There are multiple student loan forgiveness programs in the state of Texas, residents of the state of texas may potentially qualify for various federal student loan forgiveness programs.
If you have private student loans, it would be a better idea to refinance your loans using places like LendKey who offers great rates from different lenders.
Student loans can be a burden if they are not fully thought out, they can also be a good investment towards one’s future before you think of getting student loans, do some research first since student loans cannot be discharged in bankruptcy in most cases.
Student loans will stick with you for the rest of your life, unless they are paid off or if one is lucky enough to qualify for student loan forgiveness, meaning under certain circumstances all or part of your student loans can be canceled. and to qualify, you must perform volunteer work, perform military service, practice medicine in specific communities, or meet the criteria.
The good thing about student loan forgiveness, unlike other debt, is that the amount forgiven is NOT treated as taxable income other types of student loan discharge are taxable.
Public Service Loan Forgiveness
President Obama announced the PSLF -public service loan forgiveness program, which grants student loan forgiveness on qualifying loans after 120 payments working in public service for ten years. qualifying employment is any employment with a state, federal or local government agency, entity, or organization or a non-profit organization that has been designated as tax-exempt by the IRS internal revenue service. The organization must not be a labor union or a partisan political organization.
Health Care Professionals Student Loan Forgiveness
Health care graduates hold some of the highest student loan debt in America. every year this number keeps rising.
Loan Repayment Program for Dental Education
This program is for all dentists working in a shortage area federally categorized as dental care health professional shortage area (DHPSA) dentists in the dental education loan repayment program can be eligible for up to $10,000 of forgiveness per year. dentist must have 12 months of service to patients. and also need to be a licensed dentist in the state of Texas.
Mental Health Professionals Loan Repayment Program
The Mental health Professionals loan repayment program is designed to cover shortage areas for mental health professionals. awards are a set amount over five years are based on the candidate’s specialty. mental health professional with any of the following titles are eligible:
- Psychiatrists: up to $160,000
- psychologists: up to $80,000
- Licensed Professional Counselors: up to $80,000
- Licensed Marriage and Family Therapists: up to $80,000
- Licensed Clinical Social Workers: up to $80,000
- Advanced Practice Nurses who are board-certified in psychiatric or mental health nursing: up to $60,000
- Licensed Chemical Dependency Counselors: up to $40,000
The amount forgiven depends on the candidate’s title and ranges from $10,000 to $160,000. for all of the professions on the list, the mental health services must be provided to those on the medical assistance program authorized by Texas or the child health plan authorized by Texas.
Speech-Language Pathologist and Audiologist Loan Repayment Program
The purpose of this loan repayment program is to alleviate the acute shortage of licensed speech-language pathologists employed by texas public schools by providing student loan repayment assistance to qualified professionals. to qualify for the program you must be a graduate of a communicative disorders program and must be employed as a speech-language pathologist audiologist by Texas public school district or be employed as a doctoral faculty member of a communicative disorders program at an institution of higher education and must be licensed by the texas board of examiners for speech-language pathology and audiology.
Demonstrate past collaboration with u.s. public schools and have participated in the supervision of students completing communicative disorders programs, hold a certificate of clinical competence from the American speech-language-hearing association.
Loan Repayment Assistance Program for Nursing Faculty
The program was authorized by the texas legislature (83rd regular session) to improve access to nursing education programs by encouraging qualified nurses to serve as faculty at eligible institutions of higher education. provides loan repayment funds for up to $7,000 of loan forgiveness in a five year period, and candidates must hold a master’s or doctoral degree in nursing, must be licensed to practice in Texas, must be employed as faculty at an eligible institution. The program encourages nurses to enter or stay as faculty at qualifying universities. Candidates must not be in default with student loans.
Loan repayment for Physical Education
The physical education loan repayment program provides loan repayment funds for up to$160,000 of student loan debt that can be forgiven, over a period of four years to qualifying physicians. Candidates must hold a full physician’s license from the texas medical board, with no restrictions must be eligible to take the exam for boards established in THECB administrative rules, if the physician has not earned and maintained board certification.
Candidates must also agree to provide four consecutive years of service in a federally designated Health Professional Shortage Area (HPSA), a secure correctional facility operated by or under contract with the Texas Juvenile Justice Department, a secure correctional facility operated by or under contract with the Texas Department of Criminal Justice. Not be under any other service obligation, must provide direct patient care to medical enrollees and CHIP enrollees, if the practice includes children.
Candidates must be working in one of the following specialties:
- internal Medicine
- Pediatrics
- Geriatrics
- Family Medicine
- Internal Medicine
- Obstetrics and Gynecology
The amount awarded is based on a percentage of the candidate’s total loan balance and the amount of time qualifying candidates spend working.
St.Davids Foundation Public Health Corps Loan Repayment Program.
The St. David’s health corps loan repayment program’s purpose is to recruit and retain qualified primary care and behavioral health providers at eligible sites located in the five-county area served by the foundation. Loan repayment is dispersed each year over four years.
All forgiveness is subject to continued grant funding. the amount depends on your specialty and ranges from a maximum of $15,000 to $30,000 annual award.
