Nurse Faculty Loan Program (NLFP) NFLP is a loan for advanced education nursing students who … However, some programs only offer repayment assistance with loans taken while you pursued a nursing degree. 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. Depending on the program, you may receive assistance with your federal and private student loans. Be a U.S. citizen, U.S. National or Lawful Permanent Resident and provide supporting documents, Have earned a baccalaureate or associate degree in nursing (or equivalent degree), a diploma in nursing, or graduate or doctorate degree in nursing, Have employment as a full-time RN or APRN working at least 32 hours per week at a public or private nonprofit CSF or be employed as a full-time nurse faculty member at a public or private nonprofit, eligible school of nursing, Have outstanding qualifying educational loans leading to a diploma or degree in nursing, Have completed a nursing degree program for which the loan balance applies, Have a current, full, permanent, unencumbered, unrestricted license to practice as an RN, or an APRN if applicable, in the state in which they intend to practice, or be authorized to practice in that state pursuant to the Enhanced Nursing Licensure Compact (eNLC). Individuals who work at a qualified facility can get 60% of their student loans paid off over two years of employment. Recipients can be awarded up to three times. Some "grow-your-own" nursing programs offer employees money to attend a local nursing program, including funds for books and supplies. "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 120 qualifying monthly payments = 10 years, so you will need at least 10 years of qualifying payments before you’re eligible to apply. Interestingly, employers must match the loan forgiveness as part of the program. 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. 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. Kodish suggests visiting one of HRSA's virtual job fairs held throughout the year if you’re interested in either program. Thankfully, there are lots of loan forgiveness programs available to nurses. (Hero Images/ Getty Images). You earned your degree from an accredited nursing school in a U.S. state or territory. 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. 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. While student loan forgiveness programs sound incredible at first glance--and for many individuals say they can be life-changing--they do warrant consideration over the pros and cons. The NURSE Corps Loan Repayment Program is designed to offer student loan repayment assistance to nurses who qualify. The Army Reserve offers up to $50,000 for nursing school loans with a three-year commitment. Federal agencies offer several student loan repayment options for nurses. The top 5 student loan forgiveness programs for nurses are: The most common Loan Forgiveness program is the Public Service Loan Forgiveness Program (PSLF). The Nurse Corps Loan Repayment Program HRSA Bureau of Health Workforce 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. in nursing at an eligible school. 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. 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. The U.S. government currently has 2 options to … There is a maximum of four years of funding totaling $90,000. 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. 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. The nursing student loan repayment offered by the hospital comes up to $10,000. This is also a matching program, so half of the funding will be required to come from the nurse’s employer. Once you have completed a year of service in an under-served rural or remote community, you have 90 days to apply for loan forgiveness. Residency requirements vary per state, as do specific eligibility requirements. Best Personal Loans for Credit Card Refinance, Best Student Loan Consolidation & Refinance Companies. 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. For example, the Army Active Duty Health Professions Loan Repayment Program gives up to $120,000 … Another option for nurses is the Nurse Corps Loan Repayment Program. To be eligible for the Veterans’ Home Nurse Loan Repayment Program, nurses must be. Local, state, federal or nonprofit hospitals and medical facilities may qualify. State nursing loan forgiveness programs. The award isn’t taxable. Vermont’s Educational Loan Repayment Program for Nurses offers a maximum annual award of $6,000. 11, 2020, Chris Kissell and Coryanne HicksDec. The service commitment is usually 12 months in an underserved area designated by the program. Once the graduate has served the two-year agreement, they will receive 60 percent of their existing loans. A full-time nurse can be eligible to have 100% of their federal loans completely forgiven if they have 5 years of eligible services. 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 … Public Service Loan Forgiveness (PSLF) is one of the most popular loan forgiveness programs in the country. The Indian Health Service Loan Repayment Program could repay up to $40,000 in educational loans for eligible nurses who serve a two-year, full-time commitment in American Indian or Alaska Native communities. Should Nurses Pursue Student Loan Forgiveness and Repayment Programs. You can learn more about refinancing in our guide to refinancing nursing school student loan debt. Rush University Medical Center: This Center is located in the Chicago area and offers tuition assistance as well as full tuition repayment at Rush University. There are a few different types of loan forgiveness programs for nurses that enroll in the military. 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. "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. Alaska. Depending on your level of need and where you work, you can get up to 85% of your U.S. … [Read: Best Private Student Loans of 2018.]. The Nurse Corps Loan Repayment Program is for registered nurses who work in underserved communities at critical shortage facilities. Kentucky’s State Loan Repayment Program is open to both APRNs and RNs and uses a sponsoring program to match loans 50-50. The Perkins Loan is commonly used by teachers as a loan forgiveness program, but nurses can be eligible too. Public Service Loan Forgiveness (PSLF) Program. 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. 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. The NCLRP supports registered nurses, advanced practice registered nurses, and nurse faculty by paying up to 85% of their unpaid nursing education debt. And for nurses who don't qualify for loan forgiveness, refinancing your student loans to a lower interest rate may be an option. There are several federal student loan forgiveness and cancellation programs that aren’t specific to nurses but could help nurses with their student loans. Information for each program can be found on individual state webpages. The program requires a commitment of at least two years, which can be extended for another two years in nursing homes. Full-time nurses can get up to 100 percent of their federal Perkins loans canceled over five years. Employer-Based Loan Assistance for Nurses In addition to government … 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). You work full-time in a CSF in a high-need area or accredited nursing school. Applications are accepted once a year to those interested in applying. 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. 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. You may qualify for assistance with an additional 25 percent of your original loan balance with a third-year commitment. The new loan replaces your old one, leaving you with a lower payment and/or a shorter payoff time frame. 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. 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. 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. Fannie Mae buys mortgages from lenders, ensuring the availability of funds for them to make new loans. ], Indian Health Service Loan Repayment Program. Switching over could increase your payments if your income is higher, so you’ll have to be sure you carefully look into if switching your repayment plan makes sense for you. Several branches of the military offer sign-on bonuses and loan repayment programs to nurses. 9, 2020. 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. 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. 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. Program requirements and limitations vary between states. 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. The posting date ; however, some hospitals and medical facilities may qualify this... 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