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Student Loan Forgiveness For Nurses

January 8, 2012

Student Loan Forgiveness For Nurses

The student loan forgiveness for nurses program is referred to as the Nursing Education Loan Repayment Program (NELRP) which is administered by the US Department of Health and Human Resources.

Student Loan Forgiveness For Nurses

Student loan forgiveness via the US Department of Health and Human Resources  allows registered nurses as well as those who are in an advanced practice in nursing to be eligble to have 60 percent of the entirety of their debt paid off if they agree to work a 2 year term in an area that essentially in low in suffiecient medical care, also known as a “Critical Shortage Facility” which can be a non profit facility as well as public or private.  Besides Critical Short Facilty jobs, other jobs that qualify consist of working at a school of nursing in which it is a non profit organization, either private or public.

There is also the option of providing an extra year of sevice in exchange which at the conclusion of the year the possibility of having an extra 25% paid off of medical school loan debt presents itself. No matter which term, when fulfilled the individual enjoys a perecentage of their debt wiped away, but if one doesn’t adhere to a contract then serious repercussions are taken affecting the applicant financially, unless an application to suspend or waive the term of service is submitted and accepted.

Requirements For Nursing Education Loan Repayment Program Eligibility

General requirements for NELRP qualification consist of:

  • Being a citizen of the United States or a permanent resident.
  • You attained nursing education must come from a school that is accredited and came from a school in the United States.
  • Working as a RN or an advanced pratice nurse at a location that is a “Critcal Shortage Facility” or in what is called a “Health Professional Shortage Area” in which the inidividual is putting in a minimum of 32 hours or work each week.
  • Have outstanding debt due to the reason of qualifying loan debt, which you attained the degree you set out to obtain with the funding of the nursing loans.

Loans That Qualify

Loans that are able to qualify for student loan forgiveness for nurses include:

  • Loans that were used for tution fees as well as any other other expenses that pertainined to getting your degree, which even includes expenses used to pay for your living situation.
  • Consolidation loans also qualify if they were lended in the form of government loans or from a commercial source

When one obtains a jobs that qualifies for nurse loan forgivenes they end up getting paid whatever their employer decides to pay them as wel las whichever benefits are applicable, income is not necessarily changed because one is eligible. In order to fulfill the nursing student loan forgiveness program, one must not miss more than 7 weeks each year.

Student Loan Forgiveness For Nurses Alternatives

If you cannot get a job in a facility that is experiencing a shortage, there are other alternatives that you can consider that can offer you student loan forigiveness for nurses which include working a community serivce job for the Peace Corps, Americorps  as well as Volunteers in Serivce to America (Vista). Each organization either provides its workers with a stipend around 4,000 – 6,000 dollars per year to put towards student loan debt, for example VISTA gives $4725, or pays off a percentage of their loan debt each year of service, anywhere from 15 to 30 percent per year.

 

Obama Student Loan Forgiveness Overview

December 31, 2011

Obama Student Loan Forgiveness

Obama Student Loan Forgiveness

The Obama student loan forgivenss act was designed by the president himself, who knows all about student loan debt as he and Michelle Obama were once over $100,000 in debt from student loans. The Obama student loan forgiveness program is designated for those who have federal loans, like Stafford, Perkins and PLUS Loans as well as any form of Direct Loans, which Obama has ruled that after a 20 year timeframe of an individual paying off their student loans, if they still have a balance after the 20 years are up, then whatever is left on that balance is forgiven, or essentially wiped away. This is a significant step forward considering that student loan debt was forgiven after 25 years under the previous forgiveness plan. Now the Obama student loan forgiveness act only applies to federal lending, private lending is not currently applicable to receive forgiveness.

