Student Loan Forgiveness for Nurses
Student loan forgiveness programs can significantly decrease the amount of student loan debt nurses have to repay. Learn about these programs and how to apply. The CARES Act temporarily halted student loan payments in 2020, but this pause will end in January 2023 for many borrowers. With approximately 45 million borrowers owing $1.6 trillion in student debt, the White House is offering up to $20,000 in loan forgiveness to aid repayment. This page presents details about the new federal relief plan for all borrowers and specific loan forgiveness options tailored to nurses.
Make sure you don’t miss out on any available government financial support by checking out this article.
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Understanding Loan Forgiveness and Its Process
Loan forgiveness programs usually reward professionals in public service roles who work in high-need areas, like nurses and teachers serving underserved communities. In exchange for working in such populations, these programs provide partial or complete loan forgiveness. If borrowers fulfill the requirements and meet their work commitments, their debt can be eliminated. The funds are applied directly to their outstanding balance once they submit an application and necessary documents, such as income information.
Loan Forgiveness Programs for Nurses
Most loan forgiveness programs require nurses to work in underserved areas or address unmet needs. This might involve working for specific institutions, in particular locations, or even serving in the military.
Nurse Corps Loan Repayment
The Health Resources and Services Administration offers up to 85% loan forgiveness (plus interest) for registered nurses (RNs), advanced practice registered nurses (APRNs), or nursing faculty who work for up to three years in a critical shortage facility (CSF) or accredited nursing school. This aims to address the nursing school faculty shortage.
Eligibility: RNs, APRNs, or nurse faculty with student debt, holding a degree from an accredited school, employed in a CSF, or teaching nursing.
Apply to Nurse Corps Loan Repayment.
Public Service Loan Forgiveness
Full-time nurses working for a government or nonprofit organization can benefit from the Public Service Loan Forgiveness (PSLF) program. After 120 payments, the program forgives the remaining loan balance. Borrowers must possess a William D. Ford Federal Direct Loan or consolidate existing loans into a Direct Loan.
Eligibility: Nurses employed full time by a government (including tribal government and military) or nonprofit organization, having made 120 income-based payments, and having a remaining balance (Note: You can apply to PSLF while working and before reaching 120 payments to ensure your existing payments qualify.)
Apply to Public Service Loan Forgiveness.
Perkins Loan Cancellation
Nurses who worked in underserved areas after receiving a Perkins Loan before 2017 might be eligible for a loan forgiveness program. If they worked in underserved areas for at least five years, they could receive 100% forgiveness.
Eligibility: Nurses working in underserved areas.
Apply to Perkins Loan Cancellation
Army Nurse Corps Benefits/Health Professions Loan Repayment Program
Enlisting in active duty or the Army Reserve can lead to up to $250,000 in loan forgiveness paid directly to your lender, along with other benefits like signing bonuses, salary, and housing allowance. The Army also offers scholarships for schooling.
Eligibility: Nurses and healthcare professionals.
Apply to Army Nurse Corps
Disadvantaged Faculty Loan Repayment Program
Nursing school faculty from disadvantaged backgrounds with a minimum two-year teaching contract at a public or nonprofit school can receive up to $40,000 in loan repayment, along with funding to ease tax burdens. This also applies to those teaching at a graduate-level public health program.
Eligibility: RN or APRN graduates teaching at a public or nonprofit school.
Apply to Disadvantaged Faculty Loan Repayment Program
National Health Service Corps — Indian Health Service
Nurse practitioners or nurse midwives with student loan debt who commit to working for the Indian Health Service in various capacities can receive up to $40,000 annually towards their loan repayment. Indigenous American heritage is not a requirement.
Eligibility: Nurse practitioners in specified specialties.
Apply to Indian Health Service
National Health Service Corps (NHSC) Loan Repayment Program (LRP)
APRNs who serve as Medicare, Medicaid, and Children’s Health Insurance Program (CHIP) providers in an NHSC-approved health professional shortage area can receive up to $50,000 for two years of full-time service or $25,000 for part-time service.
Eligibility: Nurse practitioners in specified specialties.
Apply to National Health Service Corps
NHSC Substance Use Disorder Workforce
Nurse practitioners or mental health nurse specialists participating in Medicare, Medicaid, and CHIP and working in an NHSC-approved substance misuse treatment facility can receive up to $75,000 over three years.
Eligibility: Nurse practitioners or psychiatric nurse specialists.
Apply to National Health Service Corps.
NHSC Rural Community LRP
Full-time APRNs providing substance use disorder care in rural health professional shortage areas can receive up to $100,000 in loan forgiveness for three years of full-time service or $50,000 for three years of part-time service.
Eligibility: Nurse practitioners in specified specialties.
Apply to National Health Service Corps.
FAQs: Student Loan Forgiveness for Nurses
Can nurses get their student loans forgiven?
Yes, nurses can be eligible for partial or complete student loan forgiveness if they meet certain criteria. These programs often require nurses to work in underserved areas for a specific duration.
Do nurses qualify for student loan forgiveness?
Yes, nurses can qualify for student loan forgiveness under different programs, including those introduced by the Biden administration.
Can I get my student loans forgiven due to COVID?
No, there isn’t a specific COVID-related student loan forgiveness program. However, because of the pandemic’s economic impact, the federal government has temporarily suspended student loan payments until January 2023.
Will the student loan relief for 2021 be extended?
As of now, the Biden administration hasn’t announced an extension of the student loan relief program, which includes suspending payments and setting interest rates to 0% on eligible loans until January 2023.
Financial Help for Under-served Nursing Students
Is there a way to eliminate student loans without repayment?
Nurses can explore student loan forgiveness options based on their workplace. For instance, those working in under-served areas or critical shortage facilities can have their debt forgiven after fulfilling certain criteria.
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