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Loan Forgiveness Options

This is a listing of some student loan forgiveness opportunities that students may wish to investigate. Rosalind Franklin University has not contacted these organizations because applications must be sent directly by the students. Note that each loan forgiveness opportunity listed has different eligibility criteria and qualifications so make sure to check the websites for the most up-to-date information. 

Forgiveness with income-driven plans

Forgiveness with Income-Contingent Repayment (ICR)

Any outstanding balance will be forgiven if you haven't repaid your loan in full after 25 years. This forgiveness plan is only for those not enrolled in public service loan forgiveness (PSLF)

QUALIFICATIONS: Direct Subsidized and Unsubsidized Loans, Direct Grad PLUS loans, Subsidized and Unsubsidized FFEL Stafford Loans, FFEL PLUS Loans made to grad students, Federal Perkins Loans, if consolidated, and Federal Perkins Loans, if consolidated.

View more information on each repayment plan

Forgiveness with Income-Based Repayment (IBR)

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years or 25 years, depending on when you received your first loans. You may have to pay income tax on any amount that is forgiven. This forgiveness plan is only for those not enrolled in public service loan forgiveness (PSLF)

QUALIFICATIONS: Direct Subsidized and Unsubsidized Loans, Direct Grad PLUS loans, Subsidized and Unsubsidized FFEL Stafford Loans, FFEL PLUS Loans made to grad students, Federal Perkins Loans, if consolidated, and Direct Consolidation Loans, unless they repaid Parent PLUS Loans or FFEL Loans made to parents.

View more information on each repayment plan

Forgiveness with Pay As You Earn (PAYE)

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years. You may have to pay income tax on any amount that is forgiven. This forgiveness plan is only for those not enrolled in public service loan forgiveness (PSLF)

QUALIFICATIONS: Direct Subsidized and Unsubsidized Loans, Direct Grad PLUS loans, Subsidized and Unsubsidized FFEL Stafford Loans, FFEL PLUS Loans made to grad students, Federal Perkins Loans, if consolidated, and Direct Consolidation Loans, unless they repaid Parent PLUS Loans or FFEL Loans made to parents.

View more information on each repayment plan

Forgiveness with Revised Pay As You Earn (REPAYE)

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study). You may have to pay income tax on any amount that is forgiven. This forgiveness plan is only for those not enrolled in public service loan forgiveness (PSLF)

QUALIFICATIONS: Direct Subsidized and Unsubsidized Loans, Direct PLUS loans made to students, Direct Consolidation Loans that do not include PLUS loans (Direct or FFEL) made to parents.

View more information on each repayment plan

PUBLIC SERVICE LOAN FORGIVENESS

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

To qualify for PSLF, you must:

  • be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization;
  • work full-time for that agency or organization;
  • have Direct Loans (or consolidate other federal student loans into a Direct Loan);
  • repay your loans under an income-driven repayment plan; and
  • make 120 qualifying payments.

To ensure you’re on the right track, you should submit a Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF Form) annually or when you change employers. We’ll use the information you provide on the form to let you know if you are making qualifying PSLF payments. This will help you determine if you’re on the right track as early as possible.

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Federal Perkins Loan Cancellation

Perkins Loan Cancellation is a popular program among teachers, as many people who work in education qualify. You might be a teacher, librarian, speech-language pathologist, or professional in the Head Start program.

Other eligible occupations include, but aren’t limited to, firefighters, law enforcement officers, nurses, public defenders, and service volunteers. People in the military might also qualify.

You must have a Federal Perkins Loan and work in a qualifying profession. Most recipients work full-time for at least one year. Additional eligibility requirements vary by profession, but they often involve working in a high-needs or critical shortage area.

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Health Resources and Services Administration (HRSA) State Loan Repayment Program (SLRP)

Obtain matching funds from your state and or territory to fund the program. The state/territory must agree to make available (directly or through donations from public or private entities) non-federal contributions in cash toward SLRP award contracts in an amount not less than $1 for each $1 of federal funds provided in the grant. Ensure the SLRP will be administered by a state agency. States must demonstrate that the program operated with the grant funds will be administered directly by a state agency. Agree to use federal funds received through the SLRP to make loan repayment awards only. 

While there are some standard requirements for participants in an SLRP, state grantees also have flexibility in how they run their program. All SLRP program participants must provide a minimum of two years of full-time service or four years of half-time service in an HPSA.  States may require longer initial minimum service commitments (more than two years) to meet community needs. States may also provide additional loan repayment for each additional year of service provided beyond the initial contract. Your State Loan Repayment Program (SLRP) grant requires a cost-sharing match from your state to fund your program. Your state must agree to make available (directly or through donations from public or private entities) non-Federal contributions in cash toward SLRP award contracts in an amount not less than $1 for each $1 of Federal funds provided in the grant.

Your state may not use any Federal funds or in-kind contributions to satisfy the non-Federal match requirement or for any administrative costs to execute your state loan repayment program. In addition, your state must verify that contributions from sources other than state-appropriated funds are non-Federal.

Your state share of the program may be used to repay qualifying loans of health professionals, administrative costs of the SLRP grant, or a combination of both.

