Award amounts depend on how much student loan debt you have; they can range from $1,500 to $10,000 per year over three years (for a total of $4,500 to $30,000 overall). After your two-year service contract, you may be eligible for a third year and an additional 25% of your loans. In addition to federal programs available to students in various fields, there are also programs designed specifically for nurses. It’s important to assess your level of debt, what you think you might earn, and the type of employer you plan to work for before selecting a plan. Information obtained via Student Loan Hero™ is for educational purposes only. As more and more Americans need medical care, the number of nurses continues to grow. But nurses who currently hold previous Perkins Loans can still be eligible for cancellation. 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While new Perkins loans are no longer being made to students, borrowers who already have them can still get them canceled according to the rules of the program. Depending on the type of loan forgiveness you receive, you’ll likely still need to pay income tax on any amount that’s forgiven. Under the Kansas State Loan Repayment Program, nurse practitioners can receive up to $20,000 in repayment assistance by committing to work in a Health Professional Shortage Area for two years. Student Loan Hero, Inc. is helping 200,000+ borrowers manage and eliminate over $3.5 billion dollars in student loan debt. The Long Term Care Nurse Loan Forgiveness Program provides funds for repayment of Qualified Educational Loans. Unfortunately, the forgiveness amount is taxable. Live in the Golden State? NMLS Unique Identifier #1136. The Michigan State Loan Repayment Program offers loan assistance for nurse practitioners who work in underserved communities. Revised Pay As You Earn (REPAYE) Calculator, Public Service Loan Forgiveness (PSLF) Calculator, Student Loan Repayment Assistance Programs. This is a grant-funded program, which means the amount awarded depends on the funds available. The Rural Communities Health Care Investment Program previously offered loan reimbursements to health care providers who are not physicians. Commit to a service obligation of full-time work at an eligible CSF or nursing school for at least 2 years, Provide verification every 6 months that you’re in compliance with your obligation, AND, Have no existing service obligation to another program or defaults on any prior obligation, Up to 50% of funds are awarded to nurse practitioners, Up to 20% of these funds go to NPs working specifically in psychiatric, mental, or behavioral healthcare CSFs, 40% of funds are awards to RNs or APRNs, excluding NPs, Up to 15% of these funds go to nurses serving in public or disproportionate share hospitals, Up to 10% of funds are awarded to nurse faculty. Not all nurses will qualify for student loan forgiveness or repayment assistance programs. To be eligible for the NURSE Corps Loan Repayment Program, you must hold a current and unrestricted nursing license in the state where you work. Please enable javascript to view this site. Eligible candidates must work full time for at least 36 months. Covered loans include Stafford, Grad PLUS, or Consolidation loans through the Direct Loan program. Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace. Eligible candidates must have a nursing degree or diploma, be employed and have earned a degree in Maryland. Accruing student debt is nearly inevitable when you’re pursuing a degree in nursing, but the field also offers more resources than most when it comes to receiving loan forgiveness. Eligible nurses must be licensed in Louisiana and in good standing with their student loans. You may see links to LendingTree services and sites on our website. Heads-up: You'll also get proven weekly strategies to pay off your loans quicker (unsubscribe anytime). Payments only qualifying if they were made after October 1, Read less. Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. How do we make money? Andrew Pentis and Laura Woods contributed to this report. In addition, your gross salary may not be more than $60,000. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!). Luckily, there are several forgiveness and loan repayment assistance programs designed specifically for nurses. Student Loan Forgiveness for Nurses in 2020 1. Local entities will match state dollars to assist with employees’ loan repayment. Eligible sites must be designated service shortage areas, and each site must offer an employer match as part of the program. Funds are granted in decreasing order of financial need, with preference being given to those in full-time teaching positions. repayment plans will receive forgiveness on their loans if they’re not paid in Apply online and provide additional supporting documentation as required. Editorial Note: This content is not provided or commissioned by any financial institution. Federal direct loans in good standing (for example, not in default) are eligible for forgiveness. 