The average student loan debt is now over $37,000 per student in the U.S. This means that many new graduates are starting out their professional lives with hefty monthly payments to make on this debt. Fortunately, there are programs that offer student loan forgiveness. Student loan forgiveness is the resetting of this loan debt to zero, with no further payments required. Some of these programs cap the monthly payments so that they will be adjusted according to income, while others actually “forgive”, or write off, some or all of the debt for those who participate in public service or similar occupations. There are also other circumstances which mean that student loan debt can be forgiven. For example, if a student should become seriously ill or the school closes, student loans may be forgiven.
Professions That Offer Student Loan Forgiveness
There are a number of public service and other similar professions that offer various student loan forgiveness programs. Some of these include teachers, doctors, branches of military service, and firefighters. For example, the Federal Perkins Loan, which is a need-based student loan, has a percentage of the loan forgiven for each year of service that the student works after graduation. Working full-time for five years in one of these service areas can result in having the entire loan cancelled.
Another example is loan forgiveness programs for those who work in nursing. Nurses who work in an undeserved area for two years may have 60% of a student loan forgiven, and then can get an additional 25% forgiven for working a third year. Also, people who go to medical school are notorious for graduating with huge amounts of student loan debt. For that reason, there are large amounts of loan forgiveness available from the National Health Service Corps for new doctors and dentists who work in certain positions. In fact, as much as $50,000 can be forgiven.
Call to Schedule a Consultation With a Minnesota Student Loan Forgiveness Lawyer Today
If you are a graduating student and are interested in learning more about student loan forgiveness, call to schedule a consultation with a Minnesota student loan forgiveness lawyer today. The legal professionals at the Hoverson Law Offices, P.A. have over thirty years of experience helping students and others deal with overwhelming financial issues and we are dedicated to helping you. Visit our website at hoversonlaw.com or give us a call at 612-349-2728 and schedule a consultation or we’ll talk to you on the phone and answer any questions you may have. After all the hard work of college, you don’t deserve to be drowning in student debt, so contact us and let us help you get back on track.
