Written By Kevin Payne
Student loan debt is part of life for millions of Americans, including residents of Minnesota. According to the U.S. Department of Education, the average student loan debt among Minnesota borrowers is $33,399. Depending on your profession, you might have access to student loan forgiveness programs specifically for Minnesotans.
13 Ways to get student loan forgiveness in Minnesota
Minnesota offers a host of student loan forgiveness programs. The programs are geared primarily toward medical professionals. Here’s an overview of 13 student loan forgiveness programs currently available in Minnesota.
1. Minnesota Rural Physician Loan Forgiveness Program
Award Amount: $29,000 annually; $116,000 maximum
Program Requirements: Participants must serve three to four years in a designated Minnesota rural area. The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Primary Care Physicians, Pediatricians, Family Practice, Internal Medicine, Psychiatrists and OB/GYN.
Program Information: Minnesota Rural Physician Loan Forgiveness Program
2. Minnesota Urban Physician Loan Forgiveness Program
Award Amount: $29,000 annually; $116,000 maximum
Program Requirements: Participants must serve three to four years in a federally designated Minnesota urban Health Professional Shortage Area (HPSA) or Medically Underserved Area (MUA). The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Primary Care Physicians, Pediatricians, Family Practice, Internal Medicine, Psychiatrists and OB/GYN
Program Information: Minnesota Urban Physician Loan Forgiveness Program
3. Minnesota Rural Advanced Practice Loan Forgiveness Program
Award Amount: $14,000 annually; $56,000 maximum
Program Requirements: Participants must serve three to four years in a designated Minnesota rural area. The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Nurse Practitioners, Psychiatric Nurse Practitioners, Physician Assistants, Certified Nurse Midwives, Nurse Anesthetists and Advanced Clinical Nurse Specialists
Program Information: Minnesota Rural Advanced Practice Provider Loan Forgiveness Program
4. Minnesota Urban Advanced Practice Loan Forgiveness Program
Award Amount: $14,000 annually; $56,000 maximum
Program Requirements: Participants must serve three to four years in a federally designated Minnesota urban Health Professional Shortage Area (HPSA) or Medically Underserved Area (MUA). The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Psychiatric Nurse Practitioners only
Program Information: Minnesota Urban Advanced Practice Provider Loan Forgiveness Program
5. Minnesota Nurse Faculty Loan Forgiveness Program
Award Amount: $11,000 annually; $44,000 maximum
Program Requirements: Participants must teach at least twelve credit hours, or 720 hours per year, in the nursing field in a postsecondary program in Minnesota for three to four years total.
The Program is for: Individuals teaching in a postsecondary Nursing program
Program Information: Minnesota Nurse Faculty Loan Forgiveness Program
6. Minnesota Rural Public Health Nurse Loan Forgiveness Program
Award Amount: $6,000 annually; $24,000 maximum
Program Requirements: Participants must serve three to four years in a designated Minnesota rural area. The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Licensed Registered Nurses (RN) with a certificate as a public health nurse
Program Information: Minnesota Rural Public Health Nurse Loan Forgiveness Program
7. Minnesota Long Term Care Nurse Loan Forgiveness Program
Award Amount: $6,000 annually; $24,000 maximum
Program Requirements: Participants must serve two years minimum (with an option to extend two additional years) as a licensed practical or registered nurse in a licensed nursing home, housing with services establishment, home care, intermediate care facility for persons with developmental disabilities, or a hospital that owns or operates a licensed nursing home. Fifty percent of the time worked must be in a nursing home.
The Program is for: Registered Nurses and Licensed Practical Nurses
Program Information: Minnesota Long Term Care Nurse Loan Forgiveness Program
8. Minnesota Dentist Loan Forgiveness Program
Award Amount: $40,000 annually; $160,000 maximum
Program Requirements: Participants must practice for three to four years for at least 30 hours per week for at least 45 weeks per year as a dentist. Twenty-five percent of annual patient encounters must be state public program enrollees or patients receiving a sliding fee schedule.
