The federal government may forgive all or part of teachers’ and nurses’ federal student loans if they meet certain requirements. The forgiveness options, according to KHEAA, include:
*Teacher loan forgiveness. To qualify, you must teach at least five full years in a low-income school in an eligible district. Depending on your field, you may have up to $17,500 in student loans forgiven. For complete details, visit www.ed.gov.
*Nursing loan forgiveness. You must be at least a registered nurse and agree to work full time for at least two years in a critical shortage facility. If you fulfill your agreement, 60 percent of your loan balance will be forgiven. Another 25 percent will be forgiven if you work a third year. Nurses teaching at an accredited school of nursing may also qualify. For complete details, visit https://bhw.hrsa.gov.
One thing to remember is that the Internal Revenue Service counts the amount forgiven as income. You should talk with a tax professional to understand the impact it may have on your taxes.