How To Get A Student Loan Discount In Colorado

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Colorado residents don’t just enjoy clean air, exciting winter sports, and beautiful Rocky Mountain scenery year-round. They also pride themselves on having one of the lowest student debt averages in the country. According to a 2019 report from the Institute for College Access and Success, Colorado residents with bachelor’s degrees have an average student debt of $ 24,888, lower than the national average of $ 29,900.

But even Centennial State graduates may need a helping hand with their student loans. Colorado student loan cancellation programs exist for those looking for help, so read on to see some of the student loan repayment assistance programs you may be eligible for.

How To Get A Student Loan Discount In Colorado

As is the case in most states in the United States, the cancellation of student loans in Colorado is tied to the type of work you do. Healthcare professionals will receive the most help, although there are options for other graduates as well.

1. Colorado Health Service Corps
2. Rural Essential Access Provider (REAP) Loan Repayment Program
3. Government dental loan repayment program
4. Law school student loan repayment assistance programs
More: If All Else Fails, Federal Programs Can Help

1. Colorado Health Service Corps

First, let’s talk about the Colorado Health Service Corps. This generous program is offered to a wide variety of healthcare professionals.

Qualified professionals include not only physicians (allopaths and osteopaths), but also clinical pharmacists, dentists, licensed dental hygienists, licensed clinical psychologists or counselors, licensed clinical social workers, licensed professional counselors, marriage therapists, and licensed family members, nurse practitioners, registered nurses. -midwives, medical assistants, registered psychiatric nurses, and licensed addiction counselors and certified addiction counselors.

If you are one of the health care practitioners listed above, you may be eligible if you work for three years in a area of ​​shortage of health professionals. Here’s what you’ll get in return:

  • Doctors and dentists can receive $ 90,000 in student loan repayment assistance if they work full time for the three years, or $ 45,000 if they work part time.
  • Physician Assistants, Advanced Practice Nurses, Clinical Pharmacists, Licensed Mental Health Providers, and Licensed Addiction Counselors can get $ 50,000 if working full time, or $ 25,000 for a commitment to part-time.
  • Certified dental hygienists and addiction counselors can earn $ 20,000 if they work full time and $ 10,000 if they work part time.

If you meet these criteria, come back to the list of this program in March to apply.

2. Rural Essential Access Provider (REAP) Loan Repayment Program

The list of doctors qualified for the Loan Repayment Program for Rural Essential Access Providers (REAP) is the same as above except for dentists and dental hygienists. (If you’re a dentist or hygienist working in a rural area, you can still get help through the next program on the list.)

Here’s what you can get by working for two years at one of these establishments:

  • $ 30,000 for full-time physicians and $ 15,000 for part-time physicians.
  • $ 15,000 for full-time physician assistants, advanced practice nurses, clinical pharmacists and licensed mental health providers, and $ 7,500 for part-time workers.

If you think you qualify, you can apply all year round through this portal.

3. Government dental loan repayment program

Alright dentists, here is some information on student loan cancellation in Colorado just for you. Whether you are a general dentist, pediatric dentist or dental hygienist, you can get help from Government dental loan repayment program.

You don’t need to have a specific type of practice to qualify. Dentists working in public, non-profit or private practices are eligible. You simply need to commit to serving uninsured patients or patients with Medicaid or CHP + and / or uninsured patients each month at the same site for two years. The total amount of student loan repayment assistance you receive depends on the number of underserved patients you see on average per month:

  • Dentists can get $ 50,000 student loan repayment assistance if they see at least 80 underserved patients per month, $ 37,500 if they see 60 to 79, or $ 25,000 if they see any. from 20 to 59.
  • Dental hygienists can receive $ 12,000 for their student loans if they see at least 80 underserved patients per month, $ 8,000 if they see 60 to 79 or $ 6,000 if they see 20 to 59 .

Applications are accepted from March to September and are available through the same app used for the Colorado Health Service Corps.

4. Law school student loan repayment assistance programs

Healthcare professionals aren’t the only ones who can get student loan forgiveness in Colorado. Some public interest lawyers can get help from their alma maters.

Law graduates Sturm College of Law, University of Denver are eligible for student loan repayment assistance if they graduated after May 2003, work in the public service and earn less than $ 75,000 per year. Applications have already been opened in December. and are usually due at the end of January. Qualified lawyers can obtain this award for up to five years. and the website reports that “in recent years, scholarships have covered between 15% and 75% of a recipient’s monthly payments” on Income Based Reimbursement (IBR) or PAYE Reimbursement Plans.

Graduates of Colorado Law at the University of Colorado Boulder are eligible for student loan repayment assistance if they earn less than $ 65,000 per year and hold public service employment. They do not need to have passed the bar if their employer does not require it.

If you qualify, you can get up to $ 5,500 per year for your student loans for up to five years. The application for 2020-2021 has not yet been posted on the website, as the deadline for 2019-2020 has passed, but interested lawyers can return next year.

If all else fails, federal programs can help

So what if you’re not a lawyer or medical professional and you’re not in default, but still need a Colorado student loan forgiveness? You may be able to use federal student loan repayment programs to help you, for example with income-based repayment plans that cap your monthly payments to a manageable level.

You can also lobby your senators and representatives to create student loan repayment programs for your income or work. While it may not change your situation today, this is your chance to exercise your rights as a voter and help student loan borrowers like you have a voice.

Even with student loan repayment assistance, paying off these loans can be a long game. Keep an eye out for programs like these that can help you and maintain a student loan repayment plan that you can follow. Believe it or not, there may come a day when these loans are just a memory.

Maya Dollarhide contributed to this report.

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