Physicians must have a current unrestricted license from the texas medical board and be board certified or eligible to take the exam from an American Specialty Board that is a member of the American Board of Medical Specialties or the Bureau of Osteopathic Specialist.
All providers must be U.S. citizens or permanent legal residents or authorized to work in the United States, practice an approved practice specialty, and agree to provide four years of service at an approved practice site. dentists must have an unrestricted license from the Texas State Board of Dental Examiners.
Physicians Assistants must be certified by the National Commission on Certification of Physician Assistants(NCCPA) or be eligible to take the exam offered by the NCCPA and work under the direction of a physician in the area of primary care and or behavioral health.
Nurse practitioners must be licensed as a Nurse practitioner in the area of primary care and or behavioral health or be eligible to take the exam offered by a national certifying body recognized by the Texas Board of Nursing and work under the direction of a physician.
Approved specialties include:
- Internal Medicine
- Pediatrics
- Family practice\Family Medicine
- OB\GYN
- Psychiatry
- Geriatrics
- Behavioral Health Nurse Practitioners
- General Dentists
Loan repayment is dispersed each year over four years. All forgiveness is subject to continued grant funding. the amount depends on your specialty and ranges from a maximum of $15,000 to $30,000 annual award.
Teach for Texas Loan Repayment Program
This is an annual program where teachers can be awarded up to $5,000 a year. The purpose of the Teach for Texas Loan Repayment Program assistance is to recruit and retain certified classroom teachers in fields and communities that have a shortage of teachers in Texas. This is an annual program where teachers can be awarded up to $50,000 a year. Teachers can be eligible for a max of $20,00 forgiven over the period of time teaching in texas.
You must be a certified teacher and working full time. you also must work in a shortage teaching field or work in an area with a teacher shortage to be eligible.
The purpose of the program is to recruit and retain certified classroom teachers in fields and communities that have a shortage of teachers in Texas.
Texas Student Loan Repayment Assistance Program.
Texas student loan repayment assistance program currently funded by the state BAR of texas and administered by the texas access to Justice Foundation. the program was created by the texas access to Justice Commission in 2003 to assign attorneys who choose to pursue careers in legal aid in Texas.
Attorneys are eligible for loan repayment assistance through this program if they work full time for any texas legal aid program that is:
- 1. A recipient of Texas Access to Justice Foundation
- 2. A recipient of legal services Corporation funds, or
- 3. A Texas non-profit that provides civil legal services, if at least 50 percent of the services provided are free to Texans whose income is 200 percent of federal poverty guidelines or less
Educational Loan Repayment Program for Attorneys Employed by the Office of the Attorney General.
The program repays amounts for up to $18,00 yearly in student loans. The purpose of the program is to recruit and retain attorneys in the Office of the Attorney General of the States of Texas. you must be a non-permanent employee. You must not be a political appointee or attorney occupying a position that is expected from the competitive service because of its confidential, or policy advocating character, you must not be serving on detail for other agencies.
Border County Doctoral Faculty Education Loan Repayment Program
The purpose of the program is to recruit and retain persons holding a doctoral degree to become or remain full -time faculty with instructional duties at Texas institutions of higher education located in counties that borders Mexico. The maximum annual award is $5,000 per year, you can partake in the program for 10 years, making the possible forgiven amount a total of $50,000. Qualifiers must have received a doctoral degree on or after September 1, 1994.
Candidates must be employed full-time as a member with instructional duties at an eligible institution of higher education located in a Texas county that borders Mexico and must work full time as doctoral faculty with instructional duties in the approved institution for one full academic year.
Math and Science Scholars Loan Repayment Program.
Texas wants to bring in teachers who show mastery in math, science to teach in public schools. A push for education in math, science, technology, engineering has been the focus. to be eligible for the program you must complete an undergraduate program in math or science with a minimum 3.5 GPA.
Candidates must also be certified full-time teacher at a Title 1 Texas public school. Candidates must teach for eight years and have a maximum of $5,000 forgiven each year upon application, depending on state funds.at least four years of the eight years must be taught at a Title 1 public school. candidates can’t have any other state or federal repayment assistance on your loans while on the program.
Student Loan Forgiveness for Lawyers
Texas doesn’t rank as a high-paying state for lawyers. Lawers graduate with around $200,000 of student loan debt, salaries vary. The program is aimed towards lawyers who make a low salary of $50,000 or less.
The Texas Access to Justice Student Loan Repayment Program
The program is funded by the state BAR of texas. Attorneys who work with low-income citizens can apply. to be eligible you must work in texas and earn a low salary, typically of $30,000. you should also be recognized as a lawyer by the Texas State Bar.
The amount awarded is based on need and will be determined after submitting the application, the application can be submitted on a quarterly basis.
There are many federal grants and assistance programs offered for lawyers, the programs are based on needs, the area of employment and who you serve.
Pay Attention to IRS loan forgiveness rules before agreeing to receive any of the benefits for loan forgiveness.
There is a possibility you will be taxed by the IRS by any debt you have been forgiven for. According to current IRS rules, the law states that any debt forgiveness you receive must be counted as taxable income. So if you had $20,000 of student loans forgiven this year, you should write that $20,000 on your tax return as income, and pay the resulting income taxes against it.
