How To Get Student Loans Off For North Carolina Residents

While a college degree can open the door to a high-paying and fulfilling career, it’s rarely free. North Carolina residents, like anywhere in the United States, can carry a heavy student loan debt burden.

Fortunately, there are programs for North Carolina residents that will cancel at least some student debt. Keep reading our list to learn more about your options for student loan relief in NC.

Student loan repayment assistance for North Carolina residents
Federal loan granting and relief programs
Scholarships and Scholarships for Students in North Carolina
Get help repaying your student debt

Student loan repayment assistance for North Carolina residents

North Carolina has several Student Loan Assistance Programs (LRAPs) for qualified residents. Here is what you need to know about these North Carolina lending programs.

North Carolina State Loan Repayment Program

The North Carolina state loan repayment program provides up to $ 50,000 in loan assistance to mental health professionals in the state. You must commit to work in a rural or underserved area at a state health center, state sponsored rural health center, or other qualified facility for two years. You may also be able to receive rewards for additional one-year service commitments.

Qualified disciplines include clinical social workers, professional counselors, marriage and family counselors, clinical addiction specialists, psychiatric nurses, mental and behavioral health assistants, and health care psychologists. Any loan help you receive is tax-free.

North Carolina Legal Education Assistance Foundation (NC LEAF)

The NC LEAF program provides loan assistance to public interest lawyers in North Carolina.

To be eligible, you must have a Juris Doctor degree from an accredited school and be licensed in the state. Due to current funding issues for this program, there was no general application deadline for this award at the time of publication. Awards were available for public interest attorneys in Mecklenburg County and for those seeking training to become a specialist solicitor.

Eligible education loans for services

North Carolina also offers forgivable educational loans for students who pledge to work in a critical employment occupation after college. To qualify, you must have a weighted GPA of at least 3.0 as a high school student, 2.80 as an undergraduate, and 3.20 GPA as a graduate student.

You must also attend an eligible school and enroll in an approved program that is either medical or educational in its focus. Undergraduate and graduate students can borrow up to $ 20,000 in forgiving loans, while PhD students can borrow up to $ 56,000.

This program typically grants a loan of one year for each year of service. Note that these loans carry a relatively high interest rate of 8%.

Also, look for national LRAPs

In addition to these North Carolina loan repayment programs, you may also come across LRAPs that operate on a national level. For example, the John R. Justice Program is available in most states to provide qualified lawyers with loan repayment assistance.

If you are working in a loan waiver-eligible career, consider expanding your search outside of North Carolina to see if you can qualify for national assistance programs.

Federal loan granting and relief programs

Here are some options for federal loan programs. You can also check out this federal loan relief guide for the full list.

Public Service Lending (PSLF)

PSLF is a federal program that pays the balance of your direct loans after you’ve made 120 qualifying monthly payments (not necessarily consecutive) while working full-time for an eligible employer. To qualify, you must work in an environment such as a government or non-profit organization.

Every William D. Ford Federal Direct Loan qualifies for PSLF. Loans from private lenders are not qualified.

When applying for public service loan relief, you should adjust your loans through an income-based plan, such as:

Forgiveness of teacher loans

If you teach in a low-income school or educational institution, you can qualify for partial waiver of your state student loan through the Teacher Loan Forgiveness Program. After five years, you can get either $ 5,000 or $ 17,500 loan waiver, depending on your subject. The higher prize amounts go to teachers with good qualifications in mathematics and special education.

National Health Service Corps (NHSC) Loan Repayment Assistance

The NHSC program awards up to $ 50,000 in student loans to general practitioners, dentists, psychologists, behavioral therapists, or other licensed health care providers who pledge to work in a skilled setting for two years. Those who make a three-year service commitment can receive a reward of up to $ 75,000.

Loan Repayment Program for NURSE Corps

As a nurse, nurse or a member of the nursing faculty, you can get up to 60% of your student loan waived through the NURSE Corps program after two years of employment. You may also receive an additional 25% paid if you work a third year. To qualify, you must serve a high need population in a critical shortage area.

Termination of the student loan for a valid reason

In addition to granting loan waivers in exchange for a qualified service, the federal government also allows loan relief for other reasons. If your school has been closed, violated state law, or your loan has been incorrectly certified, you may be eligible for student loan relief.

You may also be able to get rid of your credit after suffering complete and permanent disability. In rare cases, you can have your credit balance settled through bankruptcy. Learn more about the ways you can qualify for Student Loan Relief to see if one is an option for you.

Scholarships and Scholarships for Students in North Carolina

If you are an aspiring or current student, you can also reduce the amount of student loan borrowing by applying for scholarships and grants.

While there are scholarship opportunities across the country, the following are available specifically for North Carolina students. The full list is available on the College Foundation of North Carolina website.

  • Aubrey Lee Brooks Fellowship: Up to $ 12,000 for students in financial need attending North Carolina State University, UNC Chapel Hill, or UNC Greensboro. To qualify, you must attend high school in an eligible North Carolina county.
  • Crumley Roberts Scholarship: Under this umbrella, students can apply for two scholarships that offer $ 2,500 and a grant specifically for women called the Little Red Jumpsuit Tour Scholarship, which offers $ 2,000.
  • Mary Lewis Wyche Fellowship: A $ 5,000 award given to nurses pursuing a Masters or PhD in nursing or administration. This is one of several nursing care prices offered in the state; You can see a full list here.
    • Florence Kidder Memorial Fellowship: $ 1,000 or $ 3,000 for college students in North Carolina. This scholarship is specifically aimed at high school graduates.
    • Jagannathan Fellowship: Awards of varying amounts for students who want to enroll in a UNC school. You must demonstrate academic achievement, leadership skills, and financial need to qualify for this scholarship.
    • J. Howard Coble Fellowship: For students demonstrating leadership skills and living in an eligible North Carolina district. This award is also aimed at prospective first-year students.

In addition to applying for private scholarships and scholarships, you can compete for federal scholarships with the free application for federal student funding (FAFSA). Most federal grants, such as the Pell Grant and the Federal Supplemental Educational Opportunity Grant, go to students in financial need.

By maximizing your chances of receiving a gift grant, you can reduce the loan amount on student loans.

Get help repaying your student debt

While lending programs can be of great financial help, they are not for everyone. Some require years of work in a low-paying field or challenging job, which may not be in line with your career goals.

In addition, programs come and go, and sometimes funding runs out from one year to the next. And some federal options have an uncertain future due to political controversy.

While you can get student loan waivers in North Carolina, it isn’t always a guarantee. So keep exploring all of your student loan repayment options, whether it’s adding your loans to an income-oriented plan or refinancing your student loans and qualifying for lower interest rates. If necessary, you can also check the deferral or deferral of your student loan.

Find a student loan repayment strategy that works for you while you cut off your debt. Here is Student Loan Hero’s Complete Guide to Lowering Your Student Loan Payments.

Rebecca Stropoli contributed to this report.

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