Written By Kevin Payne
Mississippi students are more than familiar with taking on debt to pay for a college education. According to The Institute for College Access & Success (TICAS), more than half of Mississippi graduates in 2019-2020 left school with student loan debt. Those same graduates left their college campuses with an average loan debt of $29,714.
Fortunately, the state of Mississippi provides resident borrowers with opportunities to lower their debt burden through several student loan forgiveness programs. Most of the available programs also address worker and educator shortages felt within the state.
Like most state-sponsored loan forgiveness programs, you can potentially get all or a portion of your student loan debt forgiven in exchange for service commitments within Mississippi.
Mississippi Student Loan Forgiveness
Mississippi offers several student loan forgiveness programs. Recipients of forgiven loans who don't fulfill service obligations must repay loans received with interest. Here's a look at forgivable loans currently available through the state.
Critical Needs Dyslexia Therapy Forgivable Loan
Critical Needs Dyslexia Therapy Teacher Forgivable Loans (CNDT) are for Mississippi students seeking their first master's degree in Dyslexia Therapy. You must be enrolled in an approved program based on the Orton-Gillingham teaching approach. Applicants must also seek a Class AA Mississippi educator license with a 203 designation.
Loans are only forgivable to recipients who serve as dyslexia therapists in Mississippi public or charter schools. One year of service is required for each year of funding received.
Amount: Equal to the total cost of tuition, materials and fees.
Nursing Education Forgivable Loans
Mississippi offers several forgivable loans for students pursuing a career in nursing. The program addresses the state's nursing shortage. Recipients receive funds to seek an undergraduate or graduate level nursing degree at an approved Mississippi institute of higher learning in exchange for working as a nurse in Mississippi.
Eligibility requirements depend on the specific forgivable loan program. Currently, there are five Nursing Education Forgivable Loans available:
- Nursing Education Forgivable Loans, BSN (NELB)
- Nursing Education Forgivable Loan, MSN (NELM)
- Nursing Education Forgivable Loan, Ph.D./DNP (NELP)
- Nursing Education Forgivable Loan, RN to BSN (NELR)
- Nursing Education Forgivable Loan, RN to MSN (NERM)
Amount: Loan amounts vary based on the specific forgivable loan program.
Nursing Teacher Stipend Forgivable Loan
Qualified nurse educators are also in short supply in Mississippi. The state offers two nursing teacher stipend forgivable loan programs to address current needs.
Forgivable loans are available for Mississippi students pursuing an advanced degree at an approved Mississippi school in exchange for teaching at an accredited nursing school in Mississippi. You must have a current, valid Mississippi nursing license and meet other program requirements to qualify for loan forgiveness.
Amount: Up to $12,000 for participants pursuing an MSN degree and up to $24,000 for participants pursuing a Ph.D. or DNP.
Nurses, NPs, and physicians should check out the Mississippi doctor mortgage program if you're also looking into buying a home while getting your student loans forgiven.
Speech-Language Pathologist Forgivable Loan
Speech-Language Pathologist Forgivable Loans (SLPL) are for eligible students pursuing a first master's degree in one of the following areas of study:
- Speech-Language Pathology
- Communicative Disorders
- Communication Sciences and Disorders.
To get your loans forgiven, you must commit to serving as a licensed speech-language pathologist in a Mississippi public school or charter school for one year for each year of funding received. Recipients who don't meet service requirements must repay any funds received plus interest and a 5% penalty charge.
Amount: Up to the highest tuition and required fees at an approved Mississippi college or university.
SREB Regional Contract Forgivable Loan for Optometry
The SREB Regional Contract Forgivable Loan for Optometry program provides forgivable loans for Mississippi students pursuing a career as an optometrist. Awards are for eligible students seeking an optometry degree at an approved out-of-state school in exchange for working as an optometrist in Mississippi.
You must be a resident of Mississippi for at least a year before applying for a forgivable loan and meet other program requirements.
Amount: The Southern Regional Education Board determines award amounts annually.
Winter-Reed Teacher Loan Repayment
The Winter-Reed Teacher Loan Repayment Program (WRTR) helps eligible teachers repay federal undergraduate student loans. You must be a first-year teacher with a valid standard five-year Mississippi educator's license to apply for the program as a new recipient. Second and third-year teachers can apply for renewal per program guidelines.
Applicants must work full-time as teachers or librarians in a Mississippi public school district.
Amount: Up to $4,000 for first-year teachers, up to $5,000 for second-year teachers, and up to $6,000 for third-year teachers.
Federal loan forgiveness programs
If you don't qualify for Mississippi student loan forgiveness, you might still be eligible for
federal loan forgiveness programs. These popular programs include:
- Public Service Loan Forgiveness program (PSLF). Borrowers employed by a government agency or not-for-profit organization might be eligible for tax-free loan forgiveness after 120 qualifying payments.
- Income-driven repayment (IDR) plan forgiveness. Borrowers on a federal income-driven repayment plan may be eligible for loan forgiveness after making qualifying payments for 20 to 25 years. Note there are tax implications on the forgiven balance with IDR forgiveness.
PSLF and IDR forgiveness are only available to borrowers with federal student loans, not private student loans.
Other options to reduce your student loan debt
Not everyone will qualify for a Mississippi student loan forgiveness program or federal programs. If that's you or you have private loans, you can still refinance your student loans to reduce your debt burden.
Depending on your credit and other factors, you might qualify for a lower interest rate, lower monthly student loan payments or more favorable terms through a private lender.
If you refinance federal student loans, you’ll lose access to benefits like flexible repayment plans and student loan forgiveness. Ensure you don't need access to those programs before refinancing any federal student loans. If you’re unsure, explore whether you qualify for federal programs before making any changes.
Our team of student loan experts has helped thousands of borrowers like you find the best path to paying off student loan debt. Schedule a consultation today.
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