This program can help you up to $ 200,000 of student loan cancellation. Do you qualify?
This is what you need to know.
As student loan borrowers await large-scale student loan cancellation by President Joe Biden or Congress, they might consider a generous student loan forgiveness program in Nebraska that offers up to $ 200,000 of student loan cancellation. This program offers three times more student loan forgiveness than the $ 10,000 proposed by Biden for student loan cancellation and Senators Elizabeth Warren and Chuck Schumer proposed $ 50,000 for student loan cancellation—set. To get student loan forgiveness, you will need to meet several requirements, but the large number of student loan cancellations can change your life. Here’s how the program works and how to qualify:
1. Student loan cancellation is available for these health care jobs
Student loan forgiveness is available to student loan borrowers who work in the following fields: primary care, dentistry, mental health, and related health, and are willing to practice in scarcity areas in rural Nebraska communities.
To qualify for student loan forgiveness for a primary care position, you can work in family medicine, internal medicine, pediatrics, general obstetrics, and gynecology or general surgery.
To qualify for student loan forgiveness for a dental position, you can work in general dentistry, pediatric dentistry, oral surgery, or a dental hygienist.
To qualify for student loan forgiveness for a mental health position, you can work as a clinical psychologist, licensed mental health professional, master’s level alcohol and drug abuse professional, child and adolescent psychiatrist, or general psychiatrist.
To qualify for student loan forgiveness for an Allied Health position, you can work as a pharmacist, occupational therapist, or physical therapist.
2. The cancellation of student loans could be as much
The maximum amount of student loan forgiveness you can get is:
Doctors and dentists: $ 180,000 – $ 200,000
Other professions: $ 90,000 – $ 100,000
The good news is that, in addition to paying off this student loan, healthcare professionals continue to earn a salary. The amount of the student loan cancellation does not affect the salary level, so you would not experience a decrease in salary as a result of obtaining the student loan forgiveness. To qualify for the maximum student loan forgiveness amount, you must work at least 40 hours a week. It is possible to get a partial cancellation of a student loan if you work part-time. The total time commitment to obtain a student loan repayment is two to four years. One program requires a three-year contract period, while the other has a two-year contract with a possible 1-2 year extension.
3. How to request the cancellation of a student loan
To request the cancellation of a student loan, you can complete the Nebraska Loan Repayment Program Application. You do not have to live in Nebraska when you apply or be a US citizen. However, you must be a legal resident of the US The student loan cancellation is structured as matching funds, with 50% paid by your employer and 50% paid by the program. You do not have to be employed when you apply, but you must have aligned employment in a qualifying area.
4. These student loans qualify for student loan cancellation.
Both private and federal student loans qualify for cancellation of student loans under this program. This differs from the Biden student loan forgiveness or the Warren / Schumer student loan forgiveness, both of which would only cancel federal student loans. The good news is that you can also refinance your student loans for a lower interest rate and still qualify for student loan repayment under this plan.
Student Loan Cancellation: Final Thoughts
Will you get the student loan canceled? Biden is awaiting a report from the US Department of Education that will determine his legal ability as president to unilaterally approve the cancellation of large-scale student loans. So far, it doesn’t look promising that Biden will enact large-scale student loan write-offs for a number of reasons. That said, Biden has written off at least $ 2.3 billion in student loans. (Find out if you qualify for $ 2.3 billion student loan repayment here.) The good news is that in recent months, there have been several examples of someone other than the federal government paying off student loans. For example, this university canceled student loans for graduates. Employers have also assisted with student loan repayments and received tax breaks through the Cares Act. This program is an example of the collaboration of employers and state governments to help student loan borrowers obtain relief from their student loans. If the federal government doesn’t pay off your student loan debt, expect colleges, employers, and even state governments to play a more active role in paying off student loans.
Since student loan payments are due on October 1, 2021, make sure you have a student loan game plan. Here are options to consider for paying off student loans and saving money: