The average college graduate walks away with $37,172 in student loan debt, but in West Virginia, the burden is especially hard. The state leads the nation in default rates.
But did you know that some West Virginians will be able to get their loans forgiven? If you are a primary care physician, nurse practitioner, physician assistant, dentist, or nurse midwife, you could be eligible for loan repayment assistance.
Repayment assistance for healthcare professionals
To qualify for the State Loan Repayment Program, you need to sign a contract that states you will work full-time in a rural, underserved part of West Virginia. The place where you work must be a non-profit organization and located in a Health Professional Shortage Area.
Under the State Loan Repayment Program, you could get up to $40,000 for a two-year service term commitment. If you wish, you can extend your service term for additional repayment assistance. You can add up to two additional years and get $25,000 in assistance a year. If you work a full four years within the program, you could qualify for up to $90,000, which can go a long way in helping you pay off your loans.
For more information or to apply, visit the State Loan Repayment Program's website.
What if I don't qualify for repayment assistance?
The State Loan Repayment Program is only for some healthcare professionals. If you work in another field, you won't qualify for repayment assistance. However, you may be able to get some relief from your student loans in other ways.
See if you qualify for federal programs
If you aren't eligible for the State Loan Repayment Program, you may qualify for loan forgiveness through federal programs like Public Service Loan Forgiveness or Teacher Loan Forgiveness.
Apply for an income-driven repayment plan
If you can't afford your federal loan payments on your current income, consider applying for an income-driven repayment (IDR) plan. An IDR plan can help free up more money in your budget each month. Your loan servicer extends your repayment term to 20 to 25 years. And, your payment is capped at a percentage of your discretionary income.
To find out which plan is right for you, check out this guide on Comparing Income-Driven Repayment Plans.
Consider student loan refinancing
If you're not eligible for loan forgiveness or IDR plans, another option is to refinance your student loans. With this approach, you take out a new loan for the amount of your old ones. Your new loan has different repayment terms. You could qualify for a lower interest rate or longer repayment term, reducing your monthly payment.
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Special offers for medical resident and fellow refinance products
- Fixed rates: 4.39% - 9.24% APR
- Variable rates: 2.50% - 9.24% APR
- Minimum credit: 650
Splash Financial is a leader in student loan refinancing with some of the lowest fixed in the industry which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.
- Low interest rates – especially for graduate students
- No application or origination fees. No prepayment penalties.
- Co-signer release program - you can apply for a cosigner release form your loan after 12 months of on-time payments
- Specialty product for doctors in training with low monthly payment
Click here to see more of Splash's offerings and to see how you can save money.
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SoFi is the leading student loan refinancing provider.
- Fixed rates: 3.99% - 8.24% APR
- Variable rates: 2.49% - 7.99% APR
- Minimum credit: 650
$30 billion+ in refinanced student loans. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Some state restrictions may apply.
- Serious savings: Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
- No hidden fees, no catch: No application or origination fees. No pre-payment penalties.
- Fast, easy, and all online: Simple online application and access to live customer support 7 days a week.
- Access to member benefits: SoFi members get career coaching, financial advice, and more—all at no cost.
- 98% of surveyed members would recommend SoFi to a friend
Save thousands on your student loans and pay off your loans sooner. Find your rate.
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Works with 300+ community lenders for higher approval chances
- Fixed rates: 2.49% - 7.75% APR
- Variable rates: 1.90% - 5.25% APR
- Minimum credit: 660
Connecting student borrowers to a network of over 300 community lenders with low interest rates. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.
- Lightning fast rate check - 2-minute rate check with no impact on your credit score
- More lenders, more options - see the best offers from over 300+ community lenders for higher approval chances
- Life of loan relationship - With LendKey, your personal information will never be sent or passed on to third parties. Their customer service team is with you from the moment you land on their website until you've completely repaid your loan.
- Unmatched benefits- Community lenders put people over profits and offer unique benefits like cosigner release after 12 on-time payments, interest only repayment options to keep monthly payments low, the largest unemployment protection period in the market, and more.
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Best for borrowers who want to customize their repayment schedule to pay off debt fast.
- Fixed rates: 4.39% - 8.99% APR (with 0.25% autopay discount)
- Variable rates: 3.99% - 8.29% APR (with 0.25% autopay discount)
- Minimum credit: 650
Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.
- Commitment-free 2 minute rate check
- Client Happiness can be reached via in app messaging, email, and phone
- No fees for origination, prepayment, or loan disbursement
- Flexible terms let you pick your exact monthly payment or switch between fixed and variable rates
- Skip a payment and make it up later
- Online dashboard is designed to make it easy to apply for and manage your loan
Click here to apply with Earnest and to see how much you can save.
I reduced my student loan payment by $152 per month, by refinancing thru Nitro
