Everything You Need to Know about Student Loan Forgiveness for Nurses
Thanks to a growing shortage, nursing is one of the best healthcare careers to pursue if you want to get a job right out of college.
Nursing school graduates enjoy higher-than-average initial earnings. However, they also deal with lower-than-average earnings growth over the first half-decade of their career. This can make it difficult for anyone to pay off their student loans while working as a nurse.
Have you run into issues after taking out a loan and studying to become a nurse? Let’s take a look at what options are available when it comes to student loan forgiveness for nurses.
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The NURSE Corps Loan Repayment Program
This program lends a helping hand to eligible nurses by covering up to 85% of their student loan debt over 3 years. It not only reduces the debt burden of nurses, but it also ensures people in needy areas receive care.
On top of being a US citizen or resident, you must work full-time as an RN or APRN at a Critical Shortage Facility in a designated shortage area to qualify.
Federal Perkins Loan Cancellation and Discharge
How does wiping away up to 100% of your student loan debt sound?
While it may sound way too good to be true, that’s exactly what this program offers. You need 5 or more years of experience as a full-time registered nurse to qualify.
Unfortunately, there’s a catch: only nurses with Federal Perkins loans are eligible. Keep in mind that The Perkins Loan program ended in September of 2017, so you needed to take a loan before that date to qualify.
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The Public Service Loan Forgiveness Program
If you’ve been paying off your loans for a decade and are now looking for a way to get out of debt, this program is a good option.
This program discharges the remainder of a qualifying individual’s student loan debt. To make this option even more appealing, the forgiven debt isn’t considered taxable.
To qualify, you need to be a full-time worker in the public sector and make at least 120 payments in 10 years. Only payments made from October 2007 and on count towards the program and your loan must be in good standing.
Also, loans from private lenders are ineligible for this program.
State-Specific Student Loan Forgiveness Programs
On top of the federal programs mentioned above, you may also have other opportunities available in your state.
For example, if you live in Florida, you can take advantage of the Nursing Student Loan Forgiveness Program. It gives out $4k a year to full-time nurses who work at a designated employment site.
The majority of states in the US have one or more student loan forgiveness programs for nurses. Conduct some research to find out more.
And if you’re thinking about getting a loan and studying to become a nurse, ask for more info before enrolling at an accredited school.
Final Thoughts on Student Loan Forgiveness for Nurses
It’s far from uncommon to encounter trouble when attempting to pay off your student loans. In fact, almost 20% of Americans who borrowed from the ED are at least one month late on their loan payments.
As we learned above, it’s not all doom and gloom. Student loan forgiveness for nurses is as real as the debt you’re facing. To ease your burden, find out what programs you qualify for, and then weigh your options before making a final choice.
Do you have more burning questions related to loans, or are you looking to stock up on some money-saving tips in the meantime? If so, be sure to browse the money section of our blog today!