Although somewhat obscure, there are a number of grant programs that can pay off student loans. Advisors should be aware of these programs to notify clients who may qualify. Each listing provides links with additional program details. Here's the rundown:
Veterinary Medicine students can receive up to $25,000 to repay student loans if they live in an area where there is a shortage of veterinarians. The program is the Veterinarian Medical Loan Repayment initiative. Recipients must agree to serve in the area for a minimum of three years.
If you are a nurse, it's possible to have up to 85% of your student debt repaid through the Nurse Corp Loan Repayment Program.
If you work in the substance abuse field, a new program is coming online that could reduce student debt. The NHSC Substance Abuse Program To combat the nation’s opioid crisis, HRSA launched the program to aid in the recruitment and retention of health professionals needed in underserved areas.
Health professionals working in research
The National Institute of Mental Health Loan Repayment Program is available for health professionals who pursue careers in biomedical, behavioral, social, and clinical research. If you contractually agree to engage in at least two years of qualified research funded by a domestic nonprofit organization, NIH may repay up to $35,000.
The Contraception and Infertility Research Loan Repayment Program provides $35,000 per year for those in research. You must be certified to work in the field of clinical research and be pursuing a masters, doctoral, clinical or nursing degree. A 2 year commitment is require.
Not to leave out professionals who work in the legal field, the John R. Justice Student Loan Repayment Program provides up to $10,000 per year up to a maximum of $60,000. You must work as a state prosecutor or public defender with a 3 year commitment.
Of course we can't leave out the Public Service Loan Forgiveness program. Our CSLP program covers the details of the PSLF program, its restrictions and requirements. It's a 10 year process that you have to manage on a regular basis. If you miss a step you could have to restart the clock on the ten year period! This is where qualified professional financial advisors are essential in helping clients.