Student Loan Forgiveness for Nurses

Every list that rates the fastest growing job opportunity industries rate the healthcare field as number one. Nursing jobs rank high on the healthcare jobs that will experience growth in the next few years. Nursing is a rewarding field of work, and the shortage of qualified nurses almost guarantees job security.

Education for Nurses

Most nurses must have a bachelor's degree in nursing to qualify for the top nursing jobs. In tough economic times, many potential nursing students may hesitate to incur the debt of a four year degree. But, there are opportunities to obtain the nursing degree, work in an industry with high job satisfaction, and have portions of the loan forgiven. Even nurses already working might qualify for a student loan forgiveness program.

Student Loan Forgiveness for Nurses Programs

The College Cost Reduction and Access Act of 2007 makes it possible for nurses working full-time in public service jobs to qualify for forgiveness of their eligible student loans. The nurse must have already made 120 monthly payments on their loan while they are employed. After those 120 payments have been made, the nurses working in public service jobs will have the remaining amount of the loan forgiven and will not be responsible for repayment.

Types of Loans Eligible for Forgiveness Programs

Any loan that has not entered into default would be considered eligible for loan forgiveness. These types of loans include:

Federal Direct Stafford/Ford LoansFederal Direct Unsubsidized Stafford/Ford LoansFederal Direct PLUS Loans - for parents and graduate students

Other types of loans may also qualify under the student loan forgiveness program if they are consolidated into a Direct Consolidation Loan. One caveat is that any payments that were made before the consolidation will not count towards the 120 month payments that must be made before the loan is forgiven.

Nurse Eligibility

A registered nurse will be considered eligible if they have completed their training and received a nursing diploma, associate's degree, bachelor's degree or graduate degree and is licensed in their state of employment. The degree must be conferred from an accredited school in the United States.

Eligible nurses must be employed full-time, working at least 32 hours per week at either a non-profit facility or as a faculty member of a school of nursing. The nurse has to be a United States citizen or a National and Lawful Permanent Resident.

Non-profit facilities that are considered include:

HospitalsFederally Qualified Health Centers, Indian Health Centers, Rural Health Clinics, Native Hawaiian Health CentersNursing HomesHospice ProgramsHome Health AgenciesSkilled Nursing FacilitiesAmbulatory Surgical CentersState or Local Public Health or Human Services Departments

Potential Nursing Students

If you want to embark on a career of helping people but are uncertain about the high cost of education, entering a nursing school and giving back two years to work in a qualified medical facility might be right for you. Through the Student Loan Forgiveness for Nurses Program a substantial portion of your loan would not have to be repaid. Plus, you would be helping vulnerable populations in need of care.

Steven C. Brown is helping nursing students prepare for the TEAS test. Read more about the best nursing jobs to pursue.

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Student Loans For Nurses

Nurses are in high demand right now, which is good news for students who are interested in becoming a nurse. It is easy to find attractive student loans that have your nursing career goals and education in mind.

With the correct information, you can put together a loan package that includes very low interest rate and an easy repayment program.

Federal loans for students are your first source in financing your nursing education. They are low-interest and long-term making them a perfect resource and the first place to start. To apply for a federal loan you have to fill out the FAFSA. The application is free and is available online, making it very convenient and easy to complete.

It is important to remember there is a deadline. You have to get the application completed on time or you will rule yourself out from a major affordable source of funding for your education.

Another option are discounted Stafford student loans. These loans are sometimes packaged with tempting incentives. The best way to find these loans is to shop lenders for Stafford student "nursing loans". In Virginia for example, you can get a discounted Stafford Loan because a lender and the State of Virginia work together to extend a loan to students prepared to stay and work as a nurse.

There is also a government loan program with low-interest available. You may qualify and be entitled to a Nursing Student Loan if you are registered in an accepted nursing program. This is a campus-based loan program and the funds are administered by the financial aid office at the participating schools.

These loans may not cover all the costs associated with your education. You may still need to borrow more and you might consider a private loan. These may seem very accommodating but they can be expensive and should be your last resource.

Another option are programs for loan repayment and loan forgiveness. These programs assist with repayment of student loans for nurses. One highly recognized repayment program pays up to 60 percent of your loan if you qualify. Another program for repayment requires you to make a two-year commitment, and you may qualify for either partial or full repayment of your student loans.

Minnesota is a great example of a repayment program for student loans. Nurses committing to working in a rural facility may earn approximately $6,700 per year for a maximum of four years toward loan forgiveness.

With some preparation you can find long-term, low-interest loans and if you take advantage of a loan repayment or forgiveness program your nursing education may become rather inexpensive.

Steven C. Brown is helping nursing students prepare for exams and tests. Read more about the TEAS test when applying for a nursing school.

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