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Federal Student Loan Forgiveness Programs for Wellness Professionals | Wellness Collaborative

Federal Student Loan Forgiveness Programs for Wellness Professionals

Aug 15, 2024 | Useful Stuff

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While the prospect of having your student loans forgiven is exciting, it is also fraught with bureaucracy and uncertainty as political winds shift. There are some Federal programs that offer significant support to mental health professionals, helping them manage the burden of student debt while encouraging them to serve in areas of need. Here’s a brief summary of the key programs:

  1. Public Service Loan Forgiveness (PSLF):
  • Available to mental health professionals working full-time in qualifying public service jobs, such as in government agencies or non-profit organizations.
  • After making 120 qualifying monthly payments under a qualifying repayment plan, the remaining balance on Direct Loans is forgiven.
  • It is possible to be in private practice as a therapist and still qualify for this program. There are multiple organizations that help you qualify for student loan forgiveness as a private practice therapist.
  1. National Health Service Corps (NHSC) Loan Repayment Program:
  • Provides loan repayment assistance to licensed mental health professionals who commit to working at least two years in a Health Professional Shortage Area (HPSA).
  • Participants can receive up to $50,000 in loan repayment for a two-year full-time commitment, with the option to extend the contract for additional years and repayment.
  1. Substance Use Disorder Treatment and Recovery Loan Repayment Program (STAR LRP):
  • Specifically aimed at professionals working in substance use disorder treatment.
  • Offers up to $250,000 in loan repayment for those who commit to working full-time for six years in a STAR-approved facility.
  1. Indian Health Service (IHS) Loan Repayment Program:
  • Targets mental health professionals serving American Indian and Alaska Native communities.
  • Offers up to $40,000 in loan repayment for a two-year commitment, with potential for additional repayment with extended service.

These programs are designed to alleviate the financial burden of student loans for mental health professionals while promoting their service in underserved communities, enhancing access to mental health care across the country.

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