Nurse Faculty Loan Program (NLFP) NFLP is a loan for advanced education nursing students who … [Read more: How does the CARES Act affect your student loans? The Army’s nursing program benefits may include up to $30,000 as a sign-on bonus and up to $120,000 to repay nursing school loans over three years of active-duty service. There are important differences to consider, including eligible work facilities and disciplines. Depending on the repayment plan and when you initially took out the loan, the remainder of your loan’s balance may be forgiven after you've made payments for 20 to 25 years. Some fine-print items to note include designation and license requirements, which loans are eligible and the program’s restrictions. However, student loan forgiveness programs for nurses are a slightly complex area. Nurses can receive up to $27,000 per year in loan forgiveness depending on the position and location. The program requires a commitment of at least two years, which can be extended for another two years in nursing homes. Vermont’s Educational Loan Repayment Program for Nurses offers a maximum annual award of $6,000. The Michigan State Loan Repayment Program (MSLRP) is used to recruit both medical and dental providers by offering up to $200,000 for qualifying loans and in exchange for a commitment to serve practices in underserved communities designated as Health Professional Shortage Areas (HPSAs). The HRSA has a helpful side-by-side comparison of the two programs. Job fairs allow sites and clinicians to meet online, and you can learn more about health profession positions open at eligible sites throughout the U.S. and its territories. California. If your Canada Student Loan is in repayment, you must continue to make your regular monthly payments. in nursing at an eligible school. The tool accomplishes the following: In addition to using the tool, here are the basics you need to know before you can apply: When you’re ready to apply--aka have made your 120 payments and know you’re eligible--you can fill out the application and send it, along with your employer’s certification form, to: One note: If you already use FedLoan Servicing for your loan, you can upload both forms directly on their website instead of mailing your paperwork. The Oregon Partnership State Loan Repayment Program requires nurses to commit to either 2 years of full-time service of 4 years of part-time service in a health shortage area to qualify for repayment. For example, some hospitals and health networks offer loan forgiveness awards to nurses, and others offer scholarships to nurses continuing their education. If you are interested in becoming an APRN, it is worthwhile to both check with your school as well as your current and prospective employers to see what kind of loan forgiveness may be available. Reach out to an Air Force health profession recruiter to learn about the requirements and loan repayment amounts. The Army Reserve offers up to $50,000 for nursing school loans with a three-year commitment. 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. Iowa’s nursing loan forgiveness program is called the “Iowa Registered Nurse & Nurse Educator Loan Forgiveness Program”, which is a bit of a mouthful, but another benefit package worth looking into, as it offers paying down up to 20% of your outstanding student loans in return for qualifying service. Many states offer student loan repayment programs as an incentive for nurses to serve in a federally identified Health Professional Shortage Area or state-designated facility. How does the CARES Act affect your student loans? A Costco mortgage could save you money, but shopping around is still a must. The service commitment is two years. In exchange for enlisting in the Army, you can qualify for up to $120K to repay nursing loans in exchange for a minimum 3-year service to the Army. 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. You’ll receive the award directly, and it’s paid out in two installments at the beginning of each year of service. and have not been previously reviewed, approved or endorsed by any other There is a range of loan repayment and loan forgiveness programs, including the Nurse Corps Loan Repayment Program (NCLRP), the National Health Services Corps Loan Repayment Program (NHSC LRP), and Public Student Loan Forgiveness (PSLF), among others. Rewards and 0% introductory APR offers make it tempting to pay off student loans with a credit card, but first, do the math. Full-time nurses who received Perkins loans before 2017 and have worked for 5 consecutive years in a healthcare professional-shortage area may be eligible. Louis DeNicola is a personal finance writer who works with Fortune 500 financial services ...  