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. By visiting LendingTree’s site, you accept and agree to be bound by LendingTree’s Terms of Use. If you a Direct Loan from the list above, you must then agree to 1 of the 4 federal income-driven repayment plans. Borrowers have the option of getting an additional 25% of their loans paid off by the Nurse Corps program for a third year. Please consult a licensed financial professional before making any financial decisions. Loan Forgiveness for Nurses: Federal Programs Perkins Loan Cancellation Program. To be eligible, you must have five years of qualified experience as a nurse; other eligible borrowers can earn th… And while it can be a lucrative field with in-demand jobs, it can also lead to hefty student loans. Let’s take a closer look. 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. Eligible candidates may receive $6,000 each year, with a maximum award of $24,000 over four years. The Minnesota Nurses in Long Term Care Loan Forgiveness program offers $6,000 a year, for up to $24,000 over four years, in student loan repayment funds to RNs and LPNs who work in long-term care facilities such as nursing homes. # 1 – Nurse Corps Loan Repayment Program for Nursing Loan Forgiveness. Full-time nurses can receive up to $50,000, and nurses who work half time are eligible for up to $25,000. under PSLF. eligibility under the PSLF Program is to make at least 10 years of monthly Award amounts are not listed on the website, but it does note that those working in Health Professional Shortage Areas are offered federal funding first and receive top priority. Unfortunately, the program is not currently accepting applications, as of Dec. 10, 2020. If you meet the standard requirements and can provide documentation that you’ve had economic or environmental disadvantages, you’ll be eligible to receive an award. If you have previous NHSC scholarships but still have student loans, indicate a higher likelihood of continuing to practice at a HPSA once your obligation is complete, or come from a disadvantaged background, you might have a greater chance to receiving a larger repayment. The proposed legislation has roots in a MoveOn.org petition, which has reached 500,000 signatures. SoFi members save $14,000 on average. Alaska’s SHARP program is designed to recruit health care professionals to work in specified shortage areas in exchange for loan assistance. The details on each of these options and more are profiled below. The program offers up to $4,000 per year for a maximum of four years to nurses who work full time at qualifying organizations. Nurses can receive repayment assistance between $20,000 and $40,000 depending on their designation. Eligible candidates can receive $8,000 per year for five years under this program. Eligible candidates can receive up to $40,000 for a two-year commitment and may receive an additional $25,000 for another two years if the contract is extended. Under the Rhode Island Health Professional Loan Repayment program, nurse practitioners, nurse-midwives, psychiatric nurse specialists and registered nurses who work in Health Professional Shortage Areas may qualify for loan assistance. To apply, forward the completed Saskatchewan Student Loan Forgiveness for Nurses and Nurse Practitioners Application by mail or fax to: National Student Loans Service Centre P.O. Loan forgiveness means that, after a certain period of time and meeting certain requirements, the borrower of the loan is no longer required to repay some or all of the remaining principal and interest owed on their student loan. Qualifying sites must be in a designated Health Professional Shortage Area. The Nurse Corps Loan Repayment Program is geared toward nurses who work in underserved communities at critical shortage facilities (CSFs). Nursing Student Loan Forgiveness, Cancellation & Discharge Programs. Another bill on the table is the Opportunity for Heroes Act, which would give nurses and other essential workers $25,000 toward federal and private student loan forgiveness. Nurses are a cornerstone upon which our healthcare system is built, so it’s no wonder that the government offers multiple options to help nurses relieve their student debt. Each state has its own qualifying disciplines, eligibility requirements, and levels of monetary repayments, so it’s important to check with your state’s Department of Health to see if you qualify. Nurse practitioners can either work full or half time and must commit to working at a qualified site for at least two years. Moreover, most of the student loan forgiveness programs for nurses have … You also need to meet the following requirements: Because NURSE Corps LRP offers loan repayment