Empowering Nurses to make quick career jumps with Forgiveness Schemes

Posted on January 27, 2016 Updated on January 27, 2016

Doctor, nurses and teachers form a very strong professional backing to any society. The country often misses out on the services of the professionals when students from poor background fail to capitalize on the educational infrastructure.
As education costs continue to rise, the federal loan schemes come across as a great support. For those who are not aware of how tough it could be for a student loan borrower to actually manage the interest payments, the Obama forgiveness program is an easy way out. In 10 years time, you could enjoy relief from the strenuous repayment of loan interest without any additional burden.

Nursing Education Loan repayment program is a part of the Obama forgiveness scheme where the offers are made to registered nurses and clinical assistants. The nurses can repay the educational loans linked to their professional commitments with the public and NGO-related services.

Here are some of the ways the Federal government makes nursing loan repayment scheme such a wonderful professional incentive across USA.

–    Work for less than 40 hours per week
Nurses can have pretty treacherous working conditions. Just a decade ago, nurses worked for more than 50 hours per week with 6 days work shifts. Most of them had hard time managing their personal lives. Obama forgiveness scheme plotted a differential life standard benchmark for nurses who have taken Federal student loans. Now, nurses can work for less than 40 hours per week and still earn enough to repay the loan within forgiveness tenure.
The minimum number of hours a registered nurse has to week per week is 32 hours.

–    Choose your own locations
Yes, nurses who have taken education loans can choose their own work locations and clinics. For initial number of years, depending on the loan sum and the forgiveness expected, a nurse in USA could be placed in areas where there is acute shortage of manpower. They could even be sent to rural and military bases. It not only pays well to serve in such locations but also adds experience into their kitty. After forgiveness is earned, the nurses can apply for further education loans to pursue higher studies. They can even switch to a private institution or an academic training school to serve as a nursing teacher.

–    Earn 60 percent forgiveness in 2 years
Nursing education Loan repayment program is a part of Obama forgiveness scheme that will pay 60 percent of the borrower’s qualifying loan balance in two years of service. Additional forgiveness of 25 years is earned for the third year and henceforth.

–    All registered nurses can apply for forgiveness
Registered nurses or RNs as they are referred to under the Obama Forgiveness schemes are eligible for forgiveness. The American Association of Colleges of Nursing (AACN) is the primary database for federal loan providers to fund students considering nursing as a graduate study before enrolling in the careers.

Nursing school’s financial aid department will guide you to other grant and loan programs like Perkins Loans, PLUS Loans and Stafford Loans.