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Student loans: Nurses and loan forgiveness

With the pandemic creating such a need for nurses and student loan debt paused for two years, forgiveness programs are becoming easier to find.

Nurses have a few different programs they can apply for that would eliminate their student loan debt.

A bill was sponsored by Congresswoman Carolyn Maloney which could help forgive the student loans of frontline workers who were vital to the pandemic.

Here are four student loan forgiveness programs nurses could benefit from

Public Service Loan Forgiveness

This program is a federal program that helps individuals pay off their debt if they work low paying jobs.

This includes careers like teaching, firefighting, nursing, and the military among others.

You need to have made 10 years, or 120 payments, worth of payments before you’ll qualify.

While making the payments your career needs to have been for the government or a non-profit organization that qualifies.

Choose an income driven repayment plan to get the most out of this program, because you’ll have lower payments and greater forgiveness.

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Nurse Corps Loan Repayment Program

This program helps registered nurses, nurse practitioners, advanced practice nurses, and nursing school faculty.

These workers need to agree to work at a Critical Shortage Facility or school of nursing that is eligible.

60% of your loans will be paid in exchange for 2 years of your service.

If you work a third year you could get another 25% of your balance paid odd.

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NHSC Loan Repayment Program

This program is run by the HRSA.

It works to offer healthcare services in areas that are underserved.

Scholarships and loan repayment options for healthcare workers are available through this program for working in these areas.

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Student loans: Public service loan forgiveness

Perkins Loan Cancellation

While some Perkins loans are able to be forgiven, not all are.

This means not everyone will qualify for this type of cancellation.

Some people will meet all eligibility requirements and still not qualify.

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