We recently devoted an entire post to explaining all the details, facts and myths surrounding the Public Service Loan Forgiveness program. If you're a regular reader, you know that we talk about loan forgiveness a lot, but that's because we get asked about it – a lot.

And while we firmly believe that if you borrow funds it is your obligation to repay them as agreed, we also believe just as strongly in getting the word out on the programs that have been put into place specifically to help the financially challenged and other targeted constituencies such as teachers and medical personnel manage their debt.

While most student loan borrowers have at least heard of the federal forgiveness programs such as Public Service Loan Forgiveness or income-driven repayment plans, you may not be aware that there are dozens of other options.

There's not enough space to describe them all here, but you can check out the loan forgiveness e-book​ 100+ Ways To Get Rid Of Your Student Loans Without Paying Them. In the meantime, here's an overview.



• Forgiveness based on what you do: What teachers, lawyers and medical personal all have in common is the need for these professionals, especially in lower income areas, and the high student loan debt that graduates of these professions tend to incur. This can result in student loan borrowers having to forego often lower-paying jobs in high-need areas to ensure they can afford their student loan payments.

To counteract this, several student loan repayment programs targeting these high-need professions have been put into place over the years. Teachers for example, especially those considered highly qualified, may be eligible to have up to $17,500 of their federal loans forgiven under the Teacher Loan Forgiveness​ program if they teach in a low-income serving school or educational agency for five years. Perkins loan borrowers with similar employment can have their entire loans forgiven.

Some health professionals can receive up to $40,000 forgiven for as little as a two-year commitment at a site that provides health care services to American Indian and Alaska Native Committees. Those who join the National Health Service Corps ​can receive up to $50,000 for a two-year commitment with the possibility of additional awards for additional years. Both of these options will pay private as well as federal loans, which can be a significant benefit to those with high private loan balances.



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• Forgiveness based on where you live: If we're going to categorize student loan forgiveness programs, the biggest category by far is state-based programs. These are programs that are trying to attract members of certain professions to relieve a shortage, usually in lower income or rural areas. The majority of these programs focus on teachers, health professionals who serve-two-legged and four-legged patients and attorneys.

One of our favorites is the CDA Foundation student loan repayment grant, which will repay up to $105,000 for three years of full-time dentistry in California.

The Michigan State Loan Repayment ​program is another favorite, and will repay up to $200,000 of federal and private loans for up to eight years of medical service. Physicians, dentists, nurse practitioners, psychiatric nurses, certified nurse midwives, psychologists and those practicing in other areas are eligible.

If you graduated with an undergraduate degree from a New York college or university and agree to operate a farm full time for five years, the New York State Young Farmers Loan Forgiveness Incentive Program will reward you with up to $50,000 toward your federal, state or private loans.

North Dakota's veterinarian loan repayment program will repay up to ​$15,000 for the first two years and $25,000 for years three and four for large food animal veterinarians in high-need areas​.



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• Forgiveness based on how you give back: Most people are familiar with the military loan repayment programs. The GI Bill is considered the start of the concept of federal financial aid​.

But if the military is not for you, there are other ways to serve and still receive forgiveness benefits for your student loans. AmeriCorps members, for example, receive a varied amount depending on the year and the program served in. In 2015, the maximum amount of the award is a little over $5,700.

If you're unable to make a long commitment, the website sponsorchange.org matches volunteers with sponsors willing to pay toward members' student loans in exchange for these same volunteers providing manpower at participating nonprofit organizations.

As with any type of contract, it's important to read the fine print before you sign up for any of these forgiveness programs. Is the amount taxable? What happens if you don't fulfill the service commitment? Is the amount guaranteed or can it be changed due to law or budget changes? What kind of student loans can the award be used for?