Loan Forgiveness for Social Workers - All Questions Answered
The National Association of Social Workers (NASW) has been supporting loan forgiveness for social workers working in child welfare institutes and schools along with social workers employed in many other areas. The benefits that entail loan forgiveness for social workers are as follows:
1. To enhance the working conditions
2. To increase worker remuneration
3. To guarantee that all consumers have access to professionals
Eligibility Criteria
The eligibility criterion for loan forgiveness is not determined by NASW, nor do they have the authority to provide funds, yet, they do provide scholarships to interested candidates. Additional information on loan forgiveness can be determined from two bills that were passed lately. They are:
1. Higher Education Act
2. College Cost Reduction Act of 2007
Loan Repayments
The National Health Services Corps Loan Repayment Program (NHSC LPR) is a government backed plan that assists social workers in paying back their loan or getting it forgiven or reduced to a smaller amount. Such a program requires you to serve at a site that is recognized by the community and lacks health professionals. In return, it provides trained and licensed social workers $50, 000 to pay back their student loans.
How to deal with the accruing late fee
For applicants who do not have sufficient funds to repay their loans, it is important to contact the lender so as to avoid any late fees from accumulating. If late fees accrue, it may have an impact on the eligibility for loan forgiveness. The applicant may also be able to apply for loan deferment, forbearance or any other payment relief program.
Who Can Apply?
To apply for a loan forgiveness program, it is necessary to be a full time employee. Following types of workers may be eligible:
1. Child Welfare Workers
2. Dentists
3. Early Childhood Educators
4. Foreign Language Specialists
5. Teachers that provide services to low income families, underrepresented populations and students with limited English expertise.
6. Individuals serving for applied sciences, technology, engineering or mathematics related markets.
7. Librarians, nurses, nutrition personnel, public sector workers, occupational therapists, school counselors, speech-language pathologists and audiologists, superintendents, principals and other people related to educational administration.
Loan forgiveness plans are very useful for individuals who do not have sufficient funds to pay back their student loans. In exchange of two years' service at any community, you may get your loan forgiven or may get it reduced to a very sizeable amount. It also helps you relieve yourself of the burden of loans.
Apart from information on Loan Forgiveness for Social Workers, more articles can be found on our student loans blog.
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