Are you a beneficiary of student loans or health loans? Do you seek a loan repayment program to aid you to pay your bills? Are you in dire need of the best loan repayment programs for you as a Social Worker?
Well, this article provides details on the best loan repayment programs. Relax and read through as you discover the best ways to repay your loans. In fact, some of them let your loan get forgiven or canceled.
Basically, Loan repayment is the act of paying back money previously borrowed from a lender. Federal agencies make loans designed to help students pay tuition fees, books and supplies, and living expenses.
Generally, Federal student loans allow for a lower payment amount, postponed payments and, in some cases loan forgiveness.
- What is a Loan Repayment Program?
- What is Loan Forgiveness?
- Who are Social Workers?
- What is Social Work Loan Forgiveness?
- Do Social Workers qualify for Student Loan Forgiveness?
- What are Best Loan Repayment Programs for Social Worker?
- National Health Service Corps Loan Repayment Program (NHCS)
- State Loan Repayment Program
- Federal Student Loan Repayment Program
- Public Service Loan Forgiveness Program
- Loan Forgiveness for Volunteer Work.
- New York Licensed Social Worker Loan Forgiveness
- Loan Repayment For Social Workers FAQs
What is a Loan Repayment Program?
Basically, students get loans to help them pay tuition fees and other living expenses surrounding their academics. These loans are to be repaid. So, a loan repayment program allows students to choose the best way to repay their loans. Normally, repayment starts six months after graduation.
According to Financial aid, there are four main repayment plans for Federal education loans, consisting of Standard Repayment and three alternatives.
Actually, each of these alternatives has a lower monthly payment than Standard repayment but this extends the term of the loan and increases the total amount of interest repaid over the lifetime of the loan.
Four types of Repayment Plan
Basically, this plan allows you to pay a fixed monthly amount for a loan term of up to 10 years. However, there is a $50 minimum monthly payment.
Similarly, this plan allows a loan term of 12 to 30 years depending on the total amount borrowed. In contrast, paying the money over a longer-term reduces the size of each payment but increases the total amount paid.
Graduated Repayment Plan
Unlike the two above, the graduated repayments plan starts off with lower payments which gradually increases over two years. Also, the loan term is 12 to 30 years, depending on the total amount borrowed.
Furthermore, the monthly payment can be no less than 50% and no more than 150% of the monthly payment.
Majorly, payments under the income-contingent repayment plan are based on the borrower’s income and the total amount of debt. Unlike the other, its loan term is 25 years.
Also, at the end of 25 years, the remaining balance is discharged. This is taxable under current law.
What is Loan Forgiveness?
Actually, you’re expected to repay your loans following the above-stated repayment plans. However, when you’re no longer expected to repay your loan, it means your loan has been forgiving.
So, Loan forgiveness is to have your loan repayment plan canceled by the Federal government. In addition, to qualify for loan repayment you must
Generally, Federal loans can be discharged in the following situations:
Who are Social Workers?
Basically, social work is a broadly defined profession encompassing many different kinds of professionals who all serve people in need.
So, social workers are unique. In fact, they are continuously in search of common ways to serve clients. This may include providing counseling, therapy, and education as well as connecting clients to appropriate public or private resources.
Furthermore, there are 3 basic types of od socials workers.
What is Social Work Loan Forgiveness?
Actually, upon graduation, it is expected that loans be repaid. So, as a social worker, you are expected to pay your loans too.
However, Public service loan forgiveness program is a federal program specifically designed to help public service and nonprofit workers to get out of debt.
Basically, social work loan forgiveness helps you clear your loan if you qualify and meet the requirement. It means you’re no longer responsible for repaying part or all of your loan due to your job as a social worker.
Furthermore, you must enroll in a loan repayment program and must have made 120 qualifying monthly payments while working full-time for a qualifying employer.
See some loan repayment programs for you. Play your card well then you may have your loan forgiven.
Do Social Workers qualify for Student Loan Forgiveness?
Even though going into the social work field does not automatically qualify you for student loan forgiveness, it is a good first step. So, yes social workers may qualify for loan forgiveness programs.
