As education costs rise and the economy continues to flounder, student debt is one of the most pressing issues for today’s students. However, for students considering Nursing and Education degrees, special Loan Forgiveness programs can help to substantially reduce their school debt. Under certain circumstances, the federal government helps students out by cancelling all or part of an educational loan.

Different states and universities have their own loan forgiveness programs as well. For students training to be teachers, all or part of the educational loans can be forgiven if they agree to teach in low-income districts, or sometimes if they agree to teach high-need subjects such as Special Education, math and science.

The American Federation of Teachers maintains a frequently updated list of loan forgiveness programs for teachers which can be easily accessed online. Under the National Defense Education Act, students who agree to become full-time teachers in low-income districts can participate in a program which forgives 15% of the loan for the first and second year of teaching, 20% for the third year and fourth years and 30% for the fifth year. For students who want to train to be nurses, there is a Nursing Education Loan Repayment program which is a great option. This program is offered through the US Department of Health and Human Services, and it offers loan forgiveness for registered nurses who agree to practice for a set number of years in areas that lack adequate medical care, including remote and/or economically depressed regions.

Applications may be filled out online, and the loan repays up to 60% of the loan balance of registered nurses who agree to work at a critical shortage facility. In addition, nurses may be eligible to work a third year and qualify for an additional 25% of the loan balance paid. Information about all of these programs can be readily found online.

Tags: Financial Aid, Non-Traditional Students, Online Education