Nurses working as a full time employee at a critical shortage facility may be eligible for loan forgiveness of around 60 to 85 percent under various debt relief and loan forgiveness programs. Loan forgiveness applies to various student loans including Stafford loans, Grad PLUS loans, Perkins Loans, and Consolidation Loans. We boast a team of experts with the expertise and knowledge to help you find a suitable program and get through with the required paperwork.
The federal and state governments offer several student loan forgiveness programs to help nurses working in medically underserved areas pay back their student loans. The student loan forgiveness programs offered by the federal government include:
- The National Health Service Corps Program (NHSC)
- NURSE Corps Loan Repayment Program
- Federal Perkins Loan Discharge
- Federal Public Service Loan Forgiveness
National Health Service Corps Program (NHSC)
The US Department of Health and Human Services offers loan repayment program to medical professionals who commit to work for two years at a healthcare facility in an underserved, high need area approved by the National Health Service Corps (NHSC) .
With the NHSC loan repayment program, eligible individuals can get up to $50,000 to repay their student loans. The amount received upon completion of the two-year term depends on your service area, length of service, and whether you worked full-time or part-time. Individuals can also apply for an extension in the service and receive additional amount to repay their loans.
NURSE Corps Loan Repayment Program
NURSE Corps Loan Repayment Program (NURSE Corps LRP) is program designed to provide loan repayment assistance to nurses who commit to serve for two years at critical shortage facilities. This program also helps in recruiting and retaining registered nurses (RNs) dedicated to serve the underprivileged people of the community.
NURSE Corps LRP provides several benefits to nurses. It provides them an opportunity to become a part of the healthcare professionals’ community dedicated to serve the underserved areas and a sustainable bright future.
NURSE Corps LRP pays 60 percent of the student loan debt of applicants for the two-year service commitment. If a participant is willing to serve for one more year, an additional 25 percent of the loan debt is paid by the NURSE Corps LRP. However, the additional payment is subjected to the availability of funds.
In order to qualify for NURSE Corp LRP, the individual must be a US citizen and have completed all the basic education and licensing requirements. The selected participants must work fulltime at a critical shortage facility for two years.
Federal Perkins Loan Discharge
Federal Perkins Loan Discharge is commonly known as a Teacher Loan Cancellation Program. Therefore, very few people know that it applies to nurses as well. Under this program, a registered nurse can get a 100 percent loan repayment on serving the nursing profession for five years.
Only nurses who have a Perkins loan are eligible to apply for this loan repayment program. The Federal Perkins Loan Discharge offers incremental loan forgiveness, which means that 20 percent of the loan is discharged every year.
How Fast Track Preparation Can Help You?
Many remote and underserved areas of the country are experiencing a critical shortage of registered nurses. The federal and state governments offer several loan repayment programs as an incentive to nurses who commit to serve these communities. However, the choice of loan repayment program can be difficult for an individual because of the availability of several different options.
Fast Track Preparation is an organization that aims to help students and other individuals fighting for a debt-free future. Our team of experienced professionals works tirelessly to help our customers in the loan repayment process. We are committed to provide assistance to our customers on all the aspects of a loan repayment method.
Fast Track Preparation can provide detailed information about all the student loan forgiveness and loan repayment programs available for nurses. If you want to know more about the eligibility requirements and application processes of different loan forgiveness programs available for nurses, contact our customer service department at 888-369-0973