With so many people leaving school with mounds of debt and minimal increases in wages over the years it’s easy to see the impact the student loan crisis is having on America. There is a light at the end of the tunnel, however. Here are four ways that might apply to you so you can get your student loans forgiven. 

Source: The Department of Education

Last year, nearly three-quarters of college graduates left school with over $35,000 in debt. Which is quadruple the amount of debt grads experienced in 1993. With so many people leaving school with mounds of debt and minimal increases in wages over the years it’s easy to see the impact the student loan crisis is having on America. There is a light at the end of the tunnel, however. Here are four ways that might apply to you so you can get on track for student loan forgiveness.

  1. Public Service Forgiveness 

    A program that rewards those who chose to work in the public sector. If you work full time under the Public Service Loan Forgiveness program, you may qualify for loan forgiveness. Once you make 120 qualifying payments while being employed full time by specific public service employers.

  2. Physician Forgiveness 

    Some states offer up student loan forgiveness to doctors. Some of those states even include pharmacists, nurses, dentists, and other healthcare For example, New York offers up to $150,000 to physicians that commit to work in under-served regions for five years.

  3. Nursing Repayment Program 

    This program repays up to 60% of student loans for registered nurses who work full time for two years in a non-profit facility. If you choose to work a third year at that facility you have the opportunity to receive an additional 25% forgiveness for your student loans.

  4. Permanent Disability Forgiveness 

    If you are permanently disabled, you could qualify to have your student loans forgiven by following the steps, as outlined on com:

If you’re a veteran, you can submit documents from the U.S. Department of Veterans Affairs showing the VA has determined you are unemployable due to a disability related to your service.

If you receive Social Security Disability Insurance or Supplemental Security Income benefits you may also be forgiven. Simply, submit a Social Security Administration notice or award for SSDI or SSI benefits that states your next scheduled disability review will be within five to seven years from the date of your most recent determination.

Lastly, you could submit certification from a physician that you are totally or permanently disabled. Your physician must certify that you are unable to engage in any substantial gainful activity because it has been determined that it can be expected to result in death; has lasted for a continuous period of no less than 60 months, or can be expected to last for a continuous period of no less than 60 months.

  1. Income Based Repayment 

    While this isn’t necessarily a forgiveness program, it is something that everyone can do. An Income Based Repayment plan will lower your monthly payment by capping them at 10-15% of your discretionary income. After making qualifying payments for 20-25 years under this program your remaining balance will be forgiven.

So if you’re having issues with repaying your student loan debt, put in some time looking at the above plans to see if you qualify. Keep in mind that your student loan repayments have a big impact on your credit score so stay on top of them. Check out this blog post by Credit.com for more forgiveness options. For help with enrollment into these plans check out Ameritech Financial to reduce the stress these plans can be.