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@studentdebtcenter.org Website - http://studentdebtcenter.org/