Yes, Virginia does offer student loan forgiveness programs for its residents. These programs cater to individuals in public service jobs, including medical, health, and legal professionals. In these sections, we’ll explore Virginia’s three student loan forgiveness programs.
Medical and Health Professionals
Virginia State Loan Repayment Program (VA-SLRP)
The VA-SLRP targets medical, dental, pharmacists, and behavioral and mental healthcare professionals who work in designated Health Professional Shortage Areas (HPSA) and serve the community.
Eligibility: Must be a qualified professional working in an HPSA. Review the VA-SLRP guidelines.
Forgiveness amount: Up to a maximum of $140,000 for qualifying educational loans, including federal government loans and private student loans from lenders like Sallie Mae and SoFi
Service requirement: Minimum two-year service commitment, up to four years maximum.
Application: Apply online if you’re eligible.
Virginia Loan Commonwealth Plan (VLCP)
This program is for graduates from the Class of 2013 and later working in the private sector who meet certain eligibility requirements.
Eligibility: Graduates from the Class of 2013 and later earning less than $85,000. Borrowers must be on IBR or PAYE repayment plans.
Forgiveness amount: Graduates earning less than $65,000 can get 100% forgiven under IBR or PAYE. If you earn over $65,000, the amount forgiven is prorated based on your income.
Service requirement: No commitment; you can qualify yearly if you remain eligible.
Virginia Loan Forgiveness Program (VLFP) I
This program is for law graduates from the Class of 2002 to the Class of 2012 at the University of Virginia in Richmond who work in public service.
Eligibility: Must be a graduate from the Class of 2002 to the Class of 2012 and current with loan payments. Applicants must apply within two years of graduation or finishing a judicial clerkship.
Forgiveness amount: Varies, but can be up to 100% of loans.
Service requirement: You can qualify for loan forgiveness each year you work in public service and qualify for the program.
Virginia Loan Forgiveness Program (VLFP) II
This program is for law graduates from the Class of 2013 and after who work in public service and earn less than $85,000 annually.
Eligibility: Must be from the Class of 2013 or later and apply within two years of graduation or completing a judicial clerkship.
Forgiveness amount: Up to 100% of qualifying law school loans if you earn less than $65,000. If you earn between $65,000 and $85,000, the amount of loan forgiveness is reduced and prorated based on income.
Service requirement: You can qualify for loan forgiveness each year you work in public service and qualify for the program for up to 10 years.
Virginia Loan Forgiveness Program (VLFP) III
Starting in 2023, VLFP III will be introduced to help repay loans for graduates earning less than $100,000 annually.
If you earn less than $80,000 annually, you’ll receive benefits covering 100% of your qualifying law school loans. Benefits will be prorated based on income for those earning between $80,000 and $100,000.
The program will be available to all graduates in paid positions requiring legal skills.
More Resources for Virginia Loan Forgiveness Programs
For more information about the Virginia Loan Forgiveness Programs and Virginia Loan Commonwealth Plan, visit the University of Virginia School of Law’s FAQ page. This resource offers detailed answers to common questions and can help you better understand the eligibility criteria and application process.