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,
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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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Operates in all 50 states; 2nd largest student loan refinancing lender
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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.
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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.
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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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