3 Options for Student Loan Forgiveness in Virginia
3 Options for Student Loan Forgiveness in Virginia
FINANACE
FINANACE
By : Quick Insurance Guru
By : Quick Insurance Guru
Monday, 29 August 2022
Monday, 29 August 2022
For borrowers in Virginia, the average student loan debt for graduates in 2019-2020 was $29,616, based on data from The Institute of College Access and Success
For borrowers in Virginia, the average student loan debt for graduates in 2019-2020 was $29,616, based on data from The Institute of College Access and Success
There aren’t a ton of Virginia-specific student loan forgiveness programs or loan repayment assistance programs, but there are a few. Here are some options to consider.
There aren’t a ton of Virginia-specific student loan forgiveness programs or loan repayment assistance programs, but there are a few. Here are some options to consider.
1. Virginia State Loan Repayment Program
1. Virginia State Loan Repayment Program
One of the options for student loan forgiveness in Virginia is through the Virginia State Loan Repayment Program (VA-SLRP).
One of the options for student loan forgiveness in Virginia is through the Virginia State Loan Repayment Program (VA-SLRP).
It’s geared toward medical and health professionals who work in designated shortage areas and serve the community.
It’s geared toward medical and health professionals who work in designated shortage areas and serve the community.
Eligibility: Must be a medical or dental professional or work in behavioral health or as a pharmacist at a qualified Health Professional Shortage Area (HPSA).
Eligibility: Must be a medical or dental professional or work in behavioral health or as a pharmacist at a qualified Health Professional Shortage Area (HPSA).
Forgiveness amount: Up to a maximum of $140,000.
Service requirement: Minimum two-year service commitment, up to four years maximum.
Forgiveness amount: Up to a maximum of $140,000.Service requirement: Minimum two-year service commitment, up to four years maximum.
2. Virginia Loan Forgiveness Program
2. Virginia Loan Forgiveness Program
For graduates of the University of Virginia School of Law, there are two similar options for student loan forgiveness in Virginia.
For graduates of the University of Virginia School of Law, there are two similar options for student loan forgiveness in Virginia.
Eligibility: Must be from Class of 2002 to Class of 2012 from the law school and be current with loan payments.
Eligibility: Must be from Class of 2002 to Class of 2012 from the law school and be current with loan payments.
Eligibility: Must be from Class of 2002 to Class of 2012 from the law school and be current with loan payments.
Eligibility: Must be from Class of 2002 to Class of 2012 from the law school and be current with loan payments.
Forgiveness amount: Varies, but can be up to 100% of loans.
Service requirement: You can qualify for loan forgiveness each year you work in public service and qualify for the program.
Forgiveness amount: Varies, but can be up to 100% of loans.Service requirement: You can qualify for loan forgiveness each year you work in public service and qualify for the program.
3. Virginia Loan Commonwealth Plan
3. Virginia Loan Commonwealth Plan
Virginia School of Law expanded the VLP I & VLFP II programs in 2014 to include graduates working in the private sector who meet certain eligibility req.
Virginia School of Law expanded the VLP I & VLFP II programs in 2014 to include graduates working in the private sector who meet certain eligibility req.
Eligibility: Graduates in the private sector from Class of 2013 and later. Must earn less than $85,000.
Eligibility: Graduates in the private sector from Class of 2013 and later. Must earn less than $85,000.
Forgiveness amount: Graduates earning less than $65,000 can get 100% forgiven under IBR or PAYE. If you earn more than $65,000 the amount forgiven is prorated based on your income.
Forgiveness amount: Graduates earning less than $65,000 can get 100% forgiven under IBR or PAYE. If you earn more than $65,000 the amount forgiven is prorated based on your income.
Service requirement: There’s no commitment and you can qualify for each year as long as you remain eligible.
Service requirement: There’s no commitment and you can qualify for each year as long as you remain eligible.