Other Aspects Of Obama Student Loan Forgiveness

Those paying off student loans can also take advantage of other forms of the Obama loan forgiveness program, which include:

  • Public Service – Public service jobs can qualify for a 10 year repayment program for the individual who is paying off their loans. During a 10 year timeframe, they will work the public service job which they will need to make 10 years of on time payments, which at the end of their service whatever is left on the loan debt will be forgiven.
  • Discretionary Income – The Obama forgiveness program has also state that all student loan repayment, staring some time in 2012 will be capped at 10 percent of ones “discretionary income”, verses what it used to be which was 15 percent. Discretionary income is essentially what amount of money is left after one has purchased all they need to live, like food and shelter. This aspect of the  Obama student loan forgiveness is known as the “Pay As You Earn” proposal which it is projected that over million and a half people will enjoy a significant drop in their monthly payment, with over a $100 less or more each month being very possible.
  • Consolidation – If one chooses to consolidate their FFEL Loans they will be able to enjoy a .25 percent deduction in their interest rate throughout the entire time of their repayment, if they enroll in the “auto debit” program, where monthly payments are deducted each month automatically.
  • Know Before You Owe – To be even better prepared for the future, encompassing the Obama forgiveness plan with be a sheet referred to as “Know Before You Owe” which will provide a self help sheet for those going into college in the form of being able to calculate what they will end up owing before they even start school. This “fact sheet” has the main goal of giving one a feel for what they will owe so that they can develop a plan of attack for paying off their loans long before they are in debt.

All in all the Obama student loan forgiveness program is set up to allow students to still be able to go to school without having the burden hanging over them of how they are going to pay off their debt. It will also avoid students from having to go into default on their loans as well as bankruptcy which will ultimately have short term and long term negative effects.

 

 

Public Service Loan Forgiveness

September 12, 2011

Public Service Loan Forgiveness

Public Service Loan Forgiveness

First off, being that only loans under the Direct Loan Program as well as consolidated direc loans can qualify for Public Service Loan Forgiveness, if you have loan that isn’t a direct loan, then click here: Public Service Loan Forgiveness as this link will introduce you to Income Based Repayment (IRR) which can help you out more.

If in fact you do have a loan under the Direct Loan Program, Public Service Loan Forgiveness can be used on your loan debt. Public Service Loan Forgiveness which was established in 2007 under the College Cost Reduction and Access Act is when you work a job in the public service profession and make on time payments for 120 non taxed payments, or 10 years, and at the end of this 10 year term whatever is left on your student loan debt total will be wiped away and you will have a clean slate.

Qualifying loans include; Subsidized and Unsubsidized Stafford Loans, Direct PLUS Loans, as well as federal direct loans that are consolidated. NOTE: If you have a Perkins Loan, they can become eligible by consolidation under the Direct Student Loan Consolidation program, the same also applies to Parent PLUS Loans.

Public Service Loan Forgiveness Payment Options

In order to be able to participate in Public Service Loan Forgiveness, you must make payments through the following repayment methods:

  • Income Based Repayment Plan – This plan allows one to pay according to a percentage of their income, usually 15 percent as well as how big their family size is.
  • Income Contigent Repayment Plan – Very similiar to Income Based Repayment Plan.
  • Standard Repayment (Or any direct loan program equivalent) - This is where you pay payements that are enough to pay your loan off in 10 years.

Public Service Loan Forgiveness Qualifying Jobs

  • Government Organization (federal, private or state)
  • Children service agencies or family service agencies.
  • Certiani non profit jobs which need to be part of the Internal Revenue Code.
  • Tribal colleges as well as universities.
  • Services that include the following: Miltary, saftey of the public, law enforcement, law services of public interest, library jobs both public as well as in schools, education in public schools, health care services as well as emergency management. Jobs that are in low income areas where your services are needed most will most likely but eligible for Public Service Loan Forgiveness.

Publice Service Loan Forgiveness Conclusion

Publice Service Loan Forgiveness is great for people who have just gotten out of college and are looking to get into a job that qualifys for forgiveness. If you have been out of college for some time and have paid off some of your debt, it is probably a good option to not try for Publice Service Loan Forgiveness as you won’t be able to enjoy the maximum benefits of the program, the Income Based Repayment will be a better option for you. If you have high debt and are fresh out of college, then the program can save you thousand of dollars and many years of repayment.

If you are interest in participating in Public Serive Loan Forgiveness, contact your student loan lender directly who will give you infomration on what jobs can apply to you and how you can get started.

