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Understanding the Obama Loan Forgiveness Options Available For Social Workers

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Many social workers are unaware that there are loan forgiveness programs that are tailored just for them. In this article we will discuss the benefits of these forgiveness programs and how to go about getting this.

These loan forgiveness programs are nice because they allow you to easily pay off your debts without going broke. If you are unable to pay off your debts, these programs allow the debt to be removed without you going bankrupt.

Debt Forgiveness For Those Studying Social Work

If you are currently in college or you have already graduated and you majored in social work, then you can be eligible for this program. This is nice because in turn, you are making your community a better place without lots of debt hanging over you.

Requirements For Social Worker Debt Forgiveness

Just because there is a debt forgiveness program available, this does not mean that you will be able to qualify for this program. There are a number of requirements that you must meet first. Here are some of these requirements:

  • You must be a social worker and have gone to school to be one
  • You must provide proof that you are unable to pay your debts
  • You must apply thru the proper channels
  • You have to work as a social worker full time
  • You must provide proof that you are actively working as a social worker

Automatic Debts Discharged

There are also programs for social workers that automatically discharge any remaining debt after 10 years of working full time as a social worker. This is nice because many people in other fields may spend a very long time trying to pay off their student loans, but with this program, it is automatically discharged after 10 years.

Community Working Can Be Challenging

All though the above option can be a good way to completely get rid of your debt, community working can be quite challenging for most social workers. So it is important to weigh all the options when deciding which loan forgiveness program is best for you.

National Health Service Corps Loan Repayment Program

This program is a little different compared to other debt forgiveness programs. If you are a licensed social worker, you can use this debt forgiveness program to get rid of your debt. You are given $50,000 to pay off any remaining debt, in exchange you have to work in a community that is in need.

Average Loan Amounts

Now, of course, not all programs will be able to completely cover your loan. In order for your loan to be completely covered, you need to be within the average loan amount, which is between 31k and 42k. It is important that you know your loan amount before asking for loan forgiveness.

Benefits of Social Worker Debt Forgiveness

There are many benefits of social worker debt forgiveness. Of course the most obvious benefit is that you are relieved of debt! This is nice because it allows you to continue your profession without any problems due to debt.