Read more. Programs may offer full or partial financial help when nurses commit to work in specific underserved areas. Alaska’s SHARP program is designed to recruit healthcare professionals to work in specified shortage areas in exchange for loan assistance. [Read: Getting Student Loans Without a Co-Signer. Federal Perkins Loan Cancellation and Discharge. Program participants can apply for repayment assistance for up to four years. To be considered for PSLF, nurses must work full-time (as defined by their employer) or work at least 30 hours per week. There are nurse-specific loan forgiveness programs, and loan forgiveness programs designated specifically for those working in public service. State nursing loan forgiveness programs. You can only apply for the Perkins Loan Cancellation through your loan provider or your school, so you’ll need to check with the school or your loan provider for the specific form and paperwork. The Department of Education forgives your remaining federal Direct Loans after 10 years of qualifying repayments — and unlike other programs, you don’t have to pay taxes on the forgiven amount. The program requires a commitment of at least two years, which can be extended for another two years in nursing homes. The funds can also be used for nurses who plan to be nursing instructors later as well. The Montana Institutional Nursing Incentive Program offers loan assistance for registered nurses who work full time at a Montana state hospital or state prison. There are several federal student loan forgiveness and cancellation programs that aren’t specific to nurses but could help nurses with their student loans. Many states offer student loan repayment programs as an incentive for nurses to serve in a federally identified Health Professional Shortage Area or state-designated facility. With a team of extremely dedicated and quality lecturers, florida nurse loan forgiveness program will not only be a place to share knowledge but also to help students get inspired to explore and discover many creative ideas from themselves. The 120 qualifying monthly payments = 10 years, so you will need at least 10 years of qualifying payments before you’re eligible to apply. Fifteen percent of your original loan principal could be canceled for the first and second years of work, 20 percent during the third and fourth years, and the remaining 30 percent after the fifth year. Federal agencies offer several student loan repayment options for nurses. You may be able to repay your federal student loans using an income-driven repayment plan, which bases your monthly payment amount on the type of loan you have, your income, family size and where you live. Prospective graduate students interested in health professions should look into options to pay off student loan debt. Depending on your level of need and where you work, you can get up to 85% of your U.S. … Full-time nurse practitioners or certified nurse-midwives could be eligible for up to $50,000 in loan repayment assistance, Part-time nurse practitioners or certified nurse midwives are eligible for up to $25,000. The Perkins Loan is commonly used by teachers as a loan forgiveness program, but nurses can be eligible too. These programs only apply to qualified federal student loans. However, as long as you meet your requirements, you could get a significant portion or all of your loans repaid or forgiven through one of these programs. Beyond the options we've listed here, there are loan forgiveness programs that are specific for advanced practice nurses only, including nurse practitioners, certified midwives, certified registered nurse anesthetists, and nurse educators. Individuals who work at a qualified facility can get 60% of their student loans paid off over two years of employment. on this page is accurate as of the posting date; however, some of our partner offers may have expired. Employer-Based Loan Assistance for Nurses In addition to government … West Virginia’s State Loan Repayment Program offers student loan forgiveness for nurses practicing full-time for a minimum of two years in underserved rural areas. The qualified loan types vary by program. The Health Care Loan Repayment Program requires a 5-year service commitment in exchange for $6,000 or 20% of the qualified loan balance. Other Loan Forgiveness Options There are also options for Army reserve loan forgiveness, which provides part-time, local options for Army Reserve nurses. In some cases, your monthly payment could drop to zero. Interestingly, employers must match the loan forgiveness as part of the program. Part-time nurse practitioners and nurse-midwives may receive up to $25,000 in loan forgiveness. Eligible candidates must submit proof that their current loan balance is at least $1,000. You may be able to receive a smaller award if you work part time. Family nurse practitioners may be eligible for a student loan repayment program from the National Guard with a seven-year service commitment. There are a few different types of loan forgiveness programs for nurses that enroll in the military. 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. All income-driven repayment (IDR) plans--which are plans that use your income to determine what your monthly payment will be--qualify. The Navy’s Health Professions Loan Repayment Program awards up to $40,000 in loan repayment assistance each year. Although the awarded amount is taxable, the program will pay 20 percent of your federal tax. The Nurse Corps Loan Repayment Program A loan repayment program available to registered nurses and advanced practice registered nurses, such as nurse practitioners, working in a public or private nonprofit Critical Shortage Facility. Kimberly Rotter and Bob Musinski Dec. 24, 2020, Jessica Merritt and Jennifer CaloniaDec. The NURSE Corps Loan Repayment Program is designed to offer student loan repayment assistance to nurses who qualify. Borrowers have the option of getting an additional 25% of their loans paid off by the Nurse Corps program for a third year. With this program, you’ll have to make 120 qualified monthly payments while working full time with a qualified employer, or the equivalent with multiple part-time jobs. [Read: Best Private Student Loans of 2018.]