Month: August 2016
How Loan Repayment Program Benefits Nursing Professionals?
Nursing in USA is a respectable job but comes at a rather high cost of education. As the pursuit for good quality nursing education becomes important, the federal loans come as a handy aid for families struggling with rising cost of education.
However, to enjoy the benefits through loan forgiveness programs for nurses, an individual has to fulfil certain conditions—
- Volunteer activity with NGOs and community service agencies
- Serve in military centres, wartime areas and in peace-keeping organizations
- Teach and practice nursing or medicine in community centres/ educational centres
The repayment benefits in Loan forgiveness for nurses are applicable only if the practitioners have paid up/ paying up the loan interest on a monthly basis.
Forgiveness on loans for nurses—Join top organizations in USA
Best American organizations in USA with long history of medical aid and welfare programs support the federal government in strengthening it forgiveness programs. The joint association with the federal government encourage nursing professionals to improve socio-economic conditions and health-care workers across the USA.
Here are top career choices you can make to gain consistent loan forgiveness benefits for nurses.
- Military Aid
Army Nurse loan forgiveness is a great incentive for fresher graduates who are looking to quickly repay their loan sum. This program is available for both public sector employees as well as those working with private groups. The army nurses are required to replace and reinforce medical officers on the warfront or the battalions engaged in peace-keeping missions.
A nurse under this scheme can earn bonus up to $ 25,000 USD, in addition to $ 100,000 that can be paid towards the repayment of loan in easy EMIs. Moreover, a nurse with an experience of over 2 years can get USD 50,000 under the US Army Reserve Health Program towards the loan repayment.
- AmeriCorps
This is an exclusive sponsorship-backed program launched by the US government to encourage nursing professionals in teaching, training and public health commissions. A one-year program with AmericCorps can earn a stipend of up to $8000 USD with additional income of $ 4500 to be paid towards the repayment of the student loans. This additional income is a definite loan forgiveness sum for nurses that reduce the monetary burden.
Different loan forgiveness schemes for nurses joining AmericCorps are available in programs like—
- AmeriCorps VISTA (Volunteers in Service to America)
- AmeriCorps NCCC
- AmeriCorps State and National
Education Award of $5000 and more can also be availed along with living allowance, health aids and child education care.
- Peace Corps
PeaceCorps have been transforming lives of millions of Americans and international citizens for years now. With ever increasing demand for quality health care services, nurses serving in USA have a wonderful opportunity serving at Peace Corps but also earn loan forgiveness with remarkable volunteering sponsorships and generous allowances from the government.
All loan repayment benefits are available for nurses and medical professionals working on long-term healthcare programs, military aid foundations and non-governmental agencies working for unprivileged communities.
Loan Forgiveness for Armed Personnel: The Benefits of Being a Nurse in USA
Serving in the US Army is a very challenging opportunity. The amount of hardwork, determination and the quality of study that goes into producing the best cadets has encouraged the Obama administration to extend the existing loan forgiveness schemes and repayment plans. There are numerous advantages of joining the US Army Nurse Corps and avail the maximum benefits of the Loan Forgiveness for nurses, doctors and paramedics.
Here is what you should know about the loan forgiveness for nurses serving in Army and other associated agencies.
Comprehensive Package: Salary plus Incentives
A nurse serving with the US Army is entitled to many comprehensive financial benefits in addition to the competitive salary package. If you have availed the student loans to complete your education, the federal government offers extensive loan forgiveness for nurses with exemplary health and medical benefits. The ever-attractive retirement plans in addition to housing allowances and paid vacations annually seem to be the creamy layer in the main dish that serves tax-free loan forgiveness and complete loan debt cancellation after completing a certain years of service in the US Army.
Accession Bonus
Loan Forgiveness for Nurses is also available with sign-on bonus of at least USD 30,000! For those who have plans to serve in the Army Nurse Corps permanently can avail complete loan forgiveness with additional tangible and intangible financial benefits.