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Indian Health Services Loan Repayment Program

The LRP awards up to $40,000 in exchange for an initial two-year service commitment, for participants to repay qualified student loans obtained to pursue a health professions degree. IHS defines qualified student loans as government (federal, state, local) and commercial loans used to pay for health profession school(s) and related expenses, including tuition, fees, books, lab expenses, and reasonable living expenses. For consolidated loans (health profession education loans combined with commercial, non-health profession, or other education loans), only the health profession portion for the discipline in which you are hired is approved by the LRP. This funding allows LRP participants an opportunity to pay off their educational debts in addition to earning competitive salaries and receiving comprehensive benefits.

New LRP participants who are current Indian health system employees will receive LRP payments within 120 days from the date the US Department of Health and Human Services (HHS) Secretary’s delegate signs their contract.

New LRP participants who are not current employees at an Indian health system facility will receive their payments 120 days from their first day of work at their assigned site.

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National Health Service Corps (NHSC) Loan Repayment Program

  • A U.S. citizen (either U.S. born or naturalized) or U.S. National;
  • Eligible to participate as a provider in the Medicare, Medicaid, and the State Children’s Health Insurance Program, as appropriate; and
  • Fully trained and licensed to practice in the NHSC-eligible primary care medical, dental, or mental/behavioral health discipline in which you are applying to serve.

Additionally, you must;

  • Have unpaid student loans, taken before your application to the NHSC Loan Repayment Program to support undergraduate or graduate education and
  • Be working at or have an accepted offer of employment with start date no later than July 18, 2017, at an NHSC-approved service site. You can find open opportunities at NHSC-approved sites at the Health Workforce Connector.

LOAN QUALIFICATIONS: Loans must have been obtained by the applicant to cover school tuition, other reasonable education, and living expenses associated with the undergraduate or graduate education, which led to their health professions degree. Only loans provided by federal, state, and local entities, as well as commercial institutions, qualify.

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National Health Service Corps (NHSC) Students to Service Program

To be eligible for the S2S LRP, you must be enrolled as a full-time student in the final year of medical or dental school, be attending a fully accredited school in an eligible degree program, and be planning to complete an accredited primary medical residency. 

If there are more qualified applicants than available funding, the NHSC will prioritize applications based upon:

Disadvantaged Background. You must submit certification from a school where you: 

  • were identified as having a “disadvantaged background” based on environmental and/or economic factors, or
  • received a Federal Exceptional Financial Need Scholarship.

Characteristics Likely to Remain in a Health Professional Shortage Area (HPSA). The NHSC will also give funding preference if you display characteristics that indicate a higher likelihood of continuing to serve in an HPSA once the service commitment is completed as outlined in your application essay and letters of recommendation.

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Nurse Educator Loan Repayment Program

In an effort to address the shortage of nurses and the lack of instructors to staff courses teaching nursing in Illinois, the Nurse Educator Loan Repayment Program encourages longevity and career change opportunities. The program is intended to pay eligible loans to add an incentive to nursing educators in maintaining their teaching careers within the State of Illinois. The annual awards to qualified nurse educators may be up to $5,000 to repay their student loan debt and may be received for up to a maximum of four years.

To be eligible, you must:

  • Be a U.S. citizen or an eligible non-citizen
  • Be an Illinois resident
  • Have an outstanding balance due on an eligible educational loan (includes Stafford Loans, Graduate PLUS Loans, consolidation loans, nursing student loans, Supplemental Loans for Students, alternative loans, and other types  of government and institutional loans used for nursing education expenses)
  • Be a nurse educator who meets licensing requirements of the Illinois Department of Financial and Professional Regulation
  • Meet the following nursing instruction requirements:
    • If a first-time recipient, have taught for at least 12 consecutive months prior to the date of application in an approved program of professional or practical nursing education in Illinois, or
    • If other than a first-time recipient, fulfill a separate 12 consecutive month period of teaching in an approved program of professional or practical nursing education in Illinois for each subsequent award received
  • Not be in default on any federal guaranteed educational loan, nor owe a refund on any scholarship or grant program administered by the Illinois Student Assistance Commission (ISAC).

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Veterans’ Home Nurse Loan Repayment Program

The Veterans' Home Nurse Loan Repayment Program provides for the payment of eligible educational loans as an incentive for nurses to pursue and continue their careers at State of Illinois veterans' homes. Must be a US citizen or legal resident. Must be an Illinois resident.  Be a nurse who meets the licensing requirements of the Illinois Department of Financial and Professional Regulation. Be a nurse who has completed the prescribed employment probationary period and whose employment is in good standing as determined by the Illinois Department of Veterans' Affairs. For each year during which an award is received, fulfill a separate 12 month period as a registered professional nurse or licensed practical nurse in an approved State of Illinois veterans' home. Not be in default on any federal guaranteed educational loan, nor owe a refund on any scholarship or grant program administered by the Illinois Student Assistance Commission (ISAC).

QUALIFICATIONS: Have an outstanding balance due on an eligible educational loan (includes Stafford Loans, Graduate PLUS Loans, consolidation loans, Supplemental Loans for Students, alternative loans, and other types of government and institutional loans used for medical education expenses)

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