The prospect of student loan debt can be daunting for many nursing students. However, several loan forgiveness programs exist specifically for nursing professionals, offering to forgive a portion or even all of your student loans in exchange for a commitment to serve in certain areas or capacities.
Nurse Corps Loan Repayment Program
The Nurse Corps Loan Repayment Program, run by the Health Resources and Services Administration (HRSA), offers significant loan repayment assistance. In exchange, participants must serve for at least two years at an eligible Critical Shortage Facility in a high-need area, or at eligible schools of nursing.
Public Service Loan Forgiveness (PSLF) Program
The PSLF Program forgives the remaining balance on your Direct Loans after you’ve made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer, which often includes government and certain non-profit organizations.
Federal Perkins Loan Cancellation
Though the Federal Perkins Loan program ended in 2017, those who have these loans may still be eligible for loan cancellation for full-time service as a nurse. Up to 100% of the loan can be cancelled in this way.
State-Level Loan Forgiveness Programs
Many states offer loan forgiveness programs for nurses, particularly those willing to work in areas with a nursing shortage or in specialty fields. The specifics of these programs, including the service commitment and the amount of forgiveness, vary by state.
Loan Repayment Assistance Programs (LRAPs)
Some colleges and universities offer LRAPs for their graduates. While these programs are not exclusive to nurses, they can be an excellent resource. The assistance provided will depend on the individual program.
In conclusion, loan forgiveness programs can be a significant financial resource for nursing students facing student loan debt. By researching and applying for these programs, you can potentially save thousands of dollars and also contribute your skills to areas where they’re most needed.
Summary:
- The Nurse Corps Loan Repayment Program offers significant loan repayment assistance for serving at eligible facilities or schools of nursing.
- The Public Service Loan Forgiveness Program forgives the remaining balance on your Direct Loans after 120 qualifying payments while working for a qualifying employer.
- The Federal Perkins Loan program can cancel up to 100% of the loan for full-time service as a nurse.
- Many states offer loan forgiveness programs for nurses, especially those willing to work in areas with a nursing shortage.
- Some colleges and universities offer Loan Repayment Assistance Programs (LRAPs) for their graduates.
- Applying for loan forgiveness programs can potentially save you thousands of dollars and allow you to contribute your skills to areas of need.