Second only to mortgage debt in the US, student loan debt totaling $1.753 trillion is a significant financial burden that affects nearly 43 million borrowers. Due to the prevalence of student loan debt, many assistance programs are available to help alleviate the problem.
Exploring Student Loan Assistance Programs
In the midst of the student loan debt crisis, multiple student loan assistance options are available to help ease the burden for borrowers. In this guide, learn about different student loan assistance programs – such as Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) – and their eligibility requirements.
Published October 25, 2024
9 min read
Public Service Loan Forgiveness (PSLF)
PLSF helps ease the burden of federal student loan debt for full-time employees working for the government and qualifying nonprofits.
Who is it for?
How does it help?
Who is it for?
PSLF is for those who work full-time for a government organization at any level (federal, state, local, or tribal) or a qualifying not-for-profit organization. Borrowers must have Direct Loans or consolidate other federal student loans into a Direct Loan.
How does it help?
It allows borrowers, typically enrolled in an Income-Driven Repayment (IDR) program, to be eligible for loan forgiveness after 10 years of qualifying monthly payments.
Learn more: Visit Laurel Road PLSF resources for more information about the program, including how to apply and what jobs qualify for PSLF.
Income-Driven Repayment (IDR) plans
IDR plans can allow borrowers to switch to a lower monthly payment based on their gross income and family size. Borrowers on IDR plans are eligible for forgiveness after a set period.
Who is it for?
How does it help?
Who is it for?
Federal borrowers having trouble making student loan payments through the 10-year Standard Repayment Plan. IDR plans enable them to set up a repayment structure based on income and family size.
How does it help?
IDR plans offer a path to forgiveness and can give borrowers a more manageable monthly payment.
Learn more: Visit Laurel Road resources about IDR student loan forgiveness including how to apply, types of IDR plans for your career, and IDR pros and cons.
Stay up-to-date with program changes
It’s important to note that multiple legal challenges to the SAVE (Saving on a Valuable Education) IDR plan could affect aspects of the IDR program. Visit studentaid.gov for the latest developments.
Other student loan assistance programs
Beyond PSLF and IDR, other programs can offer student loan relief, including programs for borrowers in specific careers, such as teachers, nurses, and doctors.
1
Mathematics or science teachers who teach full-time in low-income schools at the secondary level for five consecutive years are eligible for up to $17,500 in federal student loan forgiveness, as are highly qualified special education teachers at the elementary or secondary level. Other teachers who meet the qualifications can receive up to $5,000 in student loan forgiveness.
2
Nurses have several options for forgiveness. Nurses employed by a qualifying nonprofit or government entity can seek debt relief through the PSLF program. IDR also offers nurses a path to forgiveness. Other options include programs through the Health Resources & Services Administration (HRSA) and Perkins Loan cancellation.
3
While doctors tend to have higher student loan debt compared to other professionals, they also have many options for repayment assistance and forgiveness. PSLF could offer forgiveness for doctors who work for employers such as state and federal hospitals, public schools, or nonprofit organizations. Like nurses, doctors can also be eligible for loan forgiveness through IDR and HRSA-supported programs, as well as numerous state government programs.
4
Because student loan debt affects so many people, 45% of all workers now consider student loan repayment help the most crucial benefit. Employers also understand the advantages of expanding eligibility for student loan benefits: It can improve workplace morale, increase productivity, and lead to more effective employee recruitment and retention. These benefits can take many forms, including forgiveness counseling, direct debt payments, payment matching programs, and refinancing discounts.
Student Loan FreedomSM
While there are programs that offer borrowers help to manage their student loan options like repayment and forgiveness, Laurel Road Student Loan Freedom SM takes it one step further by including personalized student loan counseling and a specialized checking account in its suite of student loan solutions.
A free 30-minute consultation
A student loan specialist can help you understand all your student loan options, including your eligibility for federal forgiveness programs. If you have at least one federal student loan, you can schedule a free one-on-one consultation to explore federal and private repayment options, and get your questions answered. Your student loan specialist will provide an analysis of your loans and help you develop a personalized plan.
Student loan forgiveness counseling memberships
Our student loan forgiveness counseling memberships provide those pursuing forgiveness through PSLF or IDR with ongoing one-on-one access to student loan experts. Experts help members track their progress each year with an annual audit and regular reviews of qualifying payments to help keep them on the path to forgiveness.
Laurel Road Freedom Plus Checking SM
Freedom Plus Checking allows borrowers to easily manage and track student loan payments and gauge their progress toward forgiveness – all in one place.
Refinancing options
For borrowers with private loans, refinancing can be a powerful tool. Borrowers who qualify for a lower rate can save in the long term. Laurel Road offers a simplified refinancing process without any added costs or fees.
Choosing the right student loan assistance path
Student loan debt is an evolving challenge that demands new and innovative solutions that allow borrowers to take more control over their financial future. It’s important to explore all the options and understand what’s right for you. Visit the Laurel Road Student Loan Freedom page to sign up for a free consultation and learn how a trusted student loan expert can help you find financial peace of mind.
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