Federal Student Debt Resources

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Perkins Loan Forgiveness Program

The Perkins Loan Forgiveness Program includes provisions for social workers working in public or private nonprofit child or family service agencies providing services to high-risk children and families from low-income communities or social workers providing early intervention services to infants and toddlers with disabilities in public or private nonprofit agencies under IDEA (Individuals with Disabilities Education Act). This program is also available for teachers, nurses, law enforcement professionals.
Recipients of Federal Perkins Loan funds received after July 22, 1992 can qualify for postponement/ cancellation of up to 100% of the loan. The cancellation takes place over 5 years. For each year of service completed, the student is entitled to cancellation of the loan at the following rates:

  • First and second years of employment: 15% each year
  • Third and fourth years of employment: 20% each year
  • Fifth year of employment: 30%.

For further eligibility details, check your college or university financial aid office.

National Health Service Corps
Fully trained health professionals, including clinical social workers, who are dedicated to working with the underserved and have qualifying educational loans are eligible to compete for repayment of those loans if they choose to serve in a community of greatest need. In addition to loan repayment, these clinicians receive a competitive salary, some tax relief benefits, and a chance to have a significant impact on a community.
http://www.studentmarket.com/nhsc-loan-repayment-program.html  (fact sheet)

National Institute of Health (NIH)
This program is for social workers and other professionals who are pursuing research careers in the areas of clinical, pediatric, contraception and infertility, or health disparities. Participants must possess a doctoral-level degree, devote 50% or more of their time to research funded by a non-profit organization or government entity (federal, state, or local), and have educational loan debt equal to or exceeding 20% of their institutional base salary.

https://www.lrp.nih.gov/OASSecurity/apply.aspx (application)

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