Navy Health Professions Loan Repayment Program

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Navy Health Professions Loan Repayment Program

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Get Your Debt Paid Off With Military Student Loan Forgiveness

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Student Loan Forgiveness For Doctors: 41 Programs For Med School Debt

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Nursing can be an incredibly rewarding career, but the education required can be expensive. Recent data from the American Association of Colleges of Nursing (AACN) shows that nearly 70 percent of nurses take out student loans to finance their education, with average student loan debt ranging from $40,000 to $54,999. That’s why student loan forgiveness programs are so important to debt-ridden borrowers.

Read on for eight different student loan forgiveness programs for nurses to see if you qualify for nursing school debt relief.

Nurses have several options when it comes to student loan forgiveness, but some programs are more likely to get started than others. Depending on where you work and the type of student loans you have, you may be eligible for the National Student Loan Forgiveness Program for Nursing Students.

What To Know About Student Loan Forgiveness For Doctors

Public Service Loan Forgiveness (PSLF) is a federal student loan forgiveness program. With PSLF, you can get the remaining balance of your student loans forgiven after making 120 qualifying payments on your loans under an income-driven repayment plan.

You don’t have to be a nurse to apply for PSLF, but you must have worked full-time for at least 10 years at an eligible employer while paying off your federal student loan debt. Since many nurses work in non-profit or government organizations, this student loan forgiveness program is often a good option.

Best For: Nurses with federal student loans who work (or plan to work) at nonprofit hospitals, other nonprofit health care organizations, or government agencies.

The Nurse Corps Loan Repayment Program is available through the Health Resources and Services Administration. The program applies for federal and private student loans and pays off up to 85 percent of your nursing school debt. However, you may be required to pay federal income tax (withheld from the prize) based on the amount you receive.

Loan Repayment Programs « Diary Of A Caribbean Med Student

To qualify for the Nurse Corps Loan Repayment Program, you must meet a number of requirements. First, your job title must fit into one of the following categories:

You must also have worked in an acute care facility for at least two years or have worked as a nurse in an eligible nursing school. Critically Shortage Facilities are located in areas of the country that lack primary care, mental health, or dental health services. You can find a list of shortage areas on the Health Resources and Services Administration website.

Preferred: Licensed Registered Nurses (RNs), Advanced Practice Registered Nurses (APRNs), or Nurse Educators with private or federal student loans who have worked (or plan to work) for at least two years at an eligible institution.

The National Health Services Corps Loan Repayment Program (NHSC LRP) is another student loan forgiveness program offered through the Health Services and Resources Administration.

List Of Military Student Loan Repayment Programs

Full-time nurses, psychiatric nurse specialists, and nurse midwives can eliminate up to $50,000 in private and federal student loan debt through the program. Part-time nurse practitioners and midwives can have up to $25,000 in loan forgiveness.

You must serve at least two years at an NHSC-approved institution for loan forgiveness. The facility must be located in an area where there is a greater need for healthcare professionals (ie, an area with a shortage of healthcare professionals).

Note: You can apply for this program in conjunction with the Nurse Corps Loan Repayment Program. However, you can only use one payment option, even if you are eligible for both.

Best For: Federal and private student loan borrowers who are Nurse Practitioners (NPs), Psychiatric Nurse Specialists, or Midwives (CNMs) and have at least two years of service in an area with an approved critical need for healthcare professionals.

Want Loan Forgiveness For Nurses? 10 Ways To Get It

Perkins Loans were previously available to college students and graduates with financial need. However, the program ended in 2017 and the last loans were disbursed in 2018.

If you previously obtained a Perkins loan to help pay for nursing school, you can pay off up to 100 percent of your debt over a five-year period. Nurses, teachers, and other qualified professionals can benefit from this program.

Preferred: Full-time Federal Perkins credit nurses or medical technicians with at least five years of experience in a skilled position.

How to apply: Apply for loan cancellation or discharge through your school or the Perkins Loan Service.

Comparing Student Loan Repayment Options For Nurses

In addition to the federal student loan forgiveness programs for nurses listed above, you may also qualify for other aid programs. Where you live and work are key factors that determine your eligibility for the additional loan forgiveness programs below.

The Indian Health Service (IHS) Loan Repayment Program (LRP) offers up to $40,000 in repayments of qualified student loans when you accept a two-year service commitment. The RNs agree to work full-time on-site for a health care program that serves the American Indian and Alaska Native communities.

The availability of this program is based on staffing needs at Indian Health Service facilities, as well as the availability of funds. In addition, funds are disbursed based on a ranking system, with preference given to American Indians and Alaskans.

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