Student Loan Forgiveness For Social Work

ACO Staff Writers
By
Updated on April 12, 2023
    Are you ready to discover your college program?

    As of 2020, American college students owe a total of $1.55 trillion in student loans, according to the Federal Reserve Bank of New York. Nearly 44 million students carry an average student loan balance of $39,350.

    For graduates of service-oriented programs such as social work, this debt level creates a significant financial burden. Social workers earn a median annual salary of $51,760, according to the Bureau of Labor Statistics. This figure exceeds the median annual salary of $41,950 for all occupations. However, many social work graduates take years to pay off their student loans. Student loan forgiveness programs can help ease this financial strain.

    This guide includes information on loan forgiveness for student loans. This page also specifically covers federal student loan forgiveness and student loan forgiveness for social workers.

    What Is a Loan Forgiveness Program?


    Whether students get their loan forgiven, discharged, or cancelled, they are no longer required to make payments. Loan forgiveness or cancellation often requires working in a high-need field or region after graduation. The federal government allocates funds for education-for-service programs in several arenas, including social work. When a student loan is discharged, the school has typically closed or the payee has become permanently disabled.

    Loan Forgiveness and Repayment Options

    Alternative Ways To Manage Student Loan Debt

    Student Loan Resources

    • Consumer Financial Protection Bureau

      The site provides basic information such as how much to borrow for college, how to compare financial aid offers from colleges and universities, and the different ways to pay off student loans.
    • Debt.org

      Students can learn about the financial aid process, the FAFSA, scholarships and grants, and common student loan misconceptions. The website seeks to assist students in managing student loan debt. Learners can also explore alternatives to taking out loans to pay for college.
    • The Institute for College Access & Success

      The institute advocates for student-centered public policies that make higher education affordable and accessible. Students can access various articles on the most recent research findings and policy development impacting higher education.

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