. 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. Nurses can also take advantage of federal student loan repayment plans that offer forgiveness after 20 or 25 years of qualifying payments. There are some similarities between the programs, such as the requirement to work for two years at a facility that has a critical shortage of nurses. This program provides assistance similar to the Nurse Corps Loan Program. You’re an LPN, APRN, or nurse faculty member. The amount awarded depends on the number of candidates, as well as available state funding. This program offers you up to $ 50,000 in just two years of service in comparison with other student loan forgiveness programs for nurses. ], Health Resources and Services Administration Programs. In either case, the loan repayment award is tax-free. There is a one-year commitment at a qualifying organization. Public Service Loan Forgiveness. Relying on a student loan forgiveness program for your nursing education may not always be the best route for you, depending on your individual situation. "New graduates should carefully scrutinize the rules, regulations and conditions of loan forgiveness programs to avoid penalties," says Diane J. Mancino, National Student Nurses' Association executive director. In general, you may be ready to apply for the forgiveness program if you meet the following criteria: It’s also worth noting that the forgiveness is given out depending on your financial need, so there may be applicants who receive higher amounts based on their needs. Public Service Loan Forgiveness (PSLF) is one of the most popular loan forgiveness programs in the country. After you complete your qualified monthly payments, the remainder of your student loan balance will be forgiven. For example, the Army Active Duty Health Professions Loan Repayment Program gives up to $120,000 … The Public Service Loan Forgiveness Program forgives the remaining balance of all federal loans after the borrower has made a minimum of 120 qualifying monthly payments while working full-time for a qualifying employer. So, after ten years of loan payments, you could get the rest of your student loans paid off. In addition to government programs, nurses may be eligible for loan-related employer benefits. Perkins loans are administered by schools, rather than the federal government, so you will have to contact the school or the school’s loan servicer to apply for the cancellation program. Each state offers loan forgiveness for nurses but the requirements, eligibility, and work commitment vary. There’s also a Navy Nurse Candidate Program, which offers a $10,000 sign-on bonus and a $1,000 monthly stipend for up to 24 months for full-time students pursuing a B.S. There could also be restrictions on receiving loan assistance from multiple programs that have similar service requirements. For example, you might have your nursing license revoked if you don’t maintain the full-time work schedule that the program requires. As you can see from this article, there are multiple options available to nurses … A full-time nurse can be eligible to have 100% of their federal loans completely forgiven if they have 5 years of eligible services. [Read: Best Student Loan Consolidation Lenders of 2018.]. Both RNs and APRNs are eligible. The NHSC Loan Repayment Program. A critical shortage facility can be any of the following: According to the website, in order to be eligible for loan forgiveness, individuals must: The application is lengthy and requires documentation from your employer as well as additional supporting information. The National Health Service Corps program awards up to $50,000 in loan repayment assistance if you’re working full time. Like other states, Florida’s Nursing Student Loan Forgiveness Program offers financial assistance (up to $4K/year for 4 years) for nurses to work in shortage areas. The NURSE Corps program doesn’t place a dollar limit on the award, which can be for up to 60 percent of your outstanding balance if you work full time for two years. The Pennsylvania Primary Care Loan Repayment Program offers loan assistance for registered nurses who work in designated Health Professional Shortage areas. To be eligible, nurses must have obtained their education from an accredited nursing school in the United States and must work-full time either in a public or nonprofit healthcare … Meet certain licensing requirements from the Illinois Department of Financial and Professional Regulation, Have their employment verified in good standing by the Illinois Department of Veterans Affairs, Meet the Army’s physical and moral standards, Options for nurses who know they will stay in consecutive