoFi is the leading student loan refinancing provider.
$30 billion+ in refinanced student loans. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Some state restrictions may apply.
Save thousands on your student loans and pay off your loans sooner. Find your rate.
Give Your Life’s Journey a Jump-Start.
If you’re ready to put student loans in your rearview mirror, Nelnet Bank student loan refinancing offers low rates and flexible terms to help you start getting ahead.
See How Much You Can Save: Estimate your savings with a student loan refinance from Nelnet Bank.
Works with 300+ community lenders for higher approval chances
Connecting student borrowers to a network of over 300 community lenders with low interest rates. 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.
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.
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16 different loan term options – more flexibility to pay down your loan faster
College Ave Student Loans offers major help and minor stress. We’ll help guide you through the process to find the right loan term and interest rate for you and the family budget.