For those in active duty, whether in peace-keeping missions or serving on war fronts, need 10-14 weeks of additional training .The Loan forgiveness for nurses are available if they fall fulfil the following criteria:
- US citizenship practising in USA
- Graduation from BSN or MSN from a CCNE or NLNAC-accredited school
- Unrestricted nursing license by recognised body
- Meet mandatory Air Force/ Navy/ Army fitness standards
- Served at least three years of active duty
Active Duty incentives
Active army nurses in missions or serving as reserves can avail a loan repayment incentive of USD 10,000. It is often clubbed with the Accession Bonus, for nurses who have served a minimum of three years in active duty.
As per the provisions of Loan forgiveness for nurses in active duty, the federal agency provides up to USD 120,000 as repayment towards the educational loans, with an average of USD 40,000 per year for the three years of active duty.
Different Roles, different loan forgiveness incentives
In US Army, the loan forgiveness for nurses depends on the functionalities and the specialities of the personnel. Anaesthetists, radiologists, family nurse, midwives and clinical specialists are eligible for a payment of USD 2000 to USD 6,000 per year. For those in Active Duty, the incentive payment could be as high as USD 15,000.
Special pay towards the Loan forgiveness for nurses are extended to personnel with BSN, MSN, DNSc and PhD-Nursing.
Depending on the loan program you have chosen as a nurse, your forgiveness program will also vary depending on the principal amount taken, repayment made and previous debt history.
A Complete Guide to Student Loan Forgiveness for Nurses
Nursing as a professional is a noble assignment. But it comes with its share of challenges in the form of endless certification programs and loan repayment issues. Pursuing nursing education could dent a blow to your career plans and financial stability if you have a hefty loan to repay in your prime as a talented nurse.
Here is a quick guideline to help you sail past the hurdles of defaulting and forbearance using the provisions of Student Loan Forgiveness for Nurses.
100% Discharge with Federal Perkins Loans
If you are full-time nurse with Federal Perkins Loans in your kitty, you are eligible for as much as 100% loan discharge. This loan program offer the nurses an excellent opportunity to avail forgiveness as an incentive. The full-time employment is a mandatory eligibility criterion with different levels of specialisations, work locations and term of service.
100% discharge as per the Student Loan Forgiveness for nurses under Perkins Loans portfolio cover nurses working in hospital and health centres meant for low-income families, or catering to high-risk children. ACTION volunteer, Peace Corps and Military nurses too have 100% discharge incentives under the Student Loan forgiveness program for nurses and teachers.
Enrol with Critical Shortage Facilities
The NURSE Corps Loan Repayment Program is a unique extension of the forgiveness scheme meant for nurses employed with the Critical Shortage Facilities (CSFs). Nurses working in such designated facilities can avail forgiveness in the form of automated loan repayment within 24 months of employment. For forgiveness, a nurse has to work for at least 32 hours every week. This factor will earn a repayment benefit of up to 60%. In the third year, the nurses covered under NURSE Corps program are eligible for additional repayment benefit of 25% towards their loans.
Pick Public Service Loan Forgiveness
If you are a nurse and have a direct loan package to repay, it is best to go for Public Service Loan Forgiveness. This exemplary model allows a public service official to avail forgiveness after 10 years of continuous and timely monthly interest repayment. All Direct Loans are included in this Forgiveness, but the condition is strict with cases of defaulting. All nurses working in a public health service centre or a tax-exempted non-profitable nursing centre are eligible for the forgiveness from their 121st month of loan repayment schedule.
Best part about this student loan forgiveness for nurse is that it is 100% tax-free.
Loan assistance in shortage areas
Some parts of the country offer extensive loan forgiveness to attract nurses for shortage areas. In Alaska, the SHARP program is designed exclusively for nurses and medicos to work in return for an incentivised loan forgiveness and repayment scheme.
Similarly in Arizona, nurses can receive up to USD 50,000 of loan repayment assistance for working either as a part-time or full-time professional in shortage areas. Different states have different loan forgiveness programs for nurses.
Thanks to the novel initiative of Obama’s Student Loan forgiveness for nurses, nursing is back to its positon as a lucrative profession in the USA and abroad.
Obama Student Loan Forgiveness 