I just sent my annual paperwork in to work towards forgiveness for my student loans. I would never go back and choose another path, but this path definitely wasn't cheap! If you are a speech pathologist in the same boat as me, there are a few different options out there to help get rid of some of that debt. I have spent a LOT of time figuring out how to get the most money forgiven that I can, so here are some of the things I have discovered along the way:
- Teacher Loan Forgiveness- Special education teachers can have up to $17,500 forgiven if you work in a low income school full-time for 5 consecutive years. After you complete your 5 years, you send in the paperwork and voila! You get this amount subtracted from what you owe and it is not considered taxable income. This forgiveness program seems to be pretty hit or miss for us SLPs. I have known some SLPs who have submitted their paperwork and the loans were forgiven with no questions asked. Other SLPs have tried again and again and are denied each time. It seems to be more difficult to get forgiveness if you do not have to have a teacher's license in your state (like me). I personally chose not to go with this program because of the inconsistency of acceptance of SLPs and I would have more forgiven with a different program.
- Perkins Loan Forgiveness- All of your Perkins Loans can be forgiven as an SLP (Yay!). For every year you work for up to 5 years, a portion of your loans are forgiven. At the end of every year you work, submit the paperwork to your loan holder and portion of your debt disappears. I have personally used this loan forgiveness program and it is pretty easy! I recommend applying for deferment at the beginning of each school year in anticipation of cancellation of your loans. This way you do not have to pay a dime. I wish all forgiveness programs worked like this one!
- Indian Health Services Program - If you are willing to relocate to work for a Native American or Alaskan native community, you can have up to $40,000 forgiven for agreeing to 2 years of employment.
- Public Service Loan Forgiveness - While this program is a bit tricky to maneuver, it can be worth it if you are planning to work for a public place of employment (such as a school) and you have a lot of student loans. This is the program I have chosen to use. Here is how it works - if you work for 10 years/make 120 monthly payments on your loans, the remaining balance is forgiven tax-free. If you are thinking about pursuing this program, it is really important to have your loans consolidated into Federal Direct loans through the Department of Education. These are the only type of loans that will qualify. Any past payments made on the loans while they were not direct loans do not count towards forgiveness. The best way to maximize your forgiveness is to use income-based repayment (IBR). It is probably safe to say that if you are working for a public employer like a school, you are probably not raking in the cash. By switching to IBR, your payments are capped to 15% of your income (and only 10% if you are a new borrower after 2014). This way, you are not paying more than you have to and more will be forgiven at the end your 120 payments. Since most you us SLPs are females, it is important to note that the 120 payments do not need to be consecutive - so if you start a family and want to take some time off, you still can. Your monthly payments towards 120 will start counting again when you go back to work. In case you were wondering (because I did), if you apply for the teacher loan forgiveness program but also want to use this program, it will reset the 120 payment clock - so it does not make much sense to do that. I chose this program for a few reasons - 1) Schools are the place for me. I have worked in other settings and I just cannot see myself going anywhere else. 2) I have a fair amount of student loans and this is the best way for me to get the most amount of money forgiven. 3) With the IBR program, I am not stuck with payments I cannot afford.
These are some options for you if you work in a school or other public place of employment. Remember that these options are for federal loans only. Private loans do not currently qualify for any forgiveness programs. If you work for a private company - check to see if they have any options for loan repayment! I work per diem for a private rehab facility that offers full time therapists help paying your loans in exchange for working there for a certain amount of time. If that doesn't help - keep buying those lotto tickets ;)
I also play this trivia game app called Givling on my phone. You play to earn points towards winning your loans being forgiven! A girl can dream right? If you are interested in trying it out, here is my invite code: ED45646 Click here to read more about the Givling app!
Are you a speech pathologist who has had any of your loans forgiven? What has your experience been like?
~Erin
FAQs
In fact, you could be eligible to get up to $17,500 in speech pathology loan forgiveness under the Teacher Loan Forgiveness Program. To qualify for this program, you must teach full-time during the school year at a qualifying school or organization for five consecutive academic years.
What is the average student loan debt for SLP? ›
Median unpaid student debt was $50,000 (n = 164) for SLPs in cities/urban areas, $40,000 (n = 200) for SLPs in suburban areas, and $30,000 (n = 90) for SLPs in rural areas. SLPs were asked if they had applied to any of three loan forgiveness and cancellation programs for educators.
