The Various Student Loan Forgiveness Programs Available Right Now

There are a number of student loan forgiveness programs for those people who are facing some sort of financial hardships. These programs are designed to make the loan repayment process much easier in order to help them get back on track. Few of these programs are listed below.

What are the Popular Student Loan Forgiveness Programs?

The National Institute of Health Loan Repayment Programs

The National Institute of Health (NIH) Loan Repayment Program is allotted a sum of money ($35,000 per year) to clear the student debt of medical researchers who specialize in certain medical fields. The National Institute of Health has a total of 8 loan repayment programs which are to be used for medical researchers. Out of these, 5 loan repayment programs are for researchers that are not employed by the National Institute of Health and the remaining 3 programs are for researchers who are currently employed by the NIH.

They are divided into extramural and intramural programs. The extramural ones are for clinical research (for individuals from disadvantaged backgrounds), infertility research, contraception research, health disparities research and pediatric research.

The intramural programs are for Aids research, general research and for clinical research (individuals from disadvantaged backgrounds). To meet the eligibility requirements, you must make sure that your loan amount is at least 20% of your base salary.

The Teacher Loan Forgiveness Program

The amount of money allotted for the Teacher Loan Forgiveness Program is a maximum of $17,500 per year. This is to be used to clear the student debts of teachers for certain types of loans. The student loan forgiveness for teachers program is only for people who have a bachelor’s degree which is followed up by a full state certification as a teacher.

To qualify for this program, you need to have worked as a teacher for a period of 5 years, after which you are permitted to send in your applications. You must also be part of an organization that is a low income educational agency.

Nurse Corps Loan Repayment Program

The Nurse Corps Loan Repayment Program is a program designed for registered nurses, it takes care of around 85% of the student loan debts for advanced practitioner nurses, registered  nurses and anyone who is part of the nurse faculty. To submit your application for approval, you must first serve in a Critical Shortage Facility (CFS) or have worked in an accredited nursing school.

The Nurse Corps Loan Repayment Program will pay 60% of your student debt for 2 years once you have been approved. After which you can apply for an extension of the payment period for upto a year where another 25% of your student debt will be paid off.

Department of Justice Attorney Student Loan Program

Attending law school is one of the most expensive education decisions for law students. The Department of Justice Attorney Student Loan Program has a special program called the Attorney Student Loan Program (ASLRP) where they will pay off $6,000 of the student loan debt each year for a period of 3 years.

In order to qualify, you will need to have a minimum of $10,000 in student loan debts. You must also have served in the Department of Justice for a minimum of 3 years to apply for this program.

Income-Driven Repayment Plans

The Federal government is in charge of issuing the Income-Driven Repayment (IDR) plans. This allows borrowers to streamline their loan repayment amount due. The main objective of this IDR plan is to calculate the monthly income you receive and according to that, strategically plan how much of it goes towards your loan repayments. The main drawback of this being, you may incur a higher rate of interest if you opt for this plan.


This isn’t specifically a program such but it is a way to reduce the amount of debt you owe. Deferment is when you are allowed to legally stop making loan repayments or reduce your debt amount for a period of 3 years. During this 3 year period, your loan amount will not increase in interest because the government will handle the interest amount due. If you opt for refinancing your student loan. Be aware that you will not be eligible to claim any of these federal programs.


Forbearance is when you actively choose to delay making student loan repayments due to you not being able to afford to make the repayment amount every month. Once you choose this option, you are excluded from making loan payments for a specific period of time.

However, the interest on the loan amount will increase. Once you are able to start making payments towards your loan amount, you will have to pay more as your debt would have increased. This is not a feasible option and should only be considered as a last resort.

Public Service Loan Forgiveness

The Public Service Loan Forgiveness (PSLF) program can be availed only for employees who work in the public sector. They will be eligible after they have made 120 payments towards their loan amount. Once chosen, their remaining debt will be written off but in order to do so, they must make those 120 loan repayments through the income driven repayment plan.


Natraj Studied bachelor's degree in finance and business from Telangana University, Nizamabad. A Writer based In India, He has a degree in Charted Accounts and has very knowledgeable in credit repair and Banking Sectors. So, I decided to start a blog and share my knowledge to the visitors.

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