Colorado residents nestled in the Rockies don’t just benefit from clean air, exciting winter sports, and beautiful scenery year-round. They also boast some of the lowest student loan debt averages in the nation.
According to The Institute for College Access and Success, Colorado ranks among the 15 states with the least student loan debt. Specifically, 53 percent of its population with a bachelor’s degree hold student loans, with an average student debt load of $26,520 — well under the average of $37,172 in loans carried by the Class of 2016.
But that doesn’t mean some Colorado borrowers couldn’t use a little help. If you need assistance with student loan forgiveness in Colorado, listen up. Here are a few student loan repayment assistance programs you might qualify for.
How to get student loan forgiveness in Colorado
As is the case with most U.S. states, student loan forgiveness in Colorado is tied to the kind of work you do. Health practitioners will get the most help, though there are options for other grads as well.
1. Colorado Health Service Corps
First of all, let’s talk about the Colorado Health Service Corps. This generous program is available to a wide variety of health professionals.
Qualified professionals include not only physicians (both allopathic and osteopathic), but also certified nurse-midwives, clinical pharmacists, dentists, licensed clinical or counseling psychologists, licensed clinical social workers, licensed professional counselors, licensed marriage and family therapists, nurse practitioners, physician assistants, psychiatric nurse specialists, and registered dental hygienists.
If you’re one of the health practitioners listed above, you can qualify if you work for three years in a designated health professional shortage area. Here’s what you’ll get in return:
- Physicians and dentists can receive $90,000 in student loan repayment assistance if they work full-time for the three years, or $45,000 if they work part-time.
- Physician assistants, advanced practice nurses, clinical pharmacists, and licensed mental health providers can get $50,000 if they work full-time, or $25,000 for a part-time commitment.
- Dental hygienists can earn $20,000 if they work full-time work, and $10,000 if they work part-time.
If you meet these criteria, check back on the listing for this program in March to apply.
2. Rural Essential Access Provider (REAP) Loan Repayment Program
The qualified list of medical practitioners for the Rural Essential Access Provider (REAP) Loan Repayment Program is the same as the one above, except for dentists. (But if you’re a dentist working in a rural area, you can still get help with the next program on the list.)
Check this up-to-date list of REAP-approved sites to see if your workplace is eligible. Here’s what you can get for working for two years at one of these facilities:
- $30,000 for full-time physicians, and $15,000 for part-time physicians.
- $15,000 for full-time physician assistants, advanced practice nurses, clinical pharmacists, and licensed mental health providers, and $7,500 for part-timers.
If you think you qualify, you can apply year-round via this portal.
3. State Dental Loan Repayment Program
All right, dentists, here’s some information on student loan forgiveness in Colorado just for you. Whether you’re a general dentist, pediatric dentist, or a dental hygienist, you can get help from the State Dental Loan Repayment Program.
You don’t have to have a specific type of practice to qualify. Dentists working in public, nonprofit, or private practices are eligible. You simply must commit to serve uninsured patients or patients with Medicaid or CHP+ at the same site for two years.
The total amount of student loan repayment assistance you receive depends on how many underserved patients you see per month on average:
- Dentists can get $50,000 in student loan repayment assistance if they see 80 or more underserved patients per month, $37,500 if they see 60 to 79, or $25,000 if they see 20 to 59.
- Dental hygienists can receive $12,000 toward their student loans if they see 80 or more underserved patients per month, $8,000 if they see 60 to 79, or $6,000 if they see 20 to 59.
Applications are accepted from March through September and are available via the same application used for the Colorado Health Service Corps.
4. Law school student loan repayment assistance programs
Health practitioners aren’t the only ones who can get student loan forgiveness in Colorado. Some public interest lawyers can get help from their alma maters.
Law graduates of the Sturm College of Law at the University of Denver are eligible for student loan repayment assistance if they graduated after May 2003, work in public service, and earn less than $75,000 per year. Applications open up in December and are due by January 26, 2018.
Qualified lawyers can earn this award for up to five years, receiving 15 to 75 percent of their monthly student loan payments on the Income-Based Repayment(IBR) or PAYE repayment plans.
Graduates of Colorado Law at the University of Colorado Boulder are eligible for student loan repayment assistance if they earn less than $63,000 per year and have public interest employment. They don’t need to have passed the bar if their employer does not require it.
If you qualify, you can get up to $6,500 per year toward your student loans for no more than five years. The application was due on October 6, but interested lawyers can check back next year.
Statute of limitations on student loan debt in Colorado
Regardless of your employment, if you’ve been in default on private student loans for six years or longer, your loans could be “time-barred.”
Time-barred student loan debt doesn’t disappear, but debt collectors can no longer successfully sue you for debt repayment. This rule is known as the statute of limitations on debt.
However, federal student loans are exempt from this law. And if you make a payment on a past-due debt, the clock immediately restarts on the statute of limitations.
If all else fails, federal programs can help
So what happens if you aren’t a lawyer or health practitioner, and aren’t in default, but you still need student loan forgiveness in Colorado? You might be able to use federal student loan repayment programs to help, such as with income-driven repayment plans that cap your monthly payments at a manageable level.
You can also lobby your local senators and representatives to create student loan repayment programs for your income or line of work. Although that might not change your situation today, it’s your chance to exercise your rights as a voter and help student loan borrowers like you to have a voice.
Even with help on student loan repayment, paying off these loans can be a long game. Keep an eye out for programs like these that can help and maintain a student loan payoff plan you can follow. Believe it or not, there can be a day when these loans are nothing but a memory.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 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 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.30% 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 Month/Day/Year, 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 08/21/18. 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 email@example.com, or call 888-601-2801 for more information on ourstudent 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.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
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.
3 Important Disclosures for SoFi.
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.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.30%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.48% – 6.25%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|