What are two other professions that offer significant student loan forgiveness? ›
8 Careers Offering Student Loan Forgiveness
- Doctors, Nurses and Other Healthcare Workers. National Health Service Corps (NHSC) loan repayment programs. ...
- Teachers and Educators. Teacher Loan Forgiveness Program. ...
- Dentists. ...
- Lawyers. ...
- Veterinarians. ...
- Military Members. ...
- Government Employees. ...
- Nonprofit Workers.
However, because they work in a public service industry, counselors can take advantage of the many state and federal programs that offer loan forgiveness. Student loan forgiveness programs are designed to help students in a variety of public service industries, including counseling.
Do speech language pathologists qualify for PSLF? ›
The good news is that around 50% of speech language pathologists work for a potentially qualifying employer. Once they reach 120 qualifying payments, they can apply to have their remaining loans forgiven tax-free. Learn more about PSLF here.
What disqualifies you for student loan forgiveness? ›
Therefore, if you leave your job at a qualifying employer after meeting the PSLF eligibility requirements but before you apply for loan forgiveness, you will not be eligible for forgiveness since you must be working for a qualifying employer at the time you apply for forgiveness.
How much debt do speech pathologists have? ›
Based on our data, we've seen speech-language pathologists with up to $150,000 in student loan debt and an average salary of around $50,000.
Can I negotiate my student loan debt? ›
Absolutely. But before you begin negotiating, your loans will probably need to be either in default or near default. Some lenders may suggest an alternative repayment plan, but if your loans are far beyond hardship assistance, you can start trying to negotiate a student loan settlement.
Is 50000 a lot of student loan debt? ›
The average student loan debt amount is slightly over $30,000. However, many borrowers owe $50,000 or more in student loan debt. This isn't impossible to overcome using the right repayment methods.
What profession has the highest student loan debt? ›
The 14 medical careers with the highest student loan debt
- OB-GYN: $241,600.
- Anesthesiologist: $241,600.
- Physician: $205,037.
- Pharmacist: $170,444.
- Physical therapist: $116,183.
- Physician assistant: $112,500.
- Registered nurse: $47,321.
- Occupational therapist: Unavailable.
Employment with a U.S. government entity at any level (federal, state, local, or tribal), or an organization that is tax exempt under section 501(c)(3) of the Internal Revenue Code is a qualifying employer for PSLF regardless of the specific services that are provided.
How do I know if I qualify for loan forgiveness? ›
You may be eligible for income-driven repayment (IDR) loan forgiveness if you've have been in repayment for 20 or 25 years. An IDR plan bases your monthly payment on your income and family size.
What is the average student loan debt for counselors? ›
Seventy-eight percent of graduate students in clinical, counseling, school and combined psychology programs have grad school loan debt, with a median debt of $80,000. In comparison, just 48 percent of graduate students in other psychology programs have debt. For those who do, the median grad school debt is $32,000.
How do I know if my employer qualifies for PSLF? ›
You can use the employer search tool on studentaid.gov to check if your current or past employers are eligible. You'll need to do this via an Employment Certification Form (ECF), filled out by each eligible employer in your work history.
Can I get my student loans forgiven if I am a teacher? ›
Under the Teacher Loan Forgiveness (TLF) Program, if you teach full time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans and your ...
Who can I talk to to see if I qualify for student loan forgiveness? ›
Please visit the U.S. Department of Education's PSLF site for more information or call 1‑800‑433‑3243 and speak to a PSLF support representative.
Which career does not qualify for public service loan forgiveness? ›
Volunteering full-time for the AmeriCorps or Peace Corps also counts as qualifying employment for PSLF. Employers that do not qualify for Public Service Loan Forgiveness include: For-profit government contractors (as opposed to directly working for a government agency) For-profit business.
Do medical doctors qualify for PSLF? ›
LOAN FORGIVENESS FOR DOCTORS
If you work as a physician in the government or non-profit sector for ten years, you may get your loans forgiven thanks to PSLF. The key is to make sure they are Direct loans and make 120 (10 years) payments.
