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When it comes to different loan forgiveness programs, many state student loan forgiveness options vary. The state of Montana is no different. If you are looking for ways to ease your financial loan burden and ensure that you are not burdened for years to come with unnecessary debt, the following are a few of the different programs that are available for use in paying back your student loans.
You can learn more about student loan forgiveness with our guide!
Physician’s Loan Forgiveness
When it comes to loan forgiveness, doctor’s and physicians in the state of Montana are given an edge. This is for many reasons, mainly, though, due to the need for physicians in a rural area. Montana is greatly lacking in this area and knows and understands the need to recruit physicians for this underserved population.
One way they do that is through a program aimed at physicians in the state, known as The Montana Rural Physician Incentive Program. The program can save individuals up to one-hundred thousand dollars in student loan debt by forgiving them of this amount. There are, however, several different criteria that need to be met.
These criteria include, but are not limited to, the following:
- US citizenship
- Can also be a legal resident, providing that proof is given of such designation
- Must have a medical doctoral degree or one in the area of osteopathic medicine
- Must be eligible to, or already have, a licensure in the state of Montana
- Medical education loans must be under the individual’s name
- All loans must be under US based lenders or loan companies
- Individuals eligible must have full privileges at a designated hospital that meets the rural criteria
All of the eligibility requirements can be found by visiting this link.
Educator Assistance Program
Like many states, Montana has a program that is specifically geared to help those that want their loan forgiveness and are in the field of education. Known as the Quality Educator Loan Assistance Program, this program provides the possibility for individuals to earn up to three-thousand dollars a year for four years while meeting all of the other educational requirements.
These other eligibility requirements include, but are not limited to, the following:
- Must allow for evaluation based upon loan assistance program scoring system
- Must be a full-time educator
- Must be working in a qualifying educational institute in the state of Montana and maintain all of the proper licensures to do so, including some qualifying correctional institutes
- Must be teaching in a region or in a subject matter that is greatly underserved in the state of Montana
- Must be teaching in a rural school district or those that are economically impacted and underserved; this can also extend to schools that face greater educational challenges as well.
Nursing Loan Forgiveness Program
Nurses, too, are in a shortage in Montana. That is why the incentive program known as the Montana Institutional Nursing Incentive Program was developed. This program allows for partial to full loan reimbursement if a nurse meets all of the eligibility requirements.
These criteria include the following:
- Licensure to practice nursing in the state of Montana, in accordance with all laws, must be obtained
- Must be employed as a professional nurse at a qualifying institution, including working in a state run prison or hospital
- All loan paperwork must be provided at the time of application showing outstanding debt
- All debt must be at least one-thousand dollars or more
To see if you qualify or if you would like more information, the link to all of the details can be found here.
Author: Jeff Gitlen