 

 

 

 

All About Federal Student Loan Forgiveness

August 28, 2011

Federal Student Loan Forgiveness

The first question that graduates ask themselves is “how the heck am i going to pay my debt off?! Well federal student loan forgiveness can be an excellent method to utilized when trying to pay federal student loans off faster, helping you pay either a big chuck of your loan off or erase the entire thing, in other words a clean slate. If you currently have a student loan and are looking for more information on student loan forgiveness, the information that follows will explain all there is to know about federal student loan forgivesness so you know what it can do for you and how to use it to you benefit.

federal student loan forgiveness

Federal Student Loan Forgiveness – Forgiveness Methods

Federal student loan forgiveness can keep you from being one of the fast growing number of students who file student loan bankruptcy which you want to avoid at ALL costs because student loan stay on your credit record forever! These forgiveness programs can be used if you used Perkins, Stafford, PLUS or FEEL loans. Anyways, there are many programs that you can use that offer you federal student loan forgiveness, to give you an idea of what is out there for you to use, here are the various ways which you can recieve some help from for you loans:

Community Service:

You can find federal student loan forgiveness programs through these three organizations: Peace Corps, Americorps as well as VISTA. These organizations will offer you either a lump sum after working a certain amount of time which is usually a year of service and around 7000, or you can provided community service through them for multiple years and each year they will pay for a percentage of your debt, usually around 15% of each years service.

Teachers:

If you are a teacher, you can get your federal student loans forgiven by working in certain ares of your community, these being either low income areas as well as areas where quality teaching is needed the most. WIth this option, you usually will have to enroll in a 10 year payment plan where you pay on time payments each month for 120 months, and at the end of the term you will be awarded by having the rest of your debt wiped away, no matter how much is left.

Medical (Doctors, Nurses)

If you are looking to enter into the medical profession, you can get your debt forgiven substantially or fully if you work you provide your services in low income areas as well. The Perkins Loan offers up to 60 percent cancellation for nurses, with the Stafford, you can get up full cancellation after working a certain amount of time in the profession.

Social Work & Lawyers

The social worker profession provides you with the chance to get federal student loan forgiveness as well in the form of total cancellation of your debt after what is usually 5 years of service. If you have just completed law school, you can get your debt forgiven completely after working a public interest job for 10 years.

Child Care – Providers of childcare can also qualify for federal student loan forgiveness, for example with the FEEL program offers you the chance to get all of your debt forgiven after providing childcare for a certain amount of time.

Military:

If you happen to be in the military or are looking to enter into the military, federal student loan forgiveness can be found in different ares of service.

Federal Student Loan Forgiveness – Conclusion

If you like the benefits of federal student loan forgiveness and apply it to your debt, the best thing to do now is to contact your loan provider and ask them what is offered for your particular situation. They will either provide you with the information you need, or will refer you to someone who will be able to help you get started. If you happen to not like the idea of federal student loan forgiveness but are still looking for ways in which you can manage your debt, you can either seek out a student loan consolidation company, talk to your lender about a possible modification of your repayment plan to where it would be more affordable for you to make your payments.

Student Loan Forgiveness – How To Get Loans Forgiven

August 27, 2011

Student Loan Forgiveness

Student loan forgiveness also known as student loan debt relief, could possibly be your saving grace when it comes to paying a lot less on a loan, or the elimination of it completely. Simply put, they can make your payment process stink a lot less. These programs have been known to eliminate debt which is in the thousands to even over 100,000 dollars. If you are a student right now or are finished with school and are contemplating how you are going to get out from underneath your debt, student loan forgiveness can be exactly what you need. The following information will provide you with with all the major information that details student loan forgivness and how you can be a part of it.

Student Loan Forgiveness

Student Loan Forgiveness – Main Overview

The Student Loan Forgiveness Act states that once you have started working one of the jobs that provides the benefit of loan forivess, you will have to pay 120 payments to your loan provider, after these payments, the rest of your debt is wiped out and you start off with a clean slate. You must make every one of the payments during this time, and if you miss one, you will be disqualified from the program.