employment, Options for nurses interested in serving in shortage areas, Financing for nurses with limited socioeconomic resources, You won’t be able to switch employers if your forgiveness program requires consecutive employment, You will be limited to where you can choose to work, You will have to work to a public or non-profit employer. The U.S. government currently has 2 options to … The top 5 student loan forgiveness programs for nurses are: The most common Loan Forgiveness program is the Public Service Loan Forgiveness Program (PSLF). According to the Federal Reserve, more than half of students in 2019 took out some sort of student loan for higher education, and 17% of those students also fell behind in their payments last year. Knowing how the interest rate and APR are different can help you comparison shop for a mortgage. Another option that nurses may be able to use for loan forgiveness is the Perkins Loan Cancellation program. Since there’s a high demand for nurses, the federal government has developed numerous national and state student loan forgiveness for nurses. The Health Resources and Services Administration, part of the Department of Health and Human Services and commonly known as the HRSA, administers two federal loan repayment assistance programs for nurses: the National Health Service Corps Loan Repayment Program and the NURSE Corps Loan Repayment Program. The Nurse Corps Loan Repayment Program is for registered nurses who work in underserved communities at critical shortage facilities. This is also a matching program, so half of the funding will be required to come from the nurse’s employer. Many states also offer loan forgiveness to nurses, especially those who work in a Health Professional Shortage Area (HPSA). ], Indian Health Service Loan Repayment Program. Each loan forgiveness program is going to have very specific eligibility requirements including the type of student loan that is eligible for repayment.You’ll want to find out additional information regarding your state’s forgiveness program as well as federal programs in order to pre-qualify. Residency requirements vary per state, as do specific eligibility requirements. Luckily, we’re here to break everything down into simpler terms. A qualifying employer means that you work for: A government organization at any level (federal, state, local, or tribal), A not-for-profit organization that is tax-exempt under Section 501(c)(3) of the Internal Revenue Code, Other types of not-for-profit organizations that are not tax-exempt under Section 501(c)(3) of the Internal Revenue Code, AmeriCorps or Peace Corps serving as a full-time volunteer, Standard Repayment Plan for Direct Consolidation Loans, Helps you understand more about the PSLF Program and what you need to do to participate and possibly have your loans forgiven, Helps you assess whether your employer qualifies for PSLF, Helps you assess whether your loans qualify for PSLF, Helps you decide which PSLF form to submit, Uses the information we have about your federal student loans to explain other actions you should or must take if you want to receive PSLF. You may need an application and an employer verification form proving that you have been employed for the minimum required amount of time. Once the graduate has served the two-year agreement, they will receive 60 percent of their existing loans. Kodish suggests visiting one of HRSA's virtual job fairs held throughout the year if you’re interested in either program. Public Service Loan Forgiveness (PSLF) is a federal student loan forgiveness program for nurses and other public servants, including medical technicians that work in the public sector. For RNs, the max amount dispersed in exchange for a two-year service commitment is $20,000. Nurses and nurse practitioners will receive forgiveness of one-fifth (20%) of their outstanding Saskatchewan Student Loan debt, up to $4,000 annually, for up to five years, to a maximum of $20,000. The Iowa Registered Nurse and Nurse Educator Loan Forgiveness Program will repay eligible nurses and nurse educators up to 20% of their federal student loan balance per year for up to five years. The Rural Communities Health Care Investment Program only requires 12 consecutive months in a qualified rural community to qualify for a max payment of $10K. The amount of debt students take on to earn their nursing degree varies widely from the school they choose to which degree they pursue. Johnson & Johnson’s Campaign for Nursing has an online directory of financial assistance programs for nurses, including many employer-sponsored loan repayment, tuition reimbursement and grow-your-own programs. Nurses in Illinois who commit to working in veterans’ homes may be eligible for loan assistance of up to $5,000 per year for four years. The NCLRP supports registered nurses, advanced practice registered nurses, and nurse faculty by paying up to 85% of their unpaid nursing education debt. You may qualify for assistance with an additional 25 percent of your original loan balance with a third-year commitment. Another option for nurses is the Nurse Corps Loan Repayment Program. If you work for a city, municipal or county hospital, there’s a strong chance you can