In a state of natural wonders galore, Utah also brings in the lowest student loan debt in the nation. A study by the Institute for College Access and Success on the Class of 2016 ranked Utah 50th in the nation for student debt, with Utah students graduating with an average of $19,975 in loans.
Compare that to the top states on the list — New Hampshire and Pennsylvania — where students graduated with $36,367 and $35,759 in loans, respectively.
But just because they have relatively lower debt doesn’t mean Utah students couldn’t use some help. After all, 43 percent of Utah’s Class of 2016 graduated with student loans. That means finding student loan forgiveness in Utah can still help a great many who qualify. And although most of the aid is earmarked for health care workers, there are other opportunities as well. Here are some of your options if you’re a resident of the Beehive State.
How to get student loan forgiveness in Utah
Unfortunately, there isn’t a plethora of student loan forgiveness programs for Utah residents. (At least directly from the state, that is.) Still, there are federal student loan forgiveness programs that Utah borrowers might qualify for. Below are details on all.
Rural Physician Loan Repayment Program (RPLRP)
If you’re a physician working in rural Utah (anywhere with a county population of less than 50,000), you might qualify for the Rural Physician Loan Repayment Program (RPLRP).
This program offers physicians up to $30,000 per year. Half of the amount comes from Utah’s Department of Health, and the other half from the hospital the physician works for. Physicians must sign up for a two-year contract, after which they can re-apply for additional years, one year at a time. Approval would depend on fund availability.
Health Care Workforce Financial Assistance Program
Physicians aren’t the only ones who can get help repaying their student loan debt. The Health Care Workforce Financial Assistance Program helps with student loan forgiveness in Utah by providing assistance to physicians, mid-level practitioners, nurses, mental health professionals, and dentists.
What’s more, this program applies not just to rural communities, but urban areas as well.
The amount someone can get through this program varies. According to Robbin Williams of the Office of Primary Care and Rural Health, it depends on the discipline you work in and the need for that discipline where you work.
To apply, your workplace would first need to fill out an application, and then you’d fill out one as well, linking you together. If you were to change employment, then you’d need to do it all again — without a guarantee that you’ll be approved.
National Health Service Corps Loan Repayment Program
Licensed primary care providers for medical, dental, and mental health and behavioral services can qualify for up to $50,000 for a two-year commitment to a high-need population. Those working part-time can get a payout of up to $25,000 for a two-year commitment.
That money, which is intended to go straight to your student loans, can be extended year by year if you’re approved.
The application for the National Health Service Corps Loan Repayment Program is currently closed but will reopen in early 2018, so now’s a good time to start preparing your financial information. You can sign up for email notifications about the next application here.
Dr. Lakeisha Richardson is a board-certified OB-GYN with more than 10 years in private practice and has a lot of experience with the National Health Service Corps Loan Repayment Program. In her three years with the program, she’s already had $70,000 of her $200,000 in student loans forgiven and will be reapplying this January.
However, she notes there’s a lot of information you’ll need to pull together to apply, including documents from your medical school, so it can be time-consuming at first. In her words, “if you wait until close to the deadline, it can seem close to overwhelming.”
Her advice is to gather your paperwork now, including transcripts and student loan details such as your loan amounts and interest rates. That way you can be ready far ahead of the application deadline.
Nurse Corps Loan Repayment Program
Nurses don’t miss out when it comes to student loan repayment programs, otherwise known as LRAPs. They have their own help from the Nurse Corps Loan Repayment Program.
This program offers repayment for the equivalent of up to 60 percent of your student loans, in exchange for two years of service at a critical shortage facility or an accredited school of nursing. Nurses can continue their repayment help for a third year, for which they’ll get 25 percent of their remaining balance repaid.
Like the National Health Service Corps Loan Repayment Program, applications are now closed. However, you can sign up here to get an email notification when they open back up in the new year.
Perkins Loan Cancellation and Discharge
Perkins loans may have expired, but that doesn’t mean you can’t get help if you still have them. Perkins loans holders might be eligible for student loan forgiveness if they’re also in the Peace Corps or Armed Services. The same is true of Perkins loans holders who are teachers, nurses or medical technicians, law enforcement or corrections officers, child or family services workers, Head Start workers, or professional providers of early intervention services.
For each year of work in these industries, a portion of the loans is forgiven. The percentage of forgiveness for Perkins loans varies based on the work you do. To apply for Perkins Loan Cancellation and Discharge, you’ll need to contact your alma mater or your student loan servicer.
Public Service Loan Forgiveness (PSLF)
Although the future of Public Service Loan Forgiveness is uncertain, this is still an option you can try for student loan forgiveness in Utah.
To qualify, you must work at least 30 hours per week for the government or a 501(c)(3) not-for-profit and make 120 qualifying payments. Qualifying means the payments have to be for a Direct Loan (which you can consolidate if you have other types of federal loans). They must also be made while you’re working for qualifying employment, paying the full amount due on your bill, no more than 15 days late.
If you’ve already made the required qualifying number of payments, you can click here to find out how to apply for Public Service Loan Forgiveness.
Teacher Loan Forgiveness and Cancellation
Teachers throughout the nation get their own student loan repayment help through Teacher Loan Forgiveness.
Teachers can become eligible if they teach full-time for five consecutive years in schools that serve low-income families. In return, they can receive up to $5,000 in student loan forgiveness. Bump that number to $17,500 if for math, science, or special education teachers. Qualified teachers can apply here.
There’s also Teacher Cancellation for Perkins Loans, the details of which are explained above in the section on Perkins Loans.
Statute of limitations on debt in Utah
Even if you can’t get student loan forgiveness, Utah residents might find that their debt falls under the statute of limitations on debt.
Under the statute of limitations, debt collectors can no longer successfully sue you for loans in default after a certain period, when the obligation becomes “time-barred.”
In Utah, this period is six years for all written contracts, through the statute only applies to private student loans, not federal ones.
Keep searching for student loan help in Utah
Regardless of whether you can qualify for student loan forgiveness in Utah right now, it’s important to keep checking back each year for new programs.
Some borrowers can apply techniques that pay off their debt in record time, but for most people, this process takes many years. In those years, new programs could come up anytime to benefit you that didn’t exist before.
And if you want to talk to your local lawmakers about proposals for new student loan assistance programs, reach out to them. It’s your right as a constituent to communicate your needs. You can find a listing of your Utah senators here and your Utah representatives here. You never know what kind of ideas you might be able to spur along.
Interested in refinancing student loans?Here are the top 7 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
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 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.81% APR (with Auto Pay) to 6.49% 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 November 6, 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 11/06/2019. 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 email@example.com, 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.
2 Important Disclosures for SoFi.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
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. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of November 8, 2019 and is subject to change.
4 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
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 1.9299999999999997% effective October 10, 2019.
6 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.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 11/07/2019 student loan refinancing rates range from 1.90% to 8.65% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.
7 Important Disclosures for College Ave.
College Ave Disclosures
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1College Ave Refi Education loans are not currently available to residents of Maine.
2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 09/23/2019. Variable interest rates may increase after consummation.
|1.81% – 6.49%1||Undergrad & Graduate|
|2.31% – 7.36%2||Undergrad & Graduate|
|1.99% – 6.65%3||Undergrad & Graduate|
|2.43% – 7.60%4||Undergrad & Graduate|
|2.02% – 6.30%5||Undergrad & Graduate|
|1.90% – 8.65%6||Undergrad & Graduate|
|2.74% – 6.24%7||Undergrad & Graduate|