Loan Forgiveness for Nurses

1
Top Three Loan Forgiveness Programs for Nurses
2
If there was not a mention of the word
forgiveness, you would not have been reading this
article for sure. The same magnet works for
nurses who are looking for options to live beyond
the hassles of taking a loan and then spending
their income repaying back. On an average, a
nursing student bears the burden of 35000 and
more after passing for at least six months. With
unemployment indices touching national high, it
is indeed a thing to reckon with.
3
So here are three Student loan forgiveness
programs directed exclusively at the most
rewarding professions in the country- nursing and
health care.
1 NURSE Corps Loan Repayment Program (Nurse Corps
LRP) ? 2 Perkins Loan Discharge
Cancellation 3 National Health Service Corps
Loan Repayment Program (NHSC LRP)
4
1 NURSE Corps Loan Repayment Program (Nurse Corps
LRP)
As the most prolific student loan forgiveness
program in the country, the Nurse Corps Loan
repayment replaced the obsolete Federal Nursing
Education Loan repayment program. The LRP is
established to strengthen the recruitment and
retention activities of professional Registered
Nurses (RNs). The objectives of the Nurse Corps
LRP are O Reduce the economic burden on Rns O
Fill the gap in the critical shortage areas in
public and military health care
facilities O Provide opportunities of employment
to low-income communities
The benefit
RNs can pay up more than 60 of their nursing
education loans within 2 years of employment.
From the third year onwards, there is an
additional inventive to pay off 25 of the
balance if the RN is serving in designated health
or primary medical care facility in rural areas.
5
2 Perkins Loan Discharge Cancellation
Perkin loan forgiveness and cancellation applies
to student loan borrowers who are engaged in
nursing and medical care as part of public
service facilities, AmeriCorps and Peace Corps.
Apart from the regular employment status, the
forgiveness and discharge benefits are applicable
to nurses in case of disability or death, as well
as rare cases of bankruptcies.
Benefits
With just 5 years of regular employment, a nurse
can earn up to 100 forgiveness from the federal
student loan agency plus the interests accrued
during the employment. The cancellation rates are
incremental in nature for each passing year of
employment.
6
3 National Health Service Corps Loan Repayment
Program (NHSC LRP)
It shares a similar objective as the Nurse Corps
LRP. The NHRC LRP is governed by the Bureau of
Health Workforce (BHW) and is directed towards
professionals associated with medical, nursing,
dental, surgery and psychology. Vets and cosmetic
surgeons are also included in the program.
There are two service options under NHSC LRP for
nurse loan forgiveness.
1. Full time clinical practice 2 years The nurse
will be paid up to 50,000 for the first two
years of service at a NHSC-approved clinical site
having HPSA of 14 or more. 30,000 is paid to
nurses working in sites with HPSA below 13. 2.
Half-time clinical practice 2 years NHSC LRP
pays up to 25,000 for the initial two years of
clinical practice at HPSA 14 sites and 15,000
to those working in sites with HPSA below 13. In
all these programs, the borrower should have no
previous record of defaults and/or professional
breach.
7
Contact Us
Student Debt Center Contact Person - Cesar
Buitrago Address - 18459 Pines Boulevard,
Suite 532, Pembroke Pines, FL
33029 Contact No. - 800-551-7187 Email Id
- info_at_studentdebtcenter.org Website -
http//studentdebtcenter.org/