Where you live can impact your life in big ways, and some of them are not so obvious. Case in point — your student loans.
Consider this: Most U.S. states have programs that help residents pay off their student debt. Eligibility for these usually hinges on what you do for a living and whether or not there’s a great need for that work where you live.
But the number and scope of the programs offered can vary widely by state. And while it’s hard to precisely rank the states by their student debt programs, since they can change from year to year, some states are usually way ahead of the pack.
With that in mind, here are four states that are especially generous when it comes to student loan forgiveness programs.
Minnesota gets an A+ in offering student loan forgiveness programs, thanks to its sheer volume of programs available to health care professionals. You can find them all in detail via the Minnesota Department of Health.
- Minnesota Allied Healthcare Faculty Loan Forgiveness
- Minnesota Dental Therapist Loan Forgiveness
- Minnesota Dentist Student Loan Forgiveness
- Minnesota Rural Mental Health Professional Loan Forgiveness
- Minnesota Urban Mental Health Professional Loan Forgiveness
- Minnesota Rural Midlevel Practitioner Loan Forgiveness
- Minnesota Nurse Faculty Loan Forgiveness
- Minnesota Nurse in Nursing Homes Loan Forgiveness
- Minnesota Rural Pharmacist Loan Forgiveness
- Minnesota Rural Physician Loan Forgiveness
- Minnesota Urban Physician Loan Forgiveness
- Minnesota Public Health Nurse Loan Forgiveness
- Minnesota Rural Veterinarian Loan Forgiveness
- Minnesota State Loan Repayment Program
Minnesota also offers student loan repayment assistance to lawyers working for specific Minnesota agencies, which you can learn more about via LRAP Minnesota.
California has a healthy number of student loan repayment assistance programs for its residents. The Office of Statewide Health Planning and Development houses information on the programs listed below.
- Allied Healthcare Loan Repayment Program
- Bachelor of Science Nursing Loan Repayment Program
- California State Loan Repayment Program
- Licensed Mental Health Services Provider Education Program
- Licensed Vocational Nurse Loan Repayment Program
- Mental Health Loan Assumption Program
- Steven M. Thompson Physician Corps Loan Repayment Program
That’s not all. Dentists working in underserved areas in California can see if they qualify for the CDA Foundation Student Loan Repayment Grant.
New York also makes the list for its significant number of programs to help its residents pay down their student loans. The New York State Higher Education Services Corporation lists the following in detail, including places to apply.
- New York State District Attorney and Indigent Legal Services Attorney Loan Forgiveness
- New York State Licensed Social Worker Loan Forgiveness
- New York State Nursing Faculty Loan Forgiveness Incentive
- New York State Young Farmers Loan Forgiveness Incentive Program
- New York State Get On Your Feet Loan Forgiveness Program
New Yorkers can also get help repaying their loans if they qualify for the Regents Physician Loan Forgiveness Award Program or Teach NYC.
Being home to NASA’S Mission Control, it should come as no surprise that Texas offers a science scholar forgiveness program. But that’s not all the state offers. You can find links to all of the programs in Texas listed below on the Texas Higher Education Coordinating Board Student Loans loan repayment programs page.
- Loan Repayment Program for Mental Health Professionals
- Math and Science Scholars Loan Repayment Program
- Nursing Faculty Loan Repayment Assistance Program
- Physician Education Loan Repayment Program
- St. David’s Foundation Public Health Corps Loan Repayment Program
- Teach for Texas Loan Repayment Assistance Program
There’s also one more program, the Texas Student Loan Repayment Assistance Program, which provides help with student loan repayment to qualified legal aid lawyers.
Don’t stop your research here
While your state might not be as generous as these when it comes to student loan forgiveness, that doesn’t mean they don’t offer any programs to help. In fact, states add and remove programs each year based on funding and other factors, so that in any given year, your home state could offer more opportunity than the last time you checked.
In the meantime, here’s a list of student loan repayment plans by state — and student loan forgiveness programs offered nationally. And don’t forget to check for loan repayment plans from your alma mater as well.
Being the most educated generation has its benefits. Use those research skills you gained in college to keep finding more ways to get help paying off your student loans. You might be surprised at what you can unearth after a little bit of digging.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.50% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.49% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.48% effective April 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.49% – 7.27%1||Undergrad & Graduate|
|2.49% – 6.65%3||Undergrad & Graduate|
|2.49% – 7.41%4||Undergrad & Graduate|
|2.50% – 6.65%2||Undergrad & Graduate|
|2.49% – 7.11%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|