Your Guide to Student Loan Forgiveness in West Virginia

Borrowers across the country face the uphill task of repaying student loans taken out to pay for college. West Virginia borrowers aren't immune to loan debt, with 66% of graduates within the state leaving school with student loan debt. The average student loan debt for West Virginia borrowers is $29,208.

The state of West Virginia offers several state-sponsored student loan forgiveness programs to ease the burden on borrowers residing in the state. West Virginians might also qualify for federal loan forgiveness programs. Below are details on student loan forgiveness options available to borrowers in West Virginia.

Student loan forgiveness in West Virginia

Four West Virginia state loan repayment programs are available to residents with outstanding federal student loan debt. Typically, you must work in specific career fields, like health care, in designated areas of need to qualify for state-sponsored loan forgiveness programs.

State Loan Repayment Program

Qualified health professionals might qualify for repayment of medical school loans and other educational expenses through the State Loan Repayment Program (SLRP). Student loan repayment is available for eligible West Virginian health professionals working in a Health Profession Shortage Area.

The program requires at least a two-year, full-time service commitment at an eligible West Virginia facility, with the possibility of two, one-year extensions maximum. Individuals completing four years of service can receive up to $100,000 in student loan repayment.

• Initial two-year service award: Up to $50,000 (MD, DO, DDS), $40,000 (PA, NP, PharmD), $25,000 (BSN-RN)
• First one-year extension: $25,000 (MD, DO, DDS), $20,000 (PA, NP, PharmD), $12,500 (BSN-RN)
• Second one-year extension: $25,000 (MD, DO, DDS), $20,000 (PA, NP, PharmD), $12,500 (BSN-RN)

Mental Health Loan Repayment Program

The Mental Health Loan Repayment Program provides loan repayment assistance of at least $10,000. It’s available to qualified mental health professionals that offer therapy or counseling services in underserved areas of West Virginia.

The program requires one year of full-time service. If working part-time, you must fulfill a two-year service obligation to receive repayment assistance. Award recipients can renew loan repayment for up to three years based on availability and a continued service commitment.

Other qualifications include being a graduate of an accredited program, and a license in a mental health field.

Recruitment and Retention Community Project

The Recruitment and Retention Community Project provides loan repayment for qualified health professionals serving in Health Professions Shortage Areas or Medically Underserved Areas (MUA) in West Virginia. Eligible applicants can receive $20,000 in loan repayment for a one-year service commitment. The award is renewable for up to four years after the initial service commitment.

The program requires a 50% match from the candidate's employer ($10,000 via state funds and $10,000 from their employer).

Underwood-Smith Teacher Scholarship Loan Assistance Program

The Underwood-Smith Teacher Scholarship Loan Assistance Program provides loan assistance for qualified teachers or counselors in underserved areas of West Virginia. You must teach in a West Virginia public school in a subject or geographic area of critical need.

The program requires a two-year service commitment. Award recipients receive up to $3,000 annually. After completing the initial service commitment, recipients can renew the award, subject to availability and eligibility. The maximum award available through the program is $15,000.

Federal student loan forgiveness programs for West Virginia borrowers

West Virginian borrowers might also qualify for forgiveness through the federal government. The Department of Education offers several loan forgiveness programs that provide forgiveness for all or a portion of your loan balance. Programs include Public Service Loan Forgiveness (PSLF), Teacher Loan Forgiveness and income-driven repayment (IDR) forgiveness.

The U.S. Department of Education distributes federal student loans through federal student financial aid packages. Only federal loans are eligible for federal student loan forgiveness programs. Private student loans don’t qualify for forgiveness.

Public Service Loan Forgiveness

Public Service Loan Forgiveness (PSLF) provides loan forgiveness for eligible federal borrowers who work in the public sector. The program requires you to complete 10 years of service at a qualifying employer while making on-time loan payments under an IDR plan. Qualifying employers include government organizations or nonprofit organizations.

Upon completion of your 10-year commitment, your remaining debt balance is forgiven tax-free. Payments made during the administrative payment pause count toward the PSLF 120 monthly payment total. You can apply for PSLF once you’ve met the program’s terms.

Teacher loan forgiveness

Qualifying teachers with federal loans can receive up to $5,000 or $17,500 in loan forgiveness through teacher loan forgiveness.

Specific awards depend on the subject areas you teach. You must be a highly-qualified teacher employed full-time at a low-income elementary school, secondary school, or educational service agency for five complete and consecutive academic years to qualify for the program.

Income-driven repayment (IDR)

There's also a way to get federal loans forgiven even if you don't work within a specific career field or employer. To do so, you must make loan payments through an income-driven repayment plan.

There are four IDR repayment plans:

• Saving on a Valuable Education (SAVE)
• Pay As You Earn (PAYE)
• Income-Based Repayment (IBR)
• Income-Contingent Repayment (ICR)

Income-driven repayment plans allow you to reduce monthly student loan payments to 10% to 20% of your discretionary income over 20 to 25 years. The Department of Education automatically forgives any remaining balance after the repayment period ends.

Note that beginning in July 2024, undergraduate borrowers can access payments as low as 5% of discretionary income under the SAVE plan.

Pursuing Loan Forgiveness in West Virginia

If qualified, loan forgiveness programs can provide funds to reduce or pay off federal student loan debt. Determine if you’re eligible for one of the West Virginia state-sponsored programs. If not, you might qualify for one of the federal loan forgiveness programs.

If you have private student loans, they don't qualify for loan forgiveness, but you can save money by refinancing your private loans. You'll need good to excellent credit and meet other lender requirements to qualify for lower interest rates. Some lenders allow you to use a creditworthy cosigner to qualify for refinancing.

Our student loan consultants can help you find the right repayment options for your situation. Book a consultation today.