5. Automotive professionals
The SEMA Loan Forgiveness Program is open to any automobile aftermarket industry manufacturer who is a member of the Specialty Equipment Market Association (SEMA). In 2019, the SEMA program provided $272,000 in scholarships and loan forgiveness to 97 awardees. To be eligible for the program, you must have worked for SEMA for at least a year, have a degree or certificate of completion from a college or technical institution, and have graduated with a GPA of at least 2.5.
6. Nurse
You may be eligible for student loan repayment assistance through the Nurse Corps Loan Repayment Program if you are a registered nurse, an “advanced practice registered nurse” (such as a nurse practitioner), or a Health Professional Shortage Area (HPSA) facility nurse.
In exchange for a minimum two-year service commitment, nurses selected for help through the Nurse Corps Loan Repayment Program will have 60% of their qualified student loan total canceled.
In addition, qualifying participants may get an additional 25% off their original loan balance if they complete the third year of service. Please keep in mind that this program’s entire loan award amount is taxable. The amount you will pay in taxes will be significantly less than the amount of the loans, but it is still something to consider. Check out the Nurse Corps Loan Repayment program criteria to review the program’s prerequisites and fine print.
7. Teacher
You may be eligible for the Teacher Loan Forgiveness Program if you are a special education teacher, teach in a low-income school district, or work in an underemployed subject area or a teacher shortage area.
If you meet the requirements, you might get up to $5,000 or $17,500 in loan forgiveness, depending on the subject matter you teach and the years you have served. It is important to note that your student loan debt must be from direct federal loans or Stafford loans to qualify.
You may qualify for the Perkins Loan Teacher Cancellation program if you have federal Perkins student loans. This program could result in the cancellation of up to 100% of your Perkins loans. To be eligible, you must work in a low-income school, teach an underemployed topic, or be a full-time elementary or high school special education teacher.
Your student loan debt will be canceled in stages. You will receive a 15% loan cancellation for your first and second years of teaching. You will receive a 20% loan cancellation in the third and fourth years. You will receive a 30% loan cancellation after your fifth year of teaching.
A further benefit is that each sum canceled per year includes any interest accrued during the year.