What is Loan Forgiveness for Nurses?
Student loan debt is inevitable when you’re pursuing a nursing career which is why Tactical Development Solution is ultimate guide to student loan forgiveness for nurses to make it a lot easier.This guide will cover major nursing student loan forgiveness programs, as well as a few others because there are lots of options. You’re a nurse you’re smart and resourceful so we gave you lots of details to get a head start on a healthy financial future.
Nursing is a great profession to help others and give back to the community, and can also be quite lucrative. The downside to becoming a nurse is the inevitable mountain of debt accompanying all those years of study. Luckily, the Obama administration has made loan forgiveness for nurses available for nurses with student debt. If you’re a nurse with debt from your education, you may be eligible for both state and federal programs geared at loan forgiveness for nurses. Depending on certain qualifications
Do Nurses Qualify for Student Loan Forgiveness?
Yes, nursing is a great profession for student loan forgiveness options. The requirements for becoming a nurse require a solid education foundation, especially since more responsibility as a nurse requires more schooling. Additionally, nurses are a cornerstone upon which our healthcare system is built, so it’s no wonder the federal government provides multiple options to help nurses relieve their student loan debt. Some of these programs apply to students across the board, considering that Americans collectively hold over $1.5 trillion in student loan debt as of 2018†, and some of them are specifically designed just for nurses.
Which Nursing Careers Are Eligible?
Eligible nursing careers depend on the loan forgiveness program requirements. As we’ll cover in the sections below, you’ll find that many programs offer assistance to registered nurses and advanced practice registered nurses. No matter your specialty, make sure your education was from an accredited school of nursing and that your license is current and without restriction. It’s key to keep in mind that there is no absolute guarantee of loan forgiveness. So, no matter what nursing career you plan to pursue, take action early by doing your research before and during your schooling and employment.
Federal Perkins Loan Cancellation and Discharge
If you have Federal Perkins loans and work as a full-time nurse, you may qualify to get up to 100 percent of your loans discharged. Score!
Nurses must be registered and employed full-time; loans are discharged over a period of 5 years. In order to apply for this program, you must apply either through your school that disbursed the Perkins Loans or through your loan servicer.
The Perkins Loan program expired on Sept. 30. You must have borrowed before that date to be eligible for the cancellation program.
NURSE Corps Loan Repayment Program
The NURSE Corps Loan Repayment Program is a unique program geared toward nurses who work in underserved communities at Critical Shortage Facilities (CSFs).
Registered nurses who work at least 32 hours a week at a qualified facility can get 60 percent of their student loans paid in two years of employment. Borrowers have the option of getting an additional 25 percent of their loans paid by the NURSE Corps program for a third year.
Applications are only accepted once a year. Before applying, check out the program requirements and guidelines to see if it’s a good fit for you.