Using executive action that doesn’t need congressional approval. President Biden announced a federal student loan relief plan for some folks holding student loans. While there aren’t a ton of details yet, student borrowers who hold loans with the Department of Education and make less than $125,000 a year are eligible for up to $20,000 in student loan forgiveness if they obtained Pell Grants for college. Individuals who make less than $125,000 a year but did not receive Pell Grants will be eligible for $10,000 in loan forgiveness.
The administrative action that payments on remaining balances can be capped at 5% of their monthly income. Like I said, there aren’t a lot of details yet on who qualifies and under what circumstances- but I hope this will include loans for trade schools and the like.
Arizona’s Loan Repayment Programs
Arizona has several successful loan repayment programs for primary care providers designed to incentivize them to practice in rural and underserved parts of the state. In exchange for a commitment to serve, providers can get direct relief for a significant portion of their student loans.
The Arizona State Loan Repayment Programs include the Primary Care Provider Loan Repayment Program for public, non-profit providers and the Rural Private Primary Care Provider Loan Repayment Program for providers in rural private practice sites.
These programs aim to promote the recruitment and retention of health care professionals by repaying their qualifying educational loans in exchange for their two-year commitment to provide primary care services in federally designated Health Professional Shortage Areas (HPSA) or Arizona Medically Underserved Areas
Join this Nurse Corps Scholarship & Nurse Corps Loan Repayment Program webinar Tuesday Sept. 6 from 12pm-1pm
Applicants must agree to either a full-time (40 hours/week) or a half-time (20 hours/week) service requirement for a minimum of 2 years. Eligible applicants include:
- Physicians (MD or DO) in the following fields of practice:
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- Family medicine
- Pediatrics
- Obstetrics
- Internal medicine
- Geriatrics
- Psychiatry
- Advance practice providers in the fields of family medicine, pediatrics, obstetrics, internal medicine, or geriatrics:
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- Nurse midwives
- Physician assistants
- Nurse practitioners
- Dentists
- Pharmacists
- Behavioral health providers:
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- Nurse practitioners and physician assistants certified as behavioral health specialists
- Clinical psychologists
- Clinical social workers
- Professional counselors
- Marriage and family therapists
A chart of award amounts based on the year and priority status is available on the program website.