Full-time nurse practitioners or certified nurse-midwives could be eligible for up to $50,000 in loan repayment assistance, Part-time nurse practitioners or certified nurse midwives are eligible for up to $25,000. Other Loan Forgiveness Options You work full-time in a CSF in a high-need area or accredited nursing school. The Indian Health Service Loan Repayment Program could repay up to $40,000 in educational loans for eligible nurses who serve a two-year, full-time commitment in American Indian or Alaska Native communities. Switching over could increase your payments if your income is higher, so you’ll have to be sure you carefully look into if switching your repayment plan makes sense for you. The Nurse Corps Loan Repayment Program A loan repayment program available to registered nurses and advanced practice registered nurses, such as nurse practitioners, working in a public or private nonprofit Critical Shortage Facility. For RNs, the max amount dispersed in exchange for a two-year service commitment is $20,000. Beyond the options we've listed here, there are loan forgiveness programs that are specific for advanced practice nurses only, including nurse practitioners, certified midwives, certified registered nurse anesthetists, and nurse educators. If you have a bachelor’s in nursing and are currently licensed as an RN in California, you … Here are just some of the loan forgiveness programs for nurses at the state level. Kentucky’s State Loan Repayment Program is open to both APRNs and RNs and uses a sponsoring program to match loans 50-50. Technically speaking, payments under the 10-year Standard Repayment Plan do qualify, but by the time you made the required 120 qualifying payments necessary to qualify for the PSLF, you would have actually paid off your loan--so you will have to change to an IDR plan if you’re currently on a standard 10-year repayment plan. Federal Public Service Loan Forgiveness may be an option for nurses who have federal direct loans or have consolidated other federal student loans through the direct loan program. After you complete your qualified monthly payments, the remainder of your student loan balance will be forgiven. Nursing can be a rewarding career, but training to become a nurse can be costly. In some cases, your monthly payment could drop to zero. While the program only requires a two-year commitment, Kodish says 93 percent of clinicians in the program continue to serve in high-need areas up to two years more. There are nurse-specific loan forgiveness programs, and loan forgiveness programs designated specifically for those working in public service. The Oregon Partnership State Loan Repayment Program requires nurses to commit to either 2 years of full-time service of 4 years of part-time service in a health shortage area to qualify for repayment. The Nurse Corps Loan Repayment Program is designed to help nurses who can commit to two to three years of work where there is a critical shortage of nurses in the U.S. While student loan forgiveness programs sound incredible at first glance--and for many individuals say they can be life-changing--they do warrant consideration over the pros and cons. The Air Force Active Duty Health Professions Loan Repayment Program is another option for military nurses. A full-time nurse can be eligible to have 100% of their federal loans completely forgiven if they have 5 years of eligible services. According to the Federal Reserve, more than half of students in 2019 took out some sort of student loan for higher education, and 17% of those students also fell behind in their payments last year. The government offers a country-wide program, but there are also smaller plans offered by individual states. entities, such as banks, credit card issuers or travel companies. Individuals who work at a qualified facility can get 60% of their student loans paid off over two years of employment. Note: You can apply for Canada Student Loan forgiveness for family doctors and nurses if you are enrolled in full-time or part-time studies, are currently repaying your student loan, or are in your 6-month non-repayment period. Student Loan Forgiveness For Nurses: National Programs . Many states offer student loan repayment programs as an incentive for nurses to serve in a federally identified Health Professional Shortage Area or state-designated facility. The Nurse Corps Loan Repayment Program helps licensed registered nurses; advanced practice registered nurses; and nurse faculty members to have qualifying debt forgiven. Public Service Loan Forgiveness (PSLF) is a federal student loan forgiveness program for nurses and other public servants, including medical technicians that work in the public sector. Depending on your level of need and where you work, you can get up to 85% of your U.S. … The importance of this program came to light after Hurricane Katrina when there was an overwhelming need for nurses in Louisiana.Nurses who work full time at a designated Health Professional Shortage Area or a nonprofit may be able to receive up to $15,000 each year with a three-year