Loan Forgiveness Programs
Loan forgiveness programs, which may assist in covering part or all of your education debt, include (but are not limited to):
- Public Service Loan Forgiveness (PSLF)
- Virginia State Loan Repayment
- National Health Service Corps (NHSC) Students to Service Program
- Other State Loan Repayment Programs (information from NHSC or AAMC)
- Income based or income contingent loan repayment both have forgiveness components
Public Service Loan Forgiveness may be available for any borrower who works for a local, state or federal government agency, a 501(c)(3) non-profit organization or certain other eligible nonprofit organizations. While working full time (or a combination of eligible part time positions), the borrower must make 120 on time monthly payments under standard repayment or one of the income based repayment plans. After completing 120 months of work while making 120 on time payments, the borrower may file the application to have remaining debt forgiven. Full information about this program is available from MyFedLoan.org which is the federal servicer under contract to oversee PSLF.
Only Direct Loans are eligible for forgiveness. If a borrower has loans under the earlier Federal Family Educational Loan Program, he or she may complete a Direct Federal Consolidation Loan to bring them under the William D. Ford Direct Loan Program. Only payments made since October 1, 2007 on Direct Loans may count towards forgiveness.
We hope you and your family never need this federal benefit, but the Federal Family Education Loan Program and the William D. Ford Direct Loan Program (Unsubsidized and Grad PLUS) offer forgiveness for death or total disability.
Virginia State Loan Repayment (VA-SLRP) is a federally-funded program managed by the Virginia Department of Health (VDH), Office of Minority Health and Health Equity (OMHHE) that offers repayment assistance of educational loans in exchange for service in a Health Professional Shortage Area in Virginia.
A wide variety of health care professionals are eligible to apply for VA-SLRP, including primary care physicians in a variety of disciplines, physician assistants, general and pediatric dentists, dental hygienists, nurse practitoners, nurse midwives, registered nurses, psychologists, licensed clinical social workers, licensed professional counselors, marriage and family therapists and pharmacists.