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Student loan debt can be overwhelming. If you're a teacher or work in healthcare, you may be eligible for relief through lesser-known loan forgiveness initiatives. Here’s some key information if this applies to you.
Educators can apply for the federal Teacher Loan Forgiveness Program, which offers up to $17,500 in debt forgiveness. To qualify, you must serve five consecutive academic years at a school that serves low-income families. If you're already teaching at such a school, this program could be an easy win for you.
Healthcare professionals like doctors, dentists, and clinicians may qualify for the Health Professionals Loan Repayment Program. This initiative offers up to $50,000 in loan repayment in exchange for a two-year salaried commitment in an underserved area. The payment is federal tax-free and is provided at the start of your service to help ease the burden of student loan debt.
According to the Consumer Financial Protection Bureau, over 25% of student loan borrowers are eligible for federal aid, but only a small portion is taking advantage of it. To explore other careers eligible for assistance, follow the link below.
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