Loan Forgiveness

Tuition Remission

A variety of organizations offer some form of tuition remission or assistance to its employees seeking to further their education. It is advisable to look into your place of employment to see if this is a possibility.

NYS Licensed Social Worker Loan Forgiveness (LSWLF)

The NYS Licensed Social Worker Loan Forgiveness (LSWLF) Program is offered to increase the number of licensed social workers working in critical human service areas, including but not limited to the following fields: home care, health, mental health, substance abuse, aging, HIV/AIDS and child welfare or communities with multilingual needs. 

For more information including eligibiliy and deadline dates, please visit the New York State Higher Education Services Corporation website for more information.

NYS Get On Your Feet Loan Forgiveness Program

The NYS Get on Your Feet Loan Forgiveness Program provides up to 24 months of federal student loan debt relief to recent NYS college graduates who are participating in a federal income-driven repayment plan whose payments are generally capped at 10 percent of their discretionary income.

For more information including eligibiliy and deadline dates, please visit the New York State Higher Education Services Corporation website for more information.

Income Based Repayment (IBR)

Individual Lenders

What it Does
  • Payments are capped at 15% of monthly discretionary income. After 25 years of reduced payments, the remaining balance on the loan is forgiven.
Eligibility
  • IBRInfo’s calculator can help determine eligibility, although those who owe more money than they make will definitely qualify. 
  • Visit IBR Calculator
How to Apply

National Health Service Corps

U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES

What it Does
  • Offers fully trained, Licensed Clinical Social Workers (LCSWs) $50,000 to repay student loans in exchange for 2 years serving in a community-based site.
Eligibility
  • Be a US citizen.
  • Be a licensed LCSW in state of practice.
  • Employed by a NHSC-approved facility or in a Health Professional Shortage Area that is applying to become a NHSC approved site.
How to Apply

Public Service Loan Forgiveness Program (PSLF)

U.S. Department of Education

What it Does
  • Offers loan forgiveness to borrowers working in approved public service jobs.
Eligibility
  • Graduates working full-time in a public service job including: social work in a public child or family service agency, public service for the elderly, public service for individuals with disabilities, or employment in a 501(c)(3) organization. After 120 monthly payments have been made, and if the graduate has worked in public service during those payments and at the time of loan cancellation, 100% of the remaining balance will be forgiven. Only loans received under the William D. Ford Federal Direct Loan Program are eligible. On January 31st, 2012, the Department released an Employment Certification Package to help borrowers track their progress toward qualifying for PSLF.
  • Find more information on the Federal Student Aid website.

National Institute of Health Loan Repayment (NIH)

What it Does
  • Enables eligible participants to receive up to $2000 per year of service, up to a maximum of $10,000 over a 5-year
Eligibility
  • Eligible borrowers must not be in default on the loan for which they are asking loan forgiveness.
  • You must be employed full-time in an occupational area of “national need” such as child welfare workers or public sector employees.
How to Apply
  • No application. Call (800) 433-3243 (US Dept. of Education) to find out how to proceed.