If you have a steady income and a good credit score, you could be a strong candidate for student loan refinancing. “This award helps me to reduce the debt that I have incurred while pursuing my education. The National Health Service Corps (NHSC) offers loan assistance after just two years. Submit applications by mail or delivery to: Nor does it include taking additional classes to fulfill the requirements of becoming a licensed therapist (these can be taken after completing a masters degree, but they will eventually have to be completed at a university). Award amounts vary, but you can qualify with full-time work for two years or part-time for four years in shortage areas. Several programs and services are available to assist health professionals, clinics, hospitals, and health care providers improve access to health care services, by helping the health professional and practice site find a successful match. The Health Resources and Services Administration (HRSA) is accepting applications through June 18 for a new student-loan-forgiveness program for behavioral health … $50k is a lot, but remember we are talking about a 20- or 25-year time frame. If you establish residency in one of 77 eligible counties in Kansas, you could receive up to $15,000 over five years. If your interest rate drops substantially, you could save a substantial amount on your loans. We appreciate your patience and understanding during this time. The New Hampshire State Loan Repayment Program is for psychologists and other health providers in underserved areas. 241 physical therapist - loan forgiveness jobs available. Copyright © 2012–2020 Young Adult Money, LLC / All Rights Reserved, We may receive compensation from companies mentioned within this post via affiliate links. SLRP in Maryland is a collaborative effort among state and federal entit ies to offer funds towards higher education loans for health professionals. Comments, responses, and other user-generated content is not provided or commissioned by this site or our advertisers. Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace. ... can get up to $60,000 that can be used to repay student loans! The cost of PT school continues to rise, leaving new physical therapy grads with insane levels of debt compared to their earning potential. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. 2020 KSLRP Guidelines and Instructions In exchange, qualified applicants may receive between $10,000 and $ 160,000 over the five-year period, depending on their practice specialty. 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). Five-year aggregate awards can be as much as: Unfortunately, the loan forgiveness program for psychologists and their peers didn’t receive enough state funding to accept applications during the state’s fiscal year, which began Sept. 1, 2020. 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). Health insurance plans are offered from several sources and are generally required to provide mental health coverage. If you’re eligible, NIH could repay up to $50,000 each year. Qualified Educational Loans include government, commercial, and foundation loans for actual costs paid for tuition, reasonable education and living expenses related to the past graduate or undergraduate education of the Mental Health Professional. Read less. As you can see, under the standard repayment plan Chad would have to pay nearly $1,400 a month, every month, for ten years. Let’s talk about the cost of grad school. But there are still options for addressing your federal student loan debt as a psychologist. These jobs require a masters to be qualified, and we know that $100k+ in debt is plausible. In an effort to clear up any confusion, ACA has updated this fact sheet to reflect the current status of student loan forgiveness/repayment//cancellation options for mental health counselors and school counselors. When we talk about student loan debt today, many of the stories focus on undergrad student loans. Student Loan Repayment Programs. This comes out to $37,920. With all that being said, please comment away! Contract periods are typically two years. Even on REPAYE, where Chad would be making payments for 25 years (assuming he got his masters in counseling psychology), he would pay just $80,123, which is nearly $50,000 less than his original loan balance. If you’re a psychologist or mental health or professional counselor in Massachusetts, you could receive up to $50,000 in student loan assistance. - Legal - Privacy - Online Tracking - Security - Terms. It puts a lot of focus on your specific situation: your finances, your goals, your job, your life – You! I’ll go over an example illustrating the potential savings – and in some cases huge savings – under PSLF, but first let’s talk about an alternative to PSLF: income-driven loan forgiveness. But can’t grad students just pay their way through? He lives in Texas and is single. These are the four income-driven repayment plans: All of these plans extend your federal loan terms to 20 or 25 years, depending on the specific plan. It also is very compatible with the therapist and psychology profession because it is only available to those working full-time at a 501(c)(3) nonprofit or those employed full-time by the government. As far as loans go, here are the types of student loans that qualify for PSLF: Any Direct loan other than Parent PLUS is eligible, though Parent PLUS loans can also become eligible when they are consolidated through a Direct Consolidation Loan. If they do have any money left over it is unlikely to make much of a dent in tuition. if your income is $0, your requiremed payment will be $0). Temporary Guidelines for Nebraska Loan Repayment and Student Loan Forgiveness Participants. For those interested in the mental health field, filling out the Free Application for Federal Student Aid (FAFSA) can be daunting. Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government, student loan lenders and others. Practicum hours are typically during regular business hours, and not everyone can shift full-time work outside of those hours. Applications will again be accepted beginning in September 2021. The Colorado Health Service Corps awards $25,000 to $50,000 to licensed mental health providers. Public Service Loan Forgiveness, or PSLF, is the holy grail of loan forgiveness. Providers must commit to a five-year contract and must work in an underserved area or with people enrolled in Medicaid or the Children’s Health Insurance Program. The Michigan State Loan Repayment Program awards Michigan psychologists and other mental health providers working in designated areas $20,000 in loan assistance for initial two-year contracts. If you work for a public or nonprofit entity in a designated shortage area in Hawaii, the state could give you student loan assistance — but, like other programs, you must commit to a contract of two years full time or four years part time. Typically their income is only enough to cover living expenses. The Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services (HHS) provides several loan forgiveness programs to encourage health professionals to work in health professional shortage areas. In fact it may even be impossible to pay the amount the standard ten-year repayment plan requires, making income-driven loan forgiveness attractive and beneficial. When you refinance with a private lender, you pay off your previous student loans by taking out a new one, possibly at a lower interest rate. Licensed Counselor Loan Repayment. (Notice I said federal student loans. See salaries, compare reviews, easily apply, and get hired. RNs, RDHs, Alcohol and Substance Abuse Counselors: $20,000. This program provides up to $30,000 per year, based on your overall education debt. 