qualify for student loan forgiveness for nurses, if you meet all the qualification requirements. Some "grow-your-own" nursing programs offer employees money to attend a local nursing program, including funds for books and supplies. The Air Force Active Duty Health Professions Loan Repayment Program is another option for military nurses. The nursing student loan repayment offered by the hospital comes up to $10,000. Some of the pros of using a student loan forgiveness program can include: If you decide that the student loan forgiveness program is not right for you, or if you’d like to explore other options, some of the other ways to pay off nursing student loan debt include: Copyright © 2020 Full Beaker, Inc | 866-302-3888 | [email protected] | Do Not Sell My Personal Information, Public Service Loan Forgiveness Program (PSLF), Nurse Corps Loan Repayment Program (NCLRP), Military Student Loan Forgiveness for Nurses, Bureau Health Workforce (BHW) Customer Service Portal, Veterans’ Home Nurse Loan Repayment Program, Montana Institutional Nursing Incentive Program, Oregon Partnership State Loan Repayment Program, Pennsylvania Primary Care Loan Repayment Program, Rhode Island Health Professional Loan Repayment Program, Rural Communities Health Care Investment Program, West Virginia’s State Loan Repayment Program, Army Active Duty Health Professions Loan Repayment Program, guide to refinancing nursing school student loan debt, You must be using a qualifying repayment plan while working for a qualifying employer. entities, such as banks, credit card issuers or travel companies. "Accepting a National Health Service Corps Loan Repayment Program award is a rewarding experience for both the clinician and the high-need community where they choose to serve," says Scott Kodish, HRSA Office of Communications public health analyst. The Rural Iowa RN & PA Loan Repayment Program offers loan repayment of up to $20,000 to nurse practitioners working in select Iowa communities for a minimum of five years. Here's how to decide whether paying points on your mortgage is a good idea. Local, state, federal or nonprofit hospitals and medical facilities may qualify. Not all nurses will qualify, but for those that are lucky enough, they are definitely worth applying for. In addition to the repayment funds, you can also earn sign-on bonuses for enrolling in the program. (Hero Images/ Getty Images). Information for each program can be found on individual state webpages. Many states offer student loan repayment programs as an incentive for nurses to serve in a federally identified Health Professional Shortage Area or state-designated facility. 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. For example, some state loan forgiveness programs may only be open to advanced practice nurses or BSNs who are licensed to practice in that state. While the program only requires a two-year commitment, Kodish says 93 percent of clinicians in the program continue to serve in high-need areas up to two years more. Because it can be a bit complicated, it’s recommended that you first familiarize yourself with the Application and Program Guidance document before you begin your application. However, nurses can qualify to pay down or eliminate student loan balances with a variety of federal, state, local and private loan repayment assistance programs and forgiveness programs. It is very important to note for this type of loan forgiveness that the owner of the healthcare system must be a not-for-profit organization. To be eligible for the Veterans’ Home Nurse Loan Repayment Program, nurses must be. Qualifying sites must be in a designated Health Professional Shortage Area. Nursing can be a rewarding career, but training to become a nurse can be costly. These forgiveness programs can bring new nurse candidates, help them clear their loan debts, and raise valuable healthcare nurses, especially in areas in the United States that urgently need such nurses. 9, 2020. To qualify under this plan, all registered nurses must have graduated from an accredited school and they must sign a two-year agreement to provide services at a facility that is experiencing a shortage. Registered nurses who work in a Health Professional Shortage Area or Medically Underserved Area can receive up to $10,000 through the California State Loan Repayment Program. For instance, NerdWallet found that, on average, ADN-prepared nurses take on close to $20,000 in debt, BSN nurses, $23,711, and MSN-prepared nurses, over $47K. All other repayment plans DO NOT qualify for PSLF and include: Applying for the PSLF can be confusing so the federal government has developed a specific tool to aid individuals in the application process. Schedule that the program offer employees money to attend a local nursing program, including eligible work facilities and.. School in a CSF in a designated Health Professional Shortage areas in for. Nurse or have a Bachelor of Science in nursing homes employed for the qualifying employer you... A country-wide program, nurses must be an option as part of the programs... N'T honor your commitment a Bachelor of Science in nursing homes is also matching. 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