COLORADO SPRINGS — With the news of another possible delay on student loan repayments, approximately 800,000 Coloradans will be getting more time to prepare for repayment.

According to Student Loan Hero, 800,000 student loan borrowers in Colorado owe an average of $34,497 in federal and private debt. Colorado’s average balance is six percent lower than the national average of $36,689.

Despite El Paso County being the second most populated county in the state (Denver County ranked #1), it is the sixth county with the most student loan debt.

A closer look reveals Colorado Springs ranks third when it comes to the amount of student loan debt by ZIP code in Colorado’s three largest cities.

The state of Colorado offers several programs meant to assist students repay their loans. Programs include:

  • Public Service Loan Forgiveness Program (PSLF): If you are employed by a government or non-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program. The PSLF Program forgives the remaining balance on your direct loans after you have made 120 qualifying monthly payments under a repayment plan while working full-time for a qualified employer.
  • Teacher Loan Forgiveness Program: Under the Teacher Loan Forgiveness Program, if you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your subsidized and unsubsidized student loans. If you have a direct consolidation loan or a federal consolidation loan, you may also be eligible for forgiveness of the outstanding portion of the consolidation loan that repaid an eligible student or Stafford loan.
  • LRAP: Loan Repayment Assistance Program: Colorado Law is dedicated to making public interest legal careers a real option for our graduates, despite the reality of educational debt. Colorado Law’s Loan Repayment Assistance Program (LRAP) provides partial loan repayment awards to select alumni who choose qualifying public interest work. Awards may be as much as $5,500 per recipient per year, depending on the availability of funds and other factors.
  • Colorado Health Services Corps: You may be eligible to receive repayment of qualified student loans if you practice in a Health Professional Shortage Area, delivering health care services to patients who are under served. The practice must generally accept public insurance and offer discounted services to low-income, uninsured patients on a sliding fee scale.