commitment. There could also be restrictions on receiving loan assistance from multiple programs that have similar service requirements. The Navy’s Health Professions Loan Repayment Program awards up to $40,000 in loan repayment assistance each year. "Accepting a National Health Service Corps Loan Repayment Program award is a rewarding experience for both the clinician and the high-need community where they choose to serve," says Scott Kodish, HRSA Office of Communications public health analyst. Be sure to fully research each program as you formulate your plan for student loan repayment. Depending on the program, you may receive assistance with your federal and private student loans. The Army’s nursing program benefits may include up to $30,000 as a sign-on bonus and up to $120,000 to repay nursing school loans over three years of active-duty service. However, as long as you meet your requirements, you could get a significant portion or all of your loans repaid or forgiven through one of these programs. The Nurse Corps Loan Repayment Program HRSA Bureau of Health Workforce Kimberly Rotter and Bob Musinski Dec. 24, 2020, Jessica Merritt and Jennifer CaloniaDec. For example, the Army Active Duty Health Professions Loan Repayment Program gives up to $120,000 … Johnson & Johnson’s Campaign for Nursing has an online directory of financial assistance programs for nurses, including many employer-sponsored loan repayment, tuition reimbursement and grow-your-own programs. To qualify under this plan, all registered nurses must have graduated from an accredited school and they must sign a two-year agreement to provide services at a facility that is experiencing a shortage. The NURSE Corps Loan Repayment Program is designed to offer student loan repayment assistance to nurses who qualify. There’s also a Navy Nurse Candidate Program, which offers a $10,000 sign-on bonus and a $1,000 monthly stipend for up to 24 months for full-time students pursuing a B.S. Employer-Based Loan Assistance for Nurses In addition to government … Military Loan Forgiveness for Nurses The military has numerous loan forgiveness programs on outstanding federal, and sometimes private, loan balances for nurses wanting to serve. Fannie Mae buys mortgages from lenders, ensuring the availability of funds for them to make new loans. This program offers you up to $ 50,000 in just two years of service in comparison with other student loan forgiveness programs for nurses. Nurse Corps Loan Repayment Program. Note: only APRNs qualify for this loan, so a regular RN would not qualify. Residency requirements vary per state, as do specific eligibility requirements. All income-driven repayment (IDR) plans--which are plans that use your income to determine what your monthly payment will be--qualify. Prospective graduate students interested in health professions should look into options to pay off student loan debt. Nurses in Illinois who commit to working in veterans’ homes may be eligible for loan assistance of up to $5,000 per year for four years. However, some programs only offer repayment assistance with loans taken while you pursued a nursing degree. ], Indian Health Service Loan Repayment Program. Thankfully, there are lots of loan forgiveness programs available to nurses. Although the awarded amount is taxable, the program will pay 20 percent of your federal tax. To qualify for the program, nurses must agree to work a minimum of 45 weeks each year, with 20 hours per week dedicated to clinical hours. NURSE Corps Loan Repayment Program. Live in the Golden State? The funds can also be used for nurses who plan to be nursing instructors later as well. Public Service Loan Forgiveness (PSLF) is one of the most popular loan forgiveness programs in the country. In addition to government programs, nurses may be eligible for loan-related employer benefits. Job fairs allow sites and clinicians to meet online, and you can learn more about health profession positions open at eligible sites throughout the U.S. and its territories. Nurses and nurse practitioners will receive forgiveness of one-fifth (20%) of their outstanding Saskatchewan Student Loan debt, up to $4,000 annually, for up to five years, to a maximum of $20,000. West Virginia’s State Loan Repayment Program offers student loan forgiveness for nurses practicing full-time for a minimum of two years in underserved rural areas. You may be able to receive a smaller award if you work part time. You may need an application and an employer verification form proving that you have been employed for the minimum required amount of time. Also, all jobs must be qualifying organizations for hours to be included. Some of the pros of using a student loan forgiveness program can include: If you decide that the student loan forgiveness program is not right for you, or if you’d like to explore other options, some of the other ways to pay off nursing student loan debt include: Copyright © 2020 Full Beaker, Inc | 866-302-3888 | [email protected] | Do Not Sell My Personal Information, Public Service Loan Forgiveness Program (PSLF), Nurse