Virginia Student Loan Forgiveness Programs

Student loan debt weighs heavily on Virginia’s 1 million borrowers, amassing $42.5 billion collectively.

Averaging $39,165 per borrower, Virginia ranks fourth in debt size among all 50 states, Washington DC, and Puerto Rico. This number exceeds the national average by $1,378 and only follows Washington DC, Maryland, and Georgia.

While statewide averages might not capture individual struggles, it’s clear that many Virginians face significant student loan debt.

Interestingly, Virginia houses four of America’s richest counties – Arlington, Fairfax, Loudoun, and Falls Church. Loudoun County even holds the title of the richest county, boasting a median household income of $147,111.

Despite this affluence, student loan burdens persist for many.

Ahead, we’ll explore Virginia-specific repayment programs that target certain fields or professions, easing the financial challenges for Virginians.

Related: State Programs for Student Loan Forgiveness

Before diving into Virginia-specific programs, let’s discuss the federal student loan forgiveness programs the US Department of Education offers to all Americans, including Virginia residents.

These programs provide relief based on factors such as your profession or income.

Here are three key programs:

1. The Public Service Loan Forgiveness Program. PSLF is designed for individuals working in qualifying public service jobs. If you’ve made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer, such as a government or nonprofit agency, you might be eligible for the PSLF program.

2. Income-Driven Repayment Plan Forgiveness. IDR plans adjust your monthly student loan payments based on your income and family size, making your payments more manageable. They also promise debt forgiveness after 20 or 25 years of qualifying payments (depending on the plan). Explore our comprehensive guide on income-based repayment forgiveness and the pending IDR Waiver.

3. Teacher Loan Forgiveness. This program supports educators working in low-income schools or educational service agencies. Eligible teachers can have up to $17,500 of their loans forgiven. If you’re a teacher seeking loan relief, check out our detailed guide on Teacher Loan Forgiveness.

Additionally, President Biden’s broad debt cancellation plan offers another shot at forgiveness. This debt relief program promises to wipe out up to $20,000 of debt for Pell Grant recipients who meet income criteria and up to $10,000 for other qualifying borrowers.

Related: VA Student Loan Forgiveness

Yes, Virginia does offer student loan forgiveness programs for its residents. These programs cater to individuals in public service jobs, including medical, health, and legal professionals. In these sections, we’ll explore Virginia’s three student loan forgiveness programs.

Medical and Health Professionals

Virginia State Loan Repayment Program (VA-SLRP)

The VA-SLRP targets medical, dental, pharmacists, and behavioral and mental healthcare professionals who work in designated Health Professional Shortage Areas (HPSA) and serve the community.

• Eligibility: Must be a qualified professional working in an HPSA. Review the VA-SLRP guidelines.

• Forgiveness amount: Up to a maximum of $140,000 for qualifying educational loans, including federal government loans and private student loans from lenders like Sallie Mae and SoFi

• Service requirement: Minimum two-year service commitment, up to four years maximum.

• Application: Apply online if you’re eligible.

Lawyers

Virginia Loan Commonwealth Plan (VLCP)

This program is for graduates from the Class of 2013 and later working in the private sector who meet certain eligibility requirements.

• Eligibility: Graduates from the Class of 2013 and later earning less than $85,000. Borrowers must be on IBR or PAYE repayment plans.

• Forgiveness amount: Graduates earning less than $65,000 can get 100% forgiven under IBR or PAYE. If you earn over $65,000, the amount forgiven is prorated based on your income.

• Service requirement: No commitment; you can qualify yearly if you remain eligible.

Virginia Loan Forgiveness Program (VLFP) I

This program is for law graduates from the Class of 2002 to the Class of 2012 at the University of Virginia in Richmond who work in public service.

• Eligibility: Must be a graduate from the Class of 2002 to the Class of 2012 and current with loan payments. Applicants must apply within two years of graduation or finishing a judicial clerkship.

• Forgiveness amount: Varies, but can be up to 100% of loans.

• Service requirement: You can qualify for loan forgiveness each year you work in public service and qualify for the program.

Virginia Loan Forgiveness Program (VLFP) II

This program is for law graduates from the Class of 2013 and after who work in public service and earn less than $85,000 annually.

• Eligibility: Must be from the Class of 2013 or later and apply within two years of graduation or completing a judicial clerkship.

• Forgiveness amount: Up to 100% of qualifying law school loans if you earn less than $65,000. If you earn between $65,000 and $85,000, the amount of loan forgiveness is reduced and prorated based on income.

• Service requirement: You can qualify for loan forgiveness each year you work in public service and qualify for the program for up to 10 years.

Virginia Loan Forgiveness Program (VLFP) III

Starting in 2023, VLFP III will be introduced to help repay loans for graduates earning less than $100,000 annually.

If you earn less than $80,000 annually, you’ll receive benefits covering 100% of your qualifying law school loans. Benefits will be prorated based on income for those earning between $80,000 and $100,000.

The program will be available to all graduates in paid positions requiring legal skills.

More Resources for Virginia Loan Forgiveness Programs

For more information about the Virginia Loan Forgiveness Programs and Virginia Loan Commonwealth Plan, visit the University of Virginia School of Law’s FAQ page. This resource offers detailed answers to common questions and can help you better understand the eligibility criteria and application process.

Virginia provides various state-specific student loan forgiveness programs for professionals like teachers, nurses, doctors, and lawyers.

These programs offer valuable financial relief to those who qualify and serve their communities in crucial roles.

While the fate of Biden’s student loan forgiveness plan for millions of Americans remains uncertain, keep in mind that these state-specific programs are still accessible to eligible borrowers in Virginia.

Stay informed about the latest developments in debt cancellation, both in Virginia and at the federal level, by subscribing to our newsletter.