Disclaimers: Student Loan Hero is wholly-owned by LendingTree, a Marketing Lead Generator and Duly Licensed Mortgage Broker with its main office located at 11115 Rushmore Dr., Charlotte, NC 28277, Telephone Number 866-501-2397 (TDD/TTY). The median amount of undergrad student loan debt is in the $30k range, with some leaving undergrad with much more. The qualifying repayment plans include the standard ten-year repayment plan and the four income-driven repayment plans. An employee of CWU may be eligible for the Public Service Loan Forgiveness Program if the employee has student loans. The petition references medical providers’ tireless efforts and sacrifice put forth to ensure the safety of our nation. If you are ready to take control of your student loans and put a solid strategy in place, here are a few things you can do next: Get the book Student Loan Solution: 5 Steps to Take Control of Your Student Loans and Financial Life – this book will walk you step-by-step through the process of setting a student loan repayment strategy. This program helps behavioral health providers provide primary and psychiatric care to people in rural and underserved areas. You could qualify if you’re a state resident who earned a degree from a Maryland college and makes less than $60,000 a year (or $130,000 combined household income if married) while providing full-time public service in a state or local government or nonprofit agency to low-income or underserved residents. It’s 82 additional credits at the cost of $1,048 per credit. You must have a master’s degree or Ph.D. to qualify. Armed Forces Student Loan Repayment Program Chad has an AGI of $30,000 (remember this is not his salary but adjusted gross income, which is adjusted for contributions to tax-deferred retirement accounts such as a Standard IRA or a 403b). This student loan spreadsheet was originally made for my wife and me and I’ve since blown it out to include places to put your other debt, instructions on where to find your loan information, and a bunch of calculators. more than $10,000 a year). The Alaska Supporting Health Care Access Through Loan Repayment (SHARP) program offers loan assistance to psychologists working for a qualified employer in Alaska. For those interested in the mental health field, filling out the Free Application for Federal Student Aid (FAFSA) can be daunting. Do You Qualify For Public Service Loan Forgiveness? See how your situation fits with loan forgiveness opportunities – Take your student loan debt, your salary expectations, and other factors into consideration and see if working towards student loan forgiveness makes sense for you. The program offers $50,000 in loan forgiveness to licensed doctors, dentists, and or clinicians who agree to work for at least two years in an eligible position. Practicum hours are typically during regular business hours, and not everyone can shift full-time work outside of those hours. Income-driven loan forgiveness does not have an employer requirement like PSLF. You can read more about the four income-driven repayment plans here. Full-time psychiatrists, for example, can qualify for as much as $75,000 in assistance over three years. The Nebraska Loan Repayment Programs award money to clinical psychologists and other mental health practitioners for student loan repayment as long as your employer in a designated shortage area can provide 50% of the award in matching funds. Award amounts from the Hawaii State Loan Repayment Program vary. Assuming it takes about three years to finish a masters in counseling psychology, there is likely a material amount of interest accruing while you are working on completing your masters. The Kentucky State Loan Repayment Program matches any loan repayment assistance you get from a sponsor, which can include private foundations, corporations, community organizations or charities. The program provides loan forgiveness in the amount of $40,000 to $50,000 to counselors who are full-time providers for the initial two-year contract, and gives $20,000 to $25,000 to half-time providers in that same time frame. You may see links to LendingTree services and sites on our website. This is before adding any grad school debt to the total. Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace. If your interest rate drops substantially, you could save a substantial amount on your loans. Psychologist/Mental Health Counselor (Diversity, Equity, and... Central Washington University 4.2. Email: … It is not the responsibility of advertisers or this website to ensure that all comments and/or questions are answered. Masters students work at a clinic part-time (20 hours a week) for approximately eight months with no compensation. Make sure you fully understand the implications before going through with student loan consolidation. Income-driven plans are helpful if you’re really financially strapped, but they may not be your best move if you don’t have financial need. There’s a requirement of full-time work of two to four years to get up to $15,000 per year. Chad will have to report that as taxable income. The Licensed Mental Health Services Provider Education Program may award up to $15,000 to repay educational loans and can be awarded up to three (3) times. Finally, for a payment to be marked as eligible towards PSLF you must be employed full-time working for a qualified employer. Interactive Quiz, What Would Refinacing Save You? This is why PSLF is the holy grail of loan forgiveness. Even if they could, it may not be sustainable or even possible for someone to work forty+ hours at another job in addition to practicum. If you’re eligible, NIH could repay up to $50,000 each year. His opinions have been featured on such media outlets as The New York Times, The Washington Post, Cheddar, NBC's KARE11, and more. 2020 KSLRP Guidelines and Instructions Fortunately, there are various programs that offer loan forgiveness and more manageable monthly payments to help you deal with your student loan debt. National Health Service Corp Loan Repayment Program. A note on student loan fees – if any GRAD PLUS loans were taken out, there was a 4% origination fee that was factored into the loan. PAs, NPs, CNMs, Behavioral and Mental Health Specialists: $40,000. The New Hampshire State Loan Repayment Program (SLRP) provides funds to health care professionals working in areas of the State designated as being medically underserved and who are willing to commit and contract with the State for a minimum of three years (or two if part-time). The Arizona State Loan Repayment Program is available to behavioral health specialists like clinical social workers, professional counselors, clinical psychologists and marriage and family therapists. The average person has no idea what practicum is. As part of health reform in 2010, PPACA created the Pediatric Specialty Loan Repayment Program (Title V, Subtitle C, Section 5203) for pediatric medical and surgical specialists, and for "school counselors" or other "professional counselors" who provide child and adolescent mental health and behavioral health care, including substance abuse prevention and treatment services. Before we dig into the options, let’s first examine why therapists and psychologists have so much student loan debt. For example, you could make 60 qualifying payments, take a couple years off from working (and therefore, not have any qualifying payments), and then return to the workforce and start making qualifying payments again. To qualify, you must work for two years in an approved high-need, underserved area. The other is relatively low pay. Read more. 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