If you attended Keiser University and are a student or graduate, you may be wondering, “Can I catch a break on these student loans?” Here’s the lowdown, though. Keiser University is a private, nonprofit institution offering a wide range of programs in the fields of education, law enforcement, healthcare, and the armed forces. But let’s face it—attending school here can be very expensive.
You may be eligible for some sweet relief on your student loans if you completed your sentence at Keiser University. I am referring to the loan forgiveness program offered by Keiser University. Under this unique arrangement, a portion of your loan will be forgiven based on the length of time you have been working in a particular profession.
What is the Keiser University Loan Forgiveness Program?
The main goal is to support students who have taken out federal or private loans in order to pay for their education at Keiser University. Basically, depending on how long you’ve been working hard in particular industries after graduation, they’ll erase a portion of your loan.
Now, the Public Service Loan Forgiveness (PSLF) program of the federal government may be familiar to you. Although there are some neat benefits with the Keiser program, it’s really similar.
- It doesn’t discriminate; it accepts both federal and private loans, whereas PSLF only accepts federal loans.
- For every year you serve, you can deduct up to $10,000 from your loan sum; in contrast, PSLF requires ten years to eliminate all debt.
- Depending on the field, the service duration varies, although it’s usually less than the PSLF’s ten-year commitment.
- Keiser’s has a longer list of qualifying professions, including the military, law enforcement, healthcare, and education.
Who is Eligible for the Keiser University Loan Forgiveness Program
- It is required that you hold an associate’s, bachelor’s, or master’s degree from Keiser University.
- To pay for your education at Keiser, you have taken out loans, both federal and private.
- After throwing caution to the wind, work for at least two years in a qualifying field.
- Make sure you pay your loans on time; late or defaulted payments are not permitted.
What are the Qualified Fields for the Keiser University Loan Forgiveness Program?
Education: You’re in if you work as a principal, teacher, or for any other awesome person in a public or nonprofit school. Remember that educational institutions are included in this as well.
Law Enforcement: Sheriffs, police officers, and other law enforcement heroes, take note. You are qualified regardless of whether you work for the federal, state, municipal, or tribal governments.
Healthcare: If you work in a public or nonprofit hospital or health center, you’re fine to go whether you’re a doctor, nurse, or any other type of healthcare professional.
Military: This one is dedicated to the brave soldiers. You are protected whether you are a veteran, reservist, or active-duty member of any branch of the US armed services.
The length of time you have worked in a qualifying field will determine how much of your debt will be forgiven. The breakdown of the loan forgiveness amount by service year is displayed in the table below:
| Years of Service | Loan Forgiveness Amount |
|---|---|
| 2 | $5,000 |
| 3 | $7,500 |
| 4 | $10,000 |
| 5 | $12,500 |
| 6 | $15,000 |
| 7 | $17,500 |
| 8 | $20,000 |
| 9 | $22,500 |
| 10 | $25,000 |
A cool $25,000 is the maximum amount you can receive in loan forgiveness. The catch is that you won’t be eligible for forgiveness equivalent to a brand-new car if, after ten years of diligent work in your industry, your loan total is already less than $25,000. No, you will only receive the remaining amount due on that loan.
How to Apply for the Keiser University Loan Forgiveness Program?
All you have to do to participate in the Keiser University loan forgiveness program is fill out and submit a loan forgiveness application to the friendly people in the Financial Aid Office at Keiser University. But there’s still more! To demonstrate your eligibility for this program, you’ll need to present them with a few official documents. Depending on your circumstances, these documents may differ, but generally speaking, you’re looking at:
- Evidence of your Keiser University graduation
- A copy of your student loan documentation
- Prove to them that you have experience in a relevant subject.
- Show that you have been paying your debt back.
You may locate the loan forgiveness application and the complete list of requirements on the Keiser University website for all the specifics. Don’t worry if you’re a little lost; you can always get the dirt by visiting the Financial Aid Office. Once you’ve satisfied the service need, make sure to submit your application and supporting documentation as soon as possible. After reviewing everything, the Financial Aid Office will respond to you within 60 days.
What are the Benefits of the Keiser University Loan Forgiveness Program?
You can lower your debt load and save money by taking advantage of Keiser University’s loan forgiveness program. By taking part in this program, you are able to:
- Reduce your loan installments every month
- Cut the interest on your entire loan.
- Boost your credit rating
- Reach your money goals more quickly.
In addition, the loan forgiveness program at Keiser University can assist you in pursuing your professional goals and positively impacting society. Working in a field that qualifies allows you to:
- Acquire useful knowledge and expertise
- Increase your level of expertise
- Serve your nation and community.
- Make an impact on other people’s lives
Conclusion
For those who attended Keiser University and used federal or private loans to fund their education, all they have to do to qualify for the loan forgiveness program is work in an eligible field for a predetermined number of years, which will reduce or remove their student loan debt. Fill out the loan forgiveness application and send it in with the required paperwork to the financial aid office at Keiser University to apply.
If you’re interested in this chance, don’t think twice. As soon as you satisfy the requirements, take immediate action. Remember that the program’s availability is erratic and that it could be terminated at any time. Don’t pass up the opportunity to pay off your student loan debt and get the rewards.
Faqs
How much of my loan will be forgiven under the Keiser University Loan Forgiveness Program?
The program forgives up to $10,000 of loan balance per year of service in a qualified field, up to a maximum of $25,000.
Can I apply for loan forgiveness more than once?
Yes, you can apply for loan forgiveness every year after completing your service requirement, until you reach the maximum amount or your loan balance is zero.
Do I have to pay taxes on the forgiven amount?
No, the forgiven amount is not considered as taxable income by the IRS.
What happens to my loan if I drop out of Keiser University before graduation?
You will still be responsible for repaying your loan according to your original terms and conditions. You will not be eligible for the Keiser University Loan Forgiveness Program unless you graduate from Keiser University.