A look at Nursing Student Loan Forgiveness Programs

Nursing is known as a noble profession, the selfless individual who take the profession of serving the mankind surely need some help and encouragement from the society. When it comes to helping them there cannot be a better way than Loan Forgiveness Program for Nurses. The best news is that in United States Nursing student loan forgiveness program remain widely available via various State and Federal financial aid programs, so no matter where you work as nurse in US, you are sure to get some kind of loan relief.

The benefits are determined on the basis of their position like Registered Nurse, Nurse Practitioner etc. The level of education is also a major criterion.

A look at Federal Loan Forgiveness for Nurses

Mainly, there are three major federally funded schemes under which nurses can avail loan forgiveness benefits. These includes:-
1 NURSE Corps Loan Repayment Program  also known as NHSC
2 Public Service Loan Forgiveness Program
3 Perkins Loan Discharge/ Loan Cancellation for Nurses

1    NURSE Corps Loan Repayment Program:

NELRP was specially designed to meet the financial education needs of Registered Nurses working in underserved clinic and hospitals.  The word underserved here means that Federal Government is ready to pay Registered Nurses for working in poor rural and urban communities. The reason is that most nurses don’t want to work in such places. To avail the benefit the nurses need to apply and go through a systematic selection process to be eligible for the benefits.

How NELRP works:

• Nurses with two years experience at a facility that recognized by the Federal Government qualify to get 60 percent pay off on their nursing loan.
• For one additional year of service, the Federal government proposes to pay another 25 percent of the balance loan amount.

2  The Public Service Loan Forgiveness Program

It is available to nurses employed in a fulltime basis in public services jobs like education, health care, state employees etc. The student nurse borrower needs to pay 120 monthly installments, means paying loan continuously for 10-years, after the payment the borrower is entitled for remaining loan forgiveness.

3    Perkins Loan Cancellation for Medical Technicians and Nurses

Most of the people are not aware that Perkins Loan Cancelation is available for Medical Technicians. It is the reason that very few medical technicians have availed the loan. If you are one of the few ones who have availed the loan then here is how you can get the loan forgiveness.

• Nurses who qualify for Perkins Loan benefit can apply for forgiveness after completing five years experience in the nursing filed. The best part is that you can have your entire loan discharged.
• The wonderful thing about the program is that it also offers incremental forgiveness. The student nurse borrower can apply for some part of the loan to be forgiven after completion of service every year. It makes it the most unique forgiveness program available for nursing students.