The government just released a new student loan debt relief program that will repay up to $75,000 in student loans. The only catch is that the program is only available to eligible health care clinicians. This program is called the National Health Service Corps (NHSC) substance use disorder workforce loan repayment program comes as a response to help fight the opioid epidemic. People in this programs will spend three years working in under-served communities to combat substance-abuse disorders.
In a time where the student loan crisis is getting out of control, solutions like these are more than welcome. The program kills two birds with one stone by tackling the student debt and the opioid crisis in America. However, only physicians, nurses, and other health care workers can take advantage of this program.
How to Apply
You can learn more about the NHSC student debt relief program here. To be eligible, you must be a citizen with qualified student loan debt. You must also be trained and licensed to practice in the field you apply to serve in. The application can be lengthy, so make sure that you give yourself plenty of time to finish it. NHSC claims that it takes three weeks to finish everything, including supplemental documentation.
After you apply, you will receive an email that will notify you if you have received the award. The final day to know if you are selected or not is September 30th. They also give priority if you have a DATA 2000 waiver, serve in an opioid treatment program, or should be certified in substance use disorder interventions.
Other Student Loan Debt Relief Options
Another student loan debt relief option is to refinance your loans to a lower rate. If you have good credit and a high income, refinancing companies may be able to refinance your student loan at a lower rate. It may be worth shopping for the best loan offers. A great resource is Student Loan Hero.
If you aren't eligible for the NHSC student debt relief program or want to get out of debt completely then another alternative Income Share Agreements (ISAs) could be just what you need. ISAs, unlike a loan, are interest and debt free. ISAs also come with many built in protections for you, especially if you end up in difficult financial times. This includes not making payments when you lose your job or your income falls below a certain threshold. They also offer a payment cap if you do really well. This keeps it fair for all parties and aligns the goal of income sharer and investor. Defynance is about to launch their private beta to refinance student loans soon.
