Who Is Eligible: A qualified applicant must work at least 30 hours a week at a site that meets the program guidelines. Candidates who merge their loans into Direct Loans eriCorps, Peace Corps, and nonprofits. Employees of tribal governments and state, local, or federal government organizations may also qualify.
Perkins Loan Cancellation
According to program guidelines, eligible applicants must have received their Perkins Loan before 2017. Crowley explains that nurses can potentially “receive 100% federal loan forgiveness.” The applicant’s work or volunteer history also determines whether they can receive reimbursement for their outstanding loans.
Who Is Eligible: Seasoned nurses who have served high-need communities for five consecutive years or more may apply. Some applicants can apply to have hit website their loan discharged or completely forgiven in cases of school closure, death, or bankruptcy.
Army Nurse Corps Benefits
Candidates who meet the requirements can receive $40,000 per year over three years to repay student loans. Army nurses can also receive benefits, salaries, and housing allowances. Crowley mentions that nurses who enlist part-time in the Army Reserve can receive prorated student loan forgiveness. Some nurses also receive a signing bonus.
Who Is Eligible: Nurses who agree to enlist in the U.S. Army Nurse Corps and complete at least three years of service can receive up to $120,000 in funding to repay their student loans.
Disadvantaged Faculty Loan Repayment Program
The FLRP benefits nursing instructors who devote their careers to education in the field. Qualified recipients receive up to $40,000 to repay their student loans.
Who Is Eligible: Requirements for this program include proof of a college degree or certificate in a healthcare field. Applicants must work at approved colleges for at least two years. This repayment program accepts U.S. citizens from disadvantaged backgrounds. RNs and APRNs can apply.
Indian Health Service
This IHS program offers up to $40,000 in repayment toward unpaid educational loans to recruit healthcare practitioners to underserved American Indian and Alaska Native communities. Qualified nurses must commit to working in hospitals, clinics, or tribal agencies serving communities experiencing nurse shortages for two years.
Who Is Eligible: Nurses do not have to be of American Indian or Alaska Native heritage to receive assistance. Individuals who meet requirements can renew their applications annually. Undergraduate loans for prerequisite courses that meet graduate degree requirements may also qualify for repayment.
National Health Service Corps
Nurses who commit to working at an NHSC-approved location for at least two years can receive loan repayment assistance. Eligible sites must be located in designated health professional shortage areas. All applicants must submit supplemental documents, including loan information verification and proof of U.S. citizenship.
Who Is Eligible: To meet qualifications for loan reimbursement, each nurse must hold U.S. citizenship and work at a facility serving Medicare, Medicaid, or the State Children’s Health Insurance Program patients. Healthcare professionals, such as certified nurse midwives and nurse practitioners, can apply.
Outside of student loan forgiveness for nurses, individuals can reduce their educational debt by enrolling in an income-driven repayment plan. Nurses with these plans can pay a percentage of their salaries rather than a specific dollar amount.
Income-driven payment plans allow individuals to pay more as they earn experience or additional certifications while keeping payments low in entry-level work. These plans can help nurses moving for their first jobs, who often have relocation expenses on top of loan repayment.
Travel nursing, which usually pays a higher hourly salary, offers another alternative to nursing loan forgiveness programs. However, this pathway can be more demanding, as travel nurses are often sourced to provide care during states of emergency or aid in nursing shortages.