Whether you have federal loans or private loans, student loan forgiveness covers both categories, but how exactly can you get your student loans forgiven, you may be asking? Well basically, student loan forgiveness can be attained through working a public service job. Some of the main professions that student loan forgiveness is found are in these feilds; medical law enforcement, lawyers, teachers, doctors among others.

Here are a few examples, but are certainly not limited to all of the jobs that offer forgiveness; volunteering for certain corporations like Peace Corps or Americorps, teachers who agree to teach in low income areas where teaching is needed most, a medical professional can work in a low income area where medical help is highly needed, going into law enforcement, serving in the military, working as a librarian or at a school library, going to work for the state or government.

This list is certainly a limited list when it comes to the opportunity for you to qualify for student loan forgiveness, so the best thing you should do if an option above doesn’t suit your particular situation is to inquire about it through your loan program as well as contacting corporations that are at the head of the feild that you wish to go into and were studying for. But in a nutshell you can qualify for student loan forgivness in many professions if you help provide the much needed help to those who are less fortunate.

Student Loan Forgiveness – What is the catch?

Often times the debt that is forgiven through student loan forgiveness can be considered taxable income, where you will be taxes as though you earned the amount that was forgiven. This may seem a little lame, but considering that you will not doubt save a lot in the long run regardless of this fact, student loan forgiveness still can be a great option to consider. If you truly want to make a difference and at the same time get a lot of your debt knocked out, participating in a student loan forgiveness program will bring you both of these benefits.

Student Loan Forgiveness For Teachers Major Overview

August 27, 2011

Student Loan Forgiveness For Teachers

When it comes to the subject of student loan forgiveness for teachers, there are excellent benefits to doing these forgiveness programs. Being that the teacher trade is heavily needed, they offer many great incentives to being a teacher by offering your the chance to have a lot of your debt foriven. The next section will discuss the process in much more detail, like how you can obtain forgiveness as well as potentially how much you can get forgiven. so you can familiarize your self with what student loan forgiveness for teachers has to offer.

Student Loan Forgiveness For Teachers

Student Loan Forgiveness For Teachers – Overview

In the short scheme of things, student loan forgiveness for teachers is a program where a teachers are offered to have a large portion of their debt wiped away by teaching full time in the following settings

  • Low income areas, or at school which have students with families who are mostly low income
  • Special Education training and training of youth aged students who have disablilites
  • Feilds of expertise are also eligible for student loan forgiveness for teachers, which are decided upon by state of education agencies. Some of these feilds include foreign language, science and math among others

Also, most times that teachers do these forgiveness programs, their incomes are often times lower, so the student loan forgiveness for teachers programs will take this into account and will usually lower your monthly payments on your student loan, enabling you to still be able to participate in forgiveness, as well as still be able to afford your debt payments.

To give you an idea of how this can benefit you and on what scale we will take the Perkins Student Loan forgiveness for teachers program which is as follows:

  1. The first two years you teach allow you to get 15 percent of your debt forgiven
  2. The next will yeild a percentage of 20 percent that is wiped away
  3. 30 percent forgiveness would be give by the fifth year of your teaching career

All loan lenders have different student loan forgiveness programs for teachers that vary in how much you can get forgiven on your loan, but are often like this or for example some of them will have you work 10 years or the term of 120 payments, then at the end of this payment period, you will have the entirety of what is left on your loan forgiven, no matter how much is left. In order to qualify for a program like this, you would have to pay all of your payments on time.

Other Programs Where You Can Find Student Loan Forgiveness For Teachers

If you do not want to do student loan forgiveness for teachers programs through the options mentioned above, there are other ways in which you can get a lot of your debt eliminated, which are charitable jobs.

  • Peacecorps – Every year of service that you offer will equate to Peacecorps paying 15 percent of your student debt, which you can use all the way up to 70 percent
  • Ameri Corps – You will get 4,725 dollars for a year of volunteer work
  • Volunteers In Service Of America (VISTA) – You will receive 4,725 after you complete 1700 hours of community service.

These are some way that you can use when it comes to student loan forgiveness for teachers. The best thing to do now if you are interst in participating in a forgiveness program is to inquire about it through the lender of you loan or loans. Hopefully this student loan forgiveness for teachers information was exactly what you were looking for, and all the best on finding the best program.

