Student Loan Forgiveness Programs For Nurses
There are various student loan forgiveness and debt relief programs that offer 60 to 85 percent loan forgiveness to nurses who are working as a full-time employee at a healthcare facility with critical shortage of resources. These programs offer loan discharge for several types of student loans, including Stafford loans, Perkins loans, Consolidation loans, and Grad PLUS loans.
Here is a list of student loan forgiveness programs offered to nurses serving a medically under-served healthcare facility.
- Federal Perkins Loan Discharge
- NURSE Corps Loan Repayment Program
- Federal Public Service Loan Forgiveness
- The National Health Service Corps Program (NHSC)
Federal Perkins Loan Discharge
Commonly known as Teacher Loan Cancellation Program, Federal Perkins Loan Discharge is not a very popular loan forgiveness program among the nursing communication. This program offers 100 percent loan forgiveness to nurses who have served the nursing profession for at least five years and are in the process of repaying their Perkins loan.
This program offers incremental loan forgiveness, which means that a percentage of principal amount is discharged every year. Usually, 20 percent loan forgiveness is offered every year.
National Health Service Corps Program (NHSC)
This student loan debt relief program was introduced by the US Department of Health and Human Services for individuals who commit to serve an under-served healthcare facility located in a high-need years for at least two years.
Under this program, eligible individuals can get up to $50,000, which they can use for repaying their student loans. The amount awarded under this program depends on the organization where the applicant has worked, length of employment, and nature of employment. In addition to this, applicants can get additional amount if they agree to serve the organization for a longer period.
NURSE Corps Loan Repayment Program
NURSE Corps Loan Repayment Program (NURSE Corps LRP) offers dual benefits to nurses who are ready to serve under-resourced organizations. It not only provides them an opportunity to become a part of the community of highly dedicated healthcare professionals and achieve a bright future, but also offers them financial assistance for student loan repayment.
Under this program, qualified candidates can get up to 60 percent financing of their student loan debt for the two-year service commitment. Also, if they agree to extend their service term by one year, they can get an additional 25 percent financing for repaying their student loan debt. However, the payment of additional amount is subjected to the availability of finances.
The eligibility requirements for NURSE Corps LRP are quite simple. The applicant must be a US citizen with a valid license and must commit to work full-time for two years at a critical shortage facility.
What Student Advisors Can Do For You?
The federal and state governments are introducing new student loan debt relief programs to help young professionals pay off their student loan debt. However, several of these loan forgiveness programs have complex terms and conditions that are difficult to be comprehended by a layman.
Student Advisors aims to help students understand the benefits and drawbacks of all these programs and help them make an informed decision. Our team of experienced professionals works tirelessly to help students achieve a debt-free future.