Basically, there are strict criteria that you must meet before your loan can be canceled. These strict criteria are
Also, loan forgiveness programs are majorly for graduates in the social work career field who are struggling to repay their debts.
Furthermore, The national association For Social Workers promotes loan forgiveness for social workers. They support it to improve working conditions, salaries and other benefits for members of the profession.
Currently, the association will continue to support its proposals to provide loan forgiveness for social workers in child welfare and schools.
However, be rest assured that despite the association’s support for loan forgiveness programs, they don’t determine loan forgiveness eligibility neither do they disperse loan forgiveness funds.
What are Best Loan Repayment Programs for Social Worker?
In fact, a number of repayment programs exist for social workers. However, we will look out for the best social work repayment program for you.
Basically, with a Master of Social Worker degree, you will have an opportunity to repay your student loan while involved in social work. Also, a portion of your federal student loan may be repaid by Government and Volunteer programs in exchange for services. Here are some loan repayment programs for social workers
National Health Service Corps Loan Repayment Program (NHCS)
So, this program allows licensed clinical social work providers to receive up to $50, 000 toward student loan repayment if they work for two years in areas with limited access to healthcare.
Basically, the NHCS program provides a loan repayment program for full-time and part-time employment at NHCS approved settings or at settings in a Health Professional Shortage Area.
To qualify for this program;
For more information, click the button below.
State Loan Repayment Program
This is a federally-funded grant program to states and territories to enable them to run their loan repayment program.
Basically, This provides cost-sharing grants to help states and territories operate their own state educational loan repayment programs for primary care providers working in Health Professional Shortage Areas within their state.
However, SRLP does not provide loan repayment directly to individual health professionals. Also, not all states offer the State Loan Repayment Program.
Furthermore, eligible disciplines, practice sites, length of required service commitment and the amount of loan repayment awards offered may differ by state/ territory.
Additionally, the state loan Repayment Program is funded by grants received through the Health Resources and Services Administration (HRSA)’s Bureau of Health Workforce(BHW).
The eligibility for this loan repayment program is in four categories. They are:
For more information on eligibility and application, click the button below.
Federal Student Loan Repayment Program
The Federal student loan repayment program permits agencies to repay Federally insured student loans as a recruitment or retention incentive for candidates or current employees of the agency.
Actually, the program implements 5 U.S.C. 5379, which authorizes agencies to set up their own student loan repayment programs to attract or retain highly qualified employees.
In addition, Federal agencies can provide up to$10,000 in loan forgiveness per the calendar year as well as a cumulative maximum of up to $60,000.
Furthermore, employees who seek loan forgiveness must sign a service agreement to work with the agency for a minimum of three years.
Basically, eligibility is based on the repayment plan you opt for. However, all borrowers are eligible for at least one of the repayment plans.
Interestingly, Federal loans can be discharged forgiven or canceled.
Public Service Loan Forgiveness Program
This loan repayment program is available for social workers. Firstly, this program is a federal program specifically designed to help public service and nonprofit workers get out of debt.
Secondly, PSLF is a good option for potentially eliminating future loan payments and saving a great deal of money.
Thirdly, this is the best option for social workers looking for student loan forgiveness.
Also, the program forgives student loan debt of individuals working in eligible public service organizations, including government agencies, school-based services, and nonprofits.
Interestingly, loans received from other federal student loan programs such as Perkins Loan can qualify for PSLF if an individual consolidates them into a Direct Consolidation Loan.
However, only payments made on the new Direct Consolidation Loan will count as the mandatory 120 payments required for PSLF.
How do I get Public Service Loan Forgiveness?
Actually, to get public service loan forgiveness, you must meet the program’s many requirements. It’s possible to have your loan forgiven if you follow the program’s rules below.
What type of loan is the correct loan for PSLF?
Only loans that are part of the federal Direct loan Program are eligible for Public Service Loan Forgiveness.
Also, loans by private students are not eligible. However, an individual may choose to consolidate other types of federal student loans.
So, be courageous and do this as soon as possible because any progress made toward forgiveness will be erased when you consolidate.
Finally, you must repay this loan using the income-driven repayment plan.
Public service loan forgiveness qualification is to pay 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Also, qualifying employers include:
For more information and application click the button below.
