Your Guide to Student Loan Forgiveness in Missouri

Most college students rely on student loans to pay for school. Carrying student loan debt is stressful. It can leave you making monthly payments for decades and often delays pursuing other life goals. Missouri borrowers aren't immune to the burdens of student loan debt. The average student debt among borrowers in Missouri is $35,645.

Eligible borrowers living in Missouri might qualify for one of the available state-specific student loan forgiveness programs. Learn more below about student loan forgiveness and loan repayment plan options available through the state and the U.S. Department of Education.

Student loan forgiveness in Missouri

Missouri offers three state-sponsored student loan forgiveness and loan repayment options. These programs are geared toward healthcare professionals, especially those who work in underserved areas of the state.

Below is a breakdown of Missouri student loan forgiveness programs and eligibility requirements.

Health Professional Nursing Student Loans

Students who attended a Missouri college or university to pursue an eligible nursing degree may qualify for financial aid through Health Professional Nursing Student Loans (NSL). Participants who agree to work in a designated Missouri Health Professional Shortage Area (HPSA) can receive up to $5,000 in loan forgiveness, annually.

To be eligible for the assistance program, you must be:

• A Missouri resident for more than a year outside of attending school.
• Enrolled full-time at a qualifying school in the state, in most cases.
• Seeking licensure as a practical or professional nurse.

Contact the Missouri Department of Health and Senior Services for more details on the Health Professional Nursing Student Loans (NSL) program and to apply.

Missouri Health Professional State Loan Repayment Program

The Missouri Health Professional Student Loan Repayment Program is a federally-funded loan forgiveness program run through state governments, like Missouri. The program offers up to $50,000 in loan repayment assistance to eligible medical professionals who commit to working two years in a designated health professional shortage area (HPSA) within Missouri.

It’s open to eligible primary care physicians and dentists. Qualifying medical specialties include:

• Doctor of Dental Surgery (DDS)
• Family Practice
• Internal Medicine
• OB/GYN
• Psychiatry
• Pediatrics

To qualify for the program, you must be a Missouri resident and licensed to practice medicine within the state. You must also agree to a two-year, full-time work commitment.

Contact the Missouri Department of Health and Senior Services for more information on the Student Loan Repayment Program (SLRP).

PRIMO Student Loan Program

Primary Care Resource Initiative for Missouri (PRIMO) is a state education program designed for Missouri residents pursuing a medical license within the state.

To qualify, applicants must study full-time at an eligible school and pursue a qualifying college degree in dentistry, allopathic medicine, osteopathic medicine, or a degree leading to licensure as a registered dental hygienist.

There's also a service component to receive financial assistance through the PRIMO program. Applicants must commit to working full-time in a designated underserved area within Missouri.

Loan repayment ranges from $3,000 to $25,000 depending on factors such as the degree you're pursuing, enrollment status, academic years, and the number of loans. PRIMO’s maximum service obligation is five years. Participants must reapply every year for loan repayment through PRIMO.

Contact the Missouri Department of Health and Senior Services for more information about PRIMO.

Federal student loan forgiveness programs for Missouri borrowers

If you don't qualify for one of the state-specific forgiveness programs available in Missouri, you might be eligible for a federal loan forgiveness program instead. Several federal student loan forgiveness programs exist that provide relief for qualified borrowers. Federal programs are available through the U.S. Department of Education and include:

• Public Service Loan Forgiveness program (PSLF)
• Income-driven repayment
• Teacher Loan Forgiveness
• Perkins Loan cancellation

Each program offers varying loan forgiveness amounts and carries its own terms and conditions to qualify. For example, PSLF is specifically designed for individuals working for government employers or nonprofit organizations. Applicants must make 120 qualifying loan payments while working full-time for an eligible employer.

Federal loan forgiveness programs can take anywhere from five to 25 years to complete depending on the program. Only federal student loans are eligible for federal or state-sponsored loan forgiveness programs.

Borrowers with private student loans aren't eligible for loan forgiveness. Instead, you can refinance your student loans through a private lender to save money. Depending on your credit, you might qualify for a lower interest rate, potentially saving you thousands of dollars off your loan total.

Student loan refinancing is also an excellent way to lower your monthly payments, especially with a loan provider with flexible terms.

NOTE: If you refinance federal loans, you’ll lose access to government benefits, like generous deferment and forbearance timelines, income-driven repayment options, access to loan forgiveness and more.  

Start a Missouri student loan forgiveness now

If you're a Missouri resident working in the healthcare field, you might qualify for one or more of the state-specific loan forgiveness programs listed above. If not, look into the federal forgiveness options to see if you are eligible.

Keep in mind that loan forgiveness and loan repayment program rules vary and generally require a fixed service commitment to qualify. If you have private loans, check rates with several private lenders to see if the savings are worth a student loan refinance. Borrowers with strong credit stand to benefit the most from saved money on interest rate charges and a lower loan balance overall.

Choosing the right repayment path isn't always an easy decision to make. Our consultants have come alongside thousands of borrowers to create customized loan repayment solutions. Reach out today.