3 answers
James
Student
Hephzibah, Georgia
2
Questions
Asked
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Are there any loan forgiveness programs for chiropractic students?
I'll be attending chiropractic school soon, and didn't see any loan forgiveness programs for chiropractic. #financial-aid #student-loans #debt #healthcare-industry #health-policy #chiropractic #healthcare-reform
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3 answers
Kristy-Lyn McCoy
Project Management & Risk Consultant
7
Answers
Columbia, South Carolina
Updated
Kristy-Lyn’s Answer
Hi James,
I'm going to be a bearer of bad news. There are only a few kinds of legitimate loan forgiveness programs currently available. Generally, they are for people working in public sector positions (think government roles, public servants, etc) and the other general is for teachers. Both require you to pay 120 on time payments (that's 10 years worth) before the balance of the loans are forgiven.
The only other "loan forgiveness" programs are ones based on an income-based-repayment plan. In that case, if after an agreed-upon time frame you still have not paid off your student loans (assuming you have made all your payments without missing any), the balance will be "forgiven". However, the fine print to this arrangement is that amount that are "forgiven" can be counted as income for the year they are dismissed. If that's the case, whatever loan amount that you are excused from can be used to calculate the income taxes you owe to the government.
My suggestion: don't take out student loans with the idea that they'll be forgiven. Unless there is a drastic change in the government/ education sector of the law, my guess is that student loans will always need to be paid for careers outside of public/teaching sectors.
If you want to read more about it, you can check here: https://studentloanhero.com/featured/is-student-loan-forgiveness-legit/
Also, beware of loan forgiveness scams! There are A LOT OF THEM. They will take your money, you won't be able to get it back, and you won't have any fewer student loans at the end of the ordeal, unfortunately.
Good luck!
I'm going to be a bearer of bad news. There are only a few kinds of legitimate loan forgiveness programs currently available. Generally, they are for people working in public sector positions (think government roles, public servants, etc) and the other general is for teachers. Both require you to pay 120 on time payments (that's 10 years worth) before the balance of the loans are forgiven.
The only other "loan forgiveness" programs are ones based on an income-based-repayment plan. In that case, if after an agreed-upon time frame you still have not paid off your student loans (assuming you have made all your payments without missing any), the balance will be "forgiven". However, the fine print to this arrangement is that amount that are "forgiven" can be counted as income for the year they are dismissed. If that's the case, whatever loan amount that you are excused from can be used to calculate the income taxes you owe to the government.
My suggestion: don't take out student loans with the idea that they'll be forgiven. Unless there is a drastic change in the government/ education sector of the law, my guess is that student loans will always need to be paid for careers outside of public/teaching sectors.
If you want to read more about it, you can check here: https://studentloanhero.com/featured/is-student-loan-forgiveness-legit/
Also, beware of loan forgiveness scams! There are A LOT OF THEM. They will take your money, you won't be able to get it back, and you won't have any fewer student loans at the end of the ordeal, unfortunately.
Good luck!
This is a great and helpful response. I came here to say exactly what you have already said!
Dr. Constance Smith, DC
Thank you so much for responding! I’m laughing inside because I wrote this 4 years ago and I’m in my 3rd year of chiropractic school now. Thanks for the advice Kristy-Lyn and Dr. Smith.
James
So did you take up on any of the loan forgiveness schemes
Pragya
Allen Botnick DC CNIM
Chiropractor (disabled)
17
Answers
Alexandria, Virginia
Updated
Allen’s Answer
Read my answer under the question, "Is Physical Therapy or Chiropractic Medicine worth the time and money?" It will save you years of headaches.
Kristin Marx glidden
Solutions specialist
5
Answers
Eau Claire, Wisconsin
Updated
Kristin’s Answer
I believe the only real loan forgiveness programs are directed at federal loans, after 10 years of paying them, and there are further stipulations involved with that too. Otherwise I think there are loan forgiveness programs associated with teachers or government workers, but that’s about it. The best advice I can give you is to be careful with your loans. Loans can definitely pave the way to getting your education, but they can really drag you down once you graduate. It’s easy to take the loans and feel like you can worry about it later, which is what I did, but there really isn’t a lot of help when it comes to loan repayment later.