 

Student Loan Forgiveness Programs – Many Programs to Use

August 26, 2011

Student Loan Forgiveness Programs

There are many student loan forgiveness programs out there that can provide you the opportunity to have a large chunk of your debt wiped away by being a participant in these programs. These programs can be a lifesaver when it comes to trying to get out of debt as fast as possible as well as give you experience in the feild you studied to go into. Below are multiple student loan forgiveness programs that you can use within the near future that will enable you to have a large portion of your debt forgiven.

Student Loan Forgiveness Programs

Student Loan Forgiveness Programs – Different Types

There first student loan forgiveness programs you can use are ones that inolved the act of volunteer work or community service. Here are the main programs that people are currently using:

  1. Peace Corps – This is a widely used progam that you can use no matter where you are in the US. With this program you will receive 15 percent of your loan forigven after 1 year of service, and can work up to 5 years which will result in you getting 70 percent of your loans wiped out.
  2. Americorps – The Americorps student loan forgiveness programs provide you with another resource to get some of yoru debt taken away. This specific program gives you what is called a stipend of up to 7,400 dollars, and 4,725 dollars that you can use towards paying off your loan. In order to be eligible for this money, you must provide service for 12 months.
  3. VISA or Volunteer In Service To America – This is the next volunteer service option that you can use when looking for student loan forgiveness programs

Student loan forgiveness programs are by no means limited to volunteer work, as you can find them in many other places. Here is a list of more examples that you can use depending on the feild you are looking to enter into.

  • Teachers – If you are a teacher or looking to go into the teaching profession, there are student loan forgiveness programs where you can teach in an area that really needs quality teaching the most, like in low income areas or kids with disablilities. With this option there are usually two types of programs you will find, ones that knock off a percentage of you loan each year or one that will ask you to pay loan payments on time for a certain amount of time, then after that time they will wipe clean whatever you have left of your loan. The best thing to do if you choose this student loan forgiveness programs option is to contact your schools district administration where they will tell you what schools offer these types of programs in your area/
  • Medical – There are aslo student loan forgiveness programs in the both the medical  where you can also get a good chunk of your debt wiped away. For the Medical feild, it is like the teaching option where you will be required to teach the medical profession in a place that is in dire need of it. This option can also include medical research and working with pets where vets are much needed. These programs can offer up to 30,000 off your debt each year you work with them. The best organization to contact for this would be The American Association of Medical Colleges which has an up to date list of all the student loan forgiveness programs in the medical feild.
  • Military – If you are looking to go into the military after you college schooling is finished, they offer student loan forgiveness programs as well. The best resouce when checking out what kind of student loan forgiveness programs that they offer is to contact the Military and Veteranas Association who will have an database of what they offer as far as these programs go. This option can provide you with an actual complete forgiveness which means that they delete your entire amount of debt, totally wiped clean.  This is a great way to serve your country as well as get a lot of your student debt forgiven.
  • Law – Studnet loan forgiveness programs in the law feild are where you work in public interest areas, or non profit jobs. With this feild, there are 4 diffent types of student loan forgiveness programs, those being on a federal level, a state level, a private level, and through different law schools. The repayment option for this method is that you work 10 years in a public service sector job paying on time monthly payments, and after these 10 years you will then have whatever is left on your total debt eiliminated.

If your feild happened to be not mentioned here, as these are the main feilds that student loan forgiveness programs are offered through, then the best thing to do is inquire about what student loan forgiveness programs are available for you through your loan lenders who will either have the information you need, or refer you to an organization who can help you.

Student Loan Forgiveness Programs – Conclusion

Now that you are more familiar with what there is out there in the form of student loan forgiveness programs, you can now utilize one ore even multiple of these methods. You may also be able to tell that you will be rewarded with financial help towards your loan by making a difference in peoples lives which is a pretty awesome trade off when you think about it. Depending on what you are looking for in a forgiveness program, you now know that you have multiple choices and can choose one that you feel most comfortable with. Hopefully this student loan forigveness programs information was exactly what you needed, and great luck on whichever one you choose.