The Program is for: Dental students and residents in dental programs or licensed dentists
Program Information: Minnesota Dentist Loan Forgiveness Program
9. Minnesota Dental Therapist/ Advanced Dental Therapist Loan Forgiveness Program
Award Amount: $13,000 annually; $52,000 maximum
Program Requirements: Participants must serve three to four years in a designated Minnesota rural area. The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Students in Dental Therapist/Advanced Dental Therapist Programs or Licensed Dental Therapists/Advanced Dental Therapists
Program Information: Minnesota Rural Dental Therapist/Advanced Dental Therapist Loan Forgiveness Program
10. Minnesota Rural Mental Health Professional Loan Forgiveness Program
Award Amount: $18,000 annually, $72,000 maximum for Psychologists; $9,300 annually, $37,200 maximum for LICSW, LMFT, LPCC
Program Requirements: Participants must serve three to four years in a designated Minnesota rural area. The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Licensed Psychologists, Licensed Independent Clinic Social Workers (LICSW), Licensed Marriage & Family Therapists (LMFT) or Licensed Professional Clinical Counselors (LPCC)
Program Information: Minnesota Rural Mental Health Professional Loan Forgiveness Program
11. Minnesota Urban Mental Health Professional Loan Forgiveness Program
Award Amount: $18,000 annually, $72,000 maximum for Psychologists; $9,300 annually, $37,200 maximum for LICSW, LMFT, LPCC
Program Requirements: Participants must serve three to four years in a federally designated Minnesota urban Health Professional Shortage Area (HPSA) or Medically Underserved Area (MUA). The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Licensed Psychologists, Licensed Independent Clinic Social Workers (LICSW), Licensed Marriage & Family Therapists (LMFT) or Licensed Professional Clinical Counselors (LPCC)
Program Information: Minnesota Urban Mental Health Professional Loan Forgiveness Program
12. Minnesota Allied Health Care Faculty Loan Forgiveness Program
Award Amount: $11,000 annually; $44,000 maximum
Program Requirements: Participants must teach at least twelve credit hours or 720 hours per year in the nursing field in an allied health care program in Minnesota for three to four years.
The Program is for: Individuals teaching in allied health care or advanced nursing
Program Information: Minnesota Allied Health Care Faculty Loan Forgiveness Program
13. Minnesota Rural Pharmacist Loan Forgiveness Program
Award Amount: $24,000 annually; $96,000 maximum
Program Requirements: Participants must serve three to four years in a designated Minnesota rural area. The program requires you to practice at least 30 hours per week for at least 45 weeks per year in that area.
The Program is for: Students and residents in Pharmacy Programs or licensed pharmacists
Program Information: Minnesota Rural Pharmacist Loan Forgiveness Program
Minnesota’s loan forgiveness program is currently accepting applications through January 15, 2021. See the links above for more detailed information on specific loan forgiveness programs available in Minnesota.
Federal student loan forgiveness programs for Minnesota residents
Minnesota residents also have access to popular federal student loan forgiveness programs. Depending on your circumstances, these programs might be a better fit long term. There are four main programs to consider:
- Public Service Loan Forgiveness
- Income-driven repayment
- Teacher Loan Forgiveness
- Perkins Loan cancellation
Federal programs come with specific terms and requirements and range from five to 25 years. Only individuals with federal loans can qualify for federal student loan forgiveness programs. If you have private student loans, you might be able to cut thousands of dollars off your debt by refinancing your student loans to a lower interest rate.
Start pursuing student loan forgiveness today
Student loan forgiveness programs could be the best solution for repaying your debt. Keep in mind that forgiveness programs typically take several years to complete. The best time to apply for a program is right now if you qualify.
If you’re unsure of the best options for your situation, Student Loan Planner® consultants can help. We work alongside you to explore all of your loan repayment and forgiveness options and devise a plan that’s right for you.
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