But did you know that some West Virginians will be able to get their loans forgiven? If you are a primary care physician, nurse practitioner, physician assistant, dentist, or nurse midwife, you could be eligible for loan repayment assistance.
To qualify for the State Loan Repayment Program, you need to sign a contract that states you will work full-time in a rural, underserved part of West Virginia. The place where you work must be a non-profit organization and located in a Health Professional Shortage Area.
Under the State Loan Repayment Program, you could get up to $40,000 for a two-year service term commitment. If you wish, you can extend your service term for additional repayment assistance. You can add up to two additional years and get $25,000 in assistance a year. If you work a full four years within the program, you could qualify for up to $90,000, which can go a long way in helping you pay off your loans.
For more information or to apply, visit the State Loan Repayment Program's website.
The State Loan Repayment Program is only for some healthcare professionals. If you work in another field, you won't qualify for repayment assistance. However, you may be able to get some relief from your student loans in other ways.
If you can't afford your federal loan payments on your current income, consider applying for an income-driven repayment (IDR) plan. An IDR plan can help free up more money in your budget each month. Your loan servicer extends your repayment term to 20 to 25 years. And, your payment is capped at a percentage of your discretionary income.
To find out which plan is right for you, check out this guide on Comparing Income-Driven Repayment Plans.
If you're not eligible for loan forgiveness or IDR plans, another option is to refinance your student loans. With this approach, you take out a new loan for the amount of your old ones. Your new loan has different repayment terms. You could qualify for a lower interest rate or longer repayment term, reducing your monthly payment.
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with some of the lowest fixed in the industry 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.
Click here to see more of Splash's offerings and to see how you can save money.
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.
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.
Click here to apply with Earnest and to see how much you can save.