Corps Loan Repayment Program (NCLRP), Military Student Loan Forgiveness for Nurses, Bureau Health Workforce (BHW) Customer Service Portal, Veterans’ Home Nurse Loan Repayment Program, Montana Institutional Nursing Incentive Program, Oregon Partnership State Loan Repayment Program, Pennsylvania Primary Care Loan Repayment Program, Rhode Island Health Professional Loan Repayment Program, Rural Communities Health Care Investment Program, West Virginia’s State Loan Repayment Program, Army Active Duty Health Professions Loan Repayment Program, guide to refinancing nursing school student loan debt, You must be using a qualifying repayment plan while working for a qualifying employer. State nursing loan forgiveness programs. There are some similarities between the programs, such as the requirement to work for two years at a facility that has a critical shortage of nurses. It is very important to note for this type of loan forgiveness that the owner of the healthcare system must be a not-for-profit organization. To be eligible, nurses must have obtained their education from an accredited nursing school in the United States and must work-full time either in a public or nonprofit healthcare … In either case, the loan repayment award is tax-free. The Perkins Loan is commonly used by teachers as a loan forgiveness program, but nurses can be eligible too. Federal agencies offer several student loan repayment options for nurses. This program provides assistance similar to the Nurse Corps Loan Program. This loan repayment program is 3 years long, and you can receive $40K per year. Knowing how the interest rate and APR are different can help you comparison shop for a mortgage. Applications are accepted once a year to those interested in applying. The award is taxable, and federal taxes will be withheld when it’s disbursed. Vermont’s Educational Loan Repayment Program for Nurses offers a maximum annual award of $6,000. The top 5 student loan forgiveness programs for nurses are: The most common Loan Forgiveness program is the Public Service Loan Forgiveness Program (PSLF). Ohio’s Nurse Education Assistance Loan Program gives assistance to Ohio nursing students who enrolled for at least half-time study. 11, 2020, Chris Kissell and Coryanne HicksDec. The NHSC Loan Repayment Program. The Pennsylvania Primary Care Loan Repayment Program offers loan assistance for registered nurses who work in designated Health Professional Shortage areas. florida nurse loan forgiveness program provides a comprehensive and comprehensive pathway for students to see progress after the end of each module. The content Taking out the appropriate student loans while still in school can make a difference once determining which loan forgiveness program to apply for. National Health Service Corps Loan Repayment Program, Getting Student Loans Without a Co-Signer, Navy’s Health Professions Loan Repayment Program, Air Force Active Duty Health Professions Loan Repayment Program, Best Student Loan Consolidation Lenders of 2018, Why Use a Mortgage Refinancing Calculator, California Do Not Sell My Personal Information Request, The cost of resident tuition at Iowa’s Regent. Both RNs and APRNs are eligible. The Louisiana State Loan Repayment Program was created to encourage health care professionals to serve in rural or inner-city communities in exchange for loan assistance. At times, a hospital will be not-for-profit or serve an underprivileged population but will be owned by a larger for-profit corporation. Rush University Medical Center: This Center is located in the Chicago area and offers tuition assistance as well as full tuition repayment at Rush University. If you’re a nurse, you may qualify for the Bachelor of Science in … and have not been previously reviewed, approved or endorsed by any other The NCLRP supports registered nurses, advanced practice registered nurses, and nurse faculty by paying up to 85% of their unpaid nursing education debt. Another option that nurses may be able to use for loan forgiveness is the Perkins Loan Cancellation program. The primary condition is that you will have to work in NHSC-approved places that urgently need additional assistance. The Army Reserve offers up to $50,000 for nursing school loans with a three-year commitment. Family nurse practitioners may be eligible for a student loan repayment program from the National Guard with a seven-year service commitment. on this page is accurate as of the posting date; however, some of our partner offers may have expired. Because it can be a bit complicated, it’s recommended that you first familiarize yourself with the Application and Program Guidance document before you begin your application. The amount of debt students take on to earn their nursing degree varies widely from the school they choose to which degree they pursue. Eligible candidates can receive up to $60,000, part-time nurses can receive up to $30,000. The National Health Service Corps program awards up to $50,000 in loan repayment assistance if you’re working full time. 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