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). Michigan This is why loan forgiveness for therapists and psychologists is so important. As you can see, there are good opportunities for federal student loan forgiveness for therapists and psychologists. The petition references medical providers’ tireless efforts and sacrifice put forth to ensure the safety of our nation. These integrated care opportunities are in a variety of practi… The Delaware State Loan Repayment Program awards between $30,000 and $100,000 to providers in exchange for two years of service. Loan repayment awards are available to primary care, mental, dental and allied health professionals practicing in shortage areas in Nebraska. Applicants to the Urban or Rural Mental Health Professional Loan Forgiveness program are not eligible to apply if they are participating in the Student Loan Payment Reimbursement for Behavioral Med Practitioners afforded under the State of Minnesota Commissioner’s Plan per state labor negotiations. For those interested in the mental health field, filling out the Free Application for Federal Student Aid (FAFSA) can be daunting. 1. Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). No tax bomb. This is before adding any grad school debt to the total. Public Service Loan Forgiveness Program The College Cost Reduction and Access Act (CCRAA), enacted in October 2007, created the Public Service Loan Forgiveness Program (P.L. Indian Health Service Student Loan Repayment Program. Fortunately, there are options through federal, state, and local funding to repay those loans under specific requirements and circumstances. There is no limit. Ultimately, though, you can still save a lot of money and you likely will benefit if your debt-to income ratio is 2 or higher (i.e. Student loans are only dischargable under personal bankruptcy law if the debtor can show that she will be caused substantial hardship if forced to pay them back. 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. My alma mater, the University of St. Thomas, has an M.A. Contact: Janine Jackson. So tonight I have saved exactly enough money to pay off my student loans. P:410-767-4467 Email: [email protected] ELIGIBLE ZIP CODES and ZONE CONTACT INFO. The point is this: income-driven loan forgiveness can be a much better option than killing yourself trying to pay a huge amount month-after-month on the standard ten-year repayment plan. Our worksheet on the subject, Forgiveness Therapy, is based on a therapeutic intervention by the same name. 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. and commit to at least two years of approved research in a qualified organization. It’s even more difficult to work while pursuing the PsyD than a masters because of the number of credits required and aggressive timeline of the program. Throughout that time Chad can set aside money in a brokerage account and invest it in an index fund. Calculator, 6 Best Parent Loan Refinancing Banks of 2018, How Public Service Loan Forgiveness Works, Tips on When Student Loan Forgiveness Makes Sense, 5 Best Alternative Options to Student Loan Forgiveness, Get a Custom Repayment Plan – Interactive Tool, How to Repay Student Loans Faster – The Guide, What Can Repaying Your Loans Faster Save? Assistance is contingent on a two-year full-time or four-year half-time service commitment, with varying award amounts from $5,000 to $50,000. In this program, people who are working under behavioral health programs such as a psychologist, mental health counselor, mental health loan forgiveness program, can get $40,000 to $50,000 serving for 2years of full time and get $20,000 to $25,000 for serving 2years of part-time in … You may see links to LendingTree services and sites on our website. One other view I want to share is what Chad’s situation looks like on PSLF. The minimum commitment is two years. National Health Service Corps Loan Repayment Program (NHSC LRP). View the eligible areas and facilities below. R ecruitment and retention of health professional workforce is a MDH priority. In fact, the average age of onset is 18 in men and 25 in women. However, you should check the program website for updates. This is when you become permanently disabled and are unable to earn a material income (i.e. Loan Repayment Program for Mental Health Professionals. Meaning a “tax bomb” awaits Chad. I will spend very little time here because of how much more favorable PSLF is than any other loan forgiveness program, with income-driven repayment being a solid secondary option. The National Institutes of Health (NIH) program offers loan assistance to psychologists engaged in research projects. The Health Professionals Loan Repayment Program repays student loans for people who serve as an officer in the Selected Reserve of one of the armed forces. This program encourages mental health professionals to provide services in designated shortage areas at least five years. Indian Health Service Student Loan Repayment Program. We went over a lot of information, and due to the complexity of student loan repayment I had to leave out a lot. Physical therapists willing to work for two years at an Indian health program facility can apply for the IHS Loan Repayment Program.In exchange for a two-year commitment to working full time with American Indian or Alaska native communities, this program repays up to $40,000 in eligible health profession education loans. Since the NHSC began, more than 50,000 primary care medical, dental, and mental and behavioral health professionals have served. All of these factors are why therapists and psychologists have so much student loan debt. Loan repayment ” ( STLR ) is a completely free website 100 % on... For as much as $ 75,000 in assistance over three years or part-time four... 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Sure you fully understand the implications before going through with student loan consolidation Pentis and Jaymi Naciri contributed to path. Not endorsed or affiliated with the fact they need 1:1 match t the... Stop caring for approximately eight months with no compensation offer loan forgiveness to various health care workers for... ( Psy.D. ) that all comments and/or questions are answered full-time psychiatrists, for instance, you won t. Alcohol and Substance Abuse Counselors: $ 20,000 per year, based on your creditworthiness, you could on... Brokerage account and invest it in an approved high-need, underserved area that many psychology masters program $. A shortage area, you ’ ll be on the income-driven repayment plan you are accepted... Goals, your job, your requiremed payment will be $ 0, your job your. As psychology PhD programs are extremely competitive repayment programs the SLRP requires a match! 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