Student loan forgiveness programs can be a great option for nurses seeking to reduce their student loan burden. However, there are alternative methods to manage your student loan debt if forgiveness programs aren’t the right fit for you or if you’re looking for additional ways to ease your financial strain.
Enrolling in Income-Driven Repayment Plans
IDR plans adjust your monthly federal student loan payments based on your income and family size, potentially lowering your monthly payment.
After 20-25 years of qualifying payments, any remaining loan balance may be forgiven. It’s essential to note that the forgiven amount might be considered taxable income.
Where to Apply: Federal Student Aid: IDR Plans
Refinancing Student Loans
Refinancing involves taking out a new loan with a private lender to pay off your existing student loans. This option can potentially lower your interest rate, resulting in reduced monthly payments and overall interest costs. Keep in mind that refinancing federal loans with a private lender means you’ll lose access to federal benefits, such as IDR plans and forgiveness programs.
Where to Apply: Use an online student loan refinance marketplace like Credible
Employer Repayment Assistance
Some employers offer student loan repayment assistance as part of their employee benefits package. These programs typically involve the employer making monthly contributions towards your student loans, helping you pay off your debt faster. Check with your employer to see if they offer such a program.