Loan Forgiveness for Volunteer Work.
This social loan work loan forgiveness program grants forgiveness to volunteers workers. Basically, some organizations offer one or more types of federal student loan forgiveness programs.
So, you can access this by being a volunteer in these organizations. Remember the goal is to have your loan repaid, what about having it totally forgiven discharged or canceled just by being a volunteer? Also, note that you can access scholarship by starting and finishing a campaign on Dosomething.org.
Some volunteer organization for you to sign up for include:
Actually, volunteers at AmeriCorp may receive a Segal AmeriCorp Education award for each year of volunteer service. For more information, click the button below.
Basically, Volunteers at Peace Corps may receive a Segal national education award for each year of volunteer service or partial cancellation of their Federal Perkins Loans but not both.
Additionally, you enjoy other benefits like medical and dental, travel, financial and you become a part of a vibrant network. Finally, for more information, see how you can apply as a volunteer below.
Volunteers in Service to America (VISTA)
Interestingly, borrowers who have served as an Americorp Vista volunteer since October 7, 1998, maybe eligible for partial cancellations of their Perkins Loans.
Actually, this benefit is not available to borrowers who have volunteered with other Americorp programs. For more information and to sign up as a volunteer below.
New York Licensed Social Worker Loan Forgiveness
Majorly, this program is offered to increase the number of licensed social workers working in critical human service areas.
Social work loan forgiveness New York is not limited to home care, health, mental health, substance abuse, HIV/AIDS and child welfare or communities with multilingual needs.
Actually, payments for social service student loan forgiveness is made directly to the recipient and is available for up to four years of qualified service.
Also, the maximum award under this program is $26,000 or the actual amount of the eligible student loan which may be less.
Additionally, awards will be paid in the amount of $6,500 for each annual period of qualified service completed or the remaining loan indebtedness.
To qualify for the loan forgiveness program for social workers, you must meet the following requirements. You;
For more information and application, click the button below.
Loan Repayment For Social Workers FAQs
How do I qualify for Public Service Loan Forgiveness?
To qualify for PSLF, you must work for a government agency or for eligible nonprofit organizations. Also, you should work full-time for that agency for at least 35 hours a week. In addition, you must have direct loans or merge other loans to qualify. Furthermore, you must have a loan repayment plan that is income-driven.
Finally, you must make 120 monthly qualifying payments.
Can Social Workers get Loan Forgiveness?
Yes, social workers can get loan forgiveness. If you have federal student loans, Public Service Loan Forgiveness (PSLF) can eliminate your loans after 10 years of service. PSLF offers student loan forgiveness for social workers, teachers and other public service employees However, note that just being a social worker is not the only criteria, you must meet other requirements.
What is Social Work Student Loan Forgiveness?
Well, this is good news for students who took students loans but are now social workers. Social work student loan forgiveness program are possibilities for social workers to get loan forgiveness that may reduce or eliminate their debt.
Is there loan Forgiveness program for Social Workers?
Yes, there are quite a number of student loan forgiveness programs for social workers. Some of them include National Health Service Corp, Public Service Loan Forgiveness and others.
Well, taking a student loan to complete education is quite interesting until its payback time. Especially, when its barely six months you graduated and you have to start paying back your loan.
Well, do not be dismayed. The World Scholarship Forum has your best interest at heart. Carefully, read this post and discover numerous ways you can choose to pay back your loan.
Interestingly, if you are a social worker, there are more benefits for you as you may get loan forgiveness, cancellation or discharge.
Whichever one you get, simply means you will no more bother yourself about your loans. Also, this post critically looks at the best payment plans for you as a social worker. More importantly, it reveals loan repayment programs for social workers, eligibility and application link for you to get started.
Now, all you have to do is read through and find your best fit, check out where you are most eligible and apply. Then, relax and be set free from loan repayment.
As a social worker, this loan repayment programs or forgiveness schemes are for your best benefit.
Does this article meet your immediate needs? If yes, leave us with a 5-star rating in the Review Box below. However, if no, leave a comment on the comment box to express your concern or ask the question and we will get back to you as soon as possible.