options for both registered and advanced practice nurses, there are many careers that are considered for these awards. Through the NHSC, you can also find loan repayment programs through the state where you work. The petition organizer, Consuelo … These include: Those volunteering full-time with AmeriCorps or You’ll find programs that offer assistance to general nurses as well those working in advanced practice specialties. Student Loan Hero is an advertising-supported comparison service. This site is not endorsed or affiliated with the U.S. Department of Education. Having your student loans forgiven through PSLF is difficult, however, due to the specificity of the program’s requirements. Student Loan Hero Andy conquered$107,000 in student loans. Eligible candidates can receive up to $15,000 each year. If you’re a nurse, you may qualify for the Bachelor of Science in Nursing Loan Repayment program. Student Loan Forgiveness For Nurses And Other Health Care Workers . Florida nurses can apply for the Nursing Student Loan Forgiveness Program, which was created to encourage nurses to work in health professional shortage areas in Florida. The service commitment is two years. From options designed for students of all kinds to programs specifically for nurses, there are many possibilities that you can choose to pursue. 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. Many branches offer loan repayment programs on top of sign-on bonuses. Nurse practitioners in Hawaii who work in Health Professional Shortage Areas may receive loan assistance through the Hawaii State Loan Repayment Program. Nurse educators are also eligible for the program if they teach at an eligible college or university. Disclaimers: Student Loan Hero is wholly-owned by LendingTree, a Marketing Lead Generator and Duly Licensed Mortgage Broker with its main office located at 11115 Rushmore Dr., Charlotte, NC 28277, Telephone Number 866-501-2397 (TDD/TTY). There’s a two-year service requirement for full-time providers and a four-year service commitment for those employed part time. There are three federal programs available to provide you with some relief from your nursing debt. Each branch has its own requirements and benefits, but in some cases you could receive more than $100,000 to apply to your student loans. To start, take a look at national programs that nurses across the country have access to. If you’ve dreamed of becoming a nurse and making a positive impact on the healthcare field, don’t let the cost of your schooling deter you. However, you can email [email protected] to receive updates on the program’s future. The National Health Service Corps Loan Repayment Program (NHSC LRP) offers debt relief in exchange for at least 2 years of full- or part-time primary, behavioral, or mental healthcare practice in a Health Professional Shortage Area. Program outcomes vary according to each institution's specific curriculum and employment The Minnesota Nurse Loan Forgiveness Program offers repayment assistance to licensed practical or registered nurses who work with people with developmental disabilities or in a licensed nursing home. years later. Along with the various loan forgiveness programs, there are also plenty of scholarships that can help you fill in the gaps. If your Canada Student Loan is in repayment, you must continue to make your regular monthly payments. The Nebraska Loan Repayment Programs are a group of matching-fund programs to recruit health care professionals in Nebraska. Federal Perkins Loan Cancellation. Published in Public Service Loan Forgiveness, Student Loan Forgiveness, Student Loan Repayment. The downside to choosing an income-driven repayment plan is that, depending on the plan you choose and how much money you end up earning, you might make higher monthly payments or pay more over time than you would on a Standard Repayment Plan. To be eligible for the Veterans’ Home Nurse Loan Repayment Program, nurses must be Illinois residents, meet certain licensing requirements from the Illinois Department of Financial and Professional Regulation and have their employment verified in good standing by the Illinois Department of Veterans Affairs. And full-time providers could net as much as 50% off their qualifying debt (up to $35,000 per year). And Unfortunately, the program is not currently accepting applications, as of Dec. 10, 2020. Read more. Apply Now! The program is competitive and open to other health care professionals, too. Can be from the federal government or a private lender, Must be applicable to the program where you completed your education, AND, Cannot be consolidated with any other debt, A public or private nonprofit Critical Shortage Facility (CSF) providing primary medical or mental healthcare in a, An accredited public or private nonprofit school of nursing.
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