Becoming a nurse is a rewarding and exciting career. There are not many careers that provide the ability to help others in a variety of settings, while still making a stellar wage. However, there are plenty of obstacles that you must overcome if you’d like to become a nurse, especially in nursing school. You might already be thinking about the heavy course load, or the “sink or swim” situation that you’ll experience when getting experience in the field. However, one of the biggest issues that a current or future nurse will face is simply the price of education. Student loan debt can often cripple new nurses, but luckily there are a few things you can do. It’s time to take a look at student loan forgiveness for nurses.
Student Loan Forgiveness For Nurses
What is Student Loan Forgiveness?
Student loan forgiveness will essentially discount or eliminate the amount of student loan money that you owe. Unlike a grant, which will provide money towards your tuition, student loan forgiveness can be applied for after you receive your total loan amount. You must repay your loans even if you don’t complete your education, can’t find a job related to your program of study, or are unhappy with the education you paid for with your loan. You also can’t claim that you have no responsibility for repaying your loan because you were a minor (under the age of 18) when you signed your promissory note or received the loan.
There are a variety of student loan forgiveness plans that nursing students can take advantage of. They range from forgiving interest rates to forgiving the remaining total altogether. Student loan forgiveness for nurses will give you some room to breathe after you conquer nursing school. Let’s take a look at a few programs that specialize in student loan forgiveness for nurses.
Federal Perkins Loan Cancellation and Discharge
When it comes to student loan forgiveness for nurses, the Federal Perkins Loan Cancellation and Discharge program are one of the most common. If you’ve used this program to initially get your loans, there’s a good chance that you may be able to get them canceled or discharged. Nurses must be registered and employed full-time; loans are discharged over a period of 5 years. You can apply via the school or the loan service provider.
NURSE Corps Repayment Program
This program designed for student loan forgiveness for nurses focuses on nurses who are working in underserved communities. Registered nurses who work at least 32 hours a week at a qualified facility can get 60 percent of their student loans paid in two years of employment. If you decide to take a travel career working in an underserved community, you might be able to snag some great student loan forgiveness.
State Programs
There are also numerous state programs worth looking into that will provide student loan forgiveness for nurses. The state-funded programs will give you the opportunity to have some or all of your debt reduced. Ask your nursing school what kind of state student loan forgiveness programs are offered.
Final Thoughts
While student loan forgiveness sounds like the magic wand that will make all of your debt disappear, there are still a few things to consider. One thing to consider is that student loan forgiveness may be taxable. This means that although your debt might disappear, you’ll still be required to pay back a portion of it during tax season. Something else to consider is scams. Many shady companies think that they can swindle fresh-out-of-college students, so always do your research into these loan forgiveness programs.
If you need to start paying those loans back, why not check out a travel nursing job? We have thousands of assignments in all 50 states, so give them a look!
