Loan Forgiveness For Nurses

For Federal Student Loans

What is Loan Forgiveness for Nurses?

Nursing is a great profession to help others and give back to the community, and can also be quite lucrative. The downside to becoming a nurse is the inevitable mountain of debt accompanying all those years of study. Luckily, the Obama administration has made loan forgiveness for nurses available for nurses with student debt. If you’re a nurse with debt from your education, you may be eligible for both state and federal programs geared at loan forgiveness for nurses. Depending on certain qualifications, you may be able to get your entire student loan balance forgiven. To see if you qualify, give us a call at 855-599-5065

Federal Loan Forgiveness For Nurses

Federal Perkins Loan Discharge

Nurses that work full-time and have Federal Perkins loans may qualify for full loan discharge. In order to qualify for this program, nurses must be employed full-time and registered. The loans get discharged over 5 years time. If you think you may qualify for this program, give us a call.

NURSE Corps Program

The NURSE Corps program was established for nurses working in under-served communities at Critical Shortage Facilities. Nurses working 32 hours or more per week at a Critical Shortage Facility can enjoy getting 60 percent of their loans forgiven for the first two years of employments, as well as an additional 25 percent in the third year.

Public Service Loan Forgiveness

If you are a nurse working in the public sector, loan forgiveness may be available through this program after working full-time and making consecutive payments for 10 years. Payments made after October 2007 will qualify towards this program. Loans forgiven under this program are not considered taxable income.

State Level Loan Forgiveness For Nurses

Alaska

Alaska created it’s SHARP program as incentive for healthcare professionals to seek employment in specific shortage areas in order to get assistance with their loans. Under SHARP’s Tier-2 program, eligible nurses can get up to $27,000 per year in loan assistance.

Arizona

With Arizona’s loan repayment program, nurses working full or part time in Health Professional Shortage Areas can receive up to $50,000 in loan assistance for each year of employment, after working at a qualified location for at least two years.

California

Ahh, the Golden State. Nurses working in California with a Bachelor of Science in Nursing can receive up to $8,000 for working at least two years in a qualified position at a Health Professional Shortage Area or Medically Underserved Area. Those that qualify may apply again and receive an additional $11,000 from this program.

Colorado

In Colorado, the Colorado Health Service Corps program provides loan forgiveness for nurses working in a Health Professional Shortage area. To qualify for this program, nurses must work for at least three years at a qualified location. Full-time nurses can get up to $50,000 in assistance, while nurses working half-time can expect up to $25,000.

Florida

The Sunshine State offers up to $4,000 of loan assistance per year, for up to four years, to qualified nurses working in Health Professional Shortage Areas. To qualify for this program, nurses must be licensed in the state of Florida and have student loan debt from nursing programs.

Hawaii

Aloha! If you’re a nurse in Hawaii working in a Health Professional Shortage Area, you’re in luck. You may qualify for the Hawaii State Loan Repayment Program, if you have been working full-time for two years or half-time for four years at a designated facility.

Idaho

Nurses in Idaho may qualify for the Idaho State Loan Repayment Program for working in a Health Professional Shortage Area for at least two years. This program offers from $5,000 to $25,000 in loan assistance.

Illinois

Nurses working in veterans’ homes may receive up to $5,000 per year for up to four years with Illinois’ Veterans Home Nurse Loan Repayment Program. Eligible nurses are Illinois residents with certain licensing requirements met, and have their employment verified as in good standing.

Iowa

The Iowa Registered Nurse & Nurse Educator Loan Forgiveness Program forgives up to 20% of a qualified nurse’s student loan balance. Nurses and Nurse educators residing in Iowa may qualify for this program, which has a maximum reward of $6,658.

Kansas

Nurses working in a Health Professional Shortage Area for at least two years in Kansas may qualify for the Kansas State Loan Repayment Program.

Kentucky

Nurses in Kentucky can benefit from the Kentucky State Loan Repayment Program, which offers loan repayment as a 50/50 match, matching payment amounts made by a sponsor. Depending on the nurse’s designation, he or she can receive between $20,000 and $40,000.

Louisiana

Nurses working in a Health Professional Shortage Area for at least two years in Louisiana may qualify for the Louisiana State Loan Repayment Program. Nurses qualifying for this program may be able to receive up to $15,000 each year towards their loans.

Maryland

Nurses in Maryland may benefit from the Janet L. Hoffman Loan Assistance Repayment Program if they work at designated organizations serving low-income residents of Maryland. Award amounts are between $1,500 and $10,000 per year, for up to three years.

Michigan

Nurses working in a Health Professional Shortage Area for at least two years in Michigan may qualify for the Michigan State Loan Repayment Program. Qualified nurses can receive up to $200,000 towards their loans over a period of eight years.

Minnesota

Nurses working with developmentally disabled patients or in a licensed nursing home for at least two years in Minnesota may qualify for the Minnesota Nurse Loan Forgiveness Program. Eligible nurses may receive up to $5,000 per year, for a maximum of four years.

Montana

The Montana Institutional Nursing Incentive Program offers loan assistance for registered nurses who work full-time at a Montana state hospital or prison. Eligible candidates must submit proof that their current loan balance is at least $1,000.

New Hampshire

Under The New Hampshire State Loan Repayment Program, nurse practitioners who work in underserved areas may be eligible for awards up to $45,000. Eligible candidates must work full-time for at least 36 months. If interested, candidates can extend the program for another 24 months and receive up to $20,000.

New Jersey

Through the Primary Care Practitioner Loan Redemption Program of New Jersey, certified nurse practitioners who work in specific Health Professional Shortage Areas or underserved areas may be eligible for significant loan repayment assistance.

Eligible candidates must work full-time for at least two years to qualify, with an option to extend the program an additional two years. The amount you are awarded depends on your outstanding balance as well as how many years you served. The award goes up to $120,000 for a four-year service period.

New Mexico

The New Mexico Health Professional Loan Repayment Program offers up to $25,000 per year for advance practice nurses who work full-time in a medical shortage area for two years. Candidates who work in designated Health Professional Shortage Areas can receive up to $35,000 per year. Eligible candidates must be residents and licensed in New Mexico.

New York

The New York State Nursing Faculty Loan Forgiveness Incentive Program was created to attract adjunct clinical faculty and nursing faculty members to teach nursing in New York State. The program offers registered nurses with graduate degrees who have worked as educators in the field of nursing up to $40,000.

Eligible candidates can receive $8,000 per year for a period of five years under this program.

Ohio

Under the Nurse Education Assistance Loan Program, Ohio nursing students who plan on working as instructors or nurses post-graduation may be eligible for loan assistance. Essentially, this program offers a loan of up to $1,500 per year and nurses can receive up to 100 percent loan cancellation after working as a full-time nurse in Ohio for five years.

Oregon

Through the Oregon Partnership State Loan Repayment (SLRP) program, a variety of healthcare providers, including nurse practitioners and registered nurses, are eligible for repayment assistance by working in a Health Professional Shortage Area.

There’s a two-year service requirement and providers may be eligible for two one-year extensions after their initial commitment. Awards are based on a variety of factors, but are ultimately a percentage of your loan balance.

Pennsylvania

The Pennsylvania Primary Care Loan Repayment program offers loan assistance for registered nurses who work full-time in designated Health Professional Shortage areas. Eligible candidates can receive up to $60,000, while half-time workers can receive up to $30,000. The service commitment is two years.

Rhode Island

Under the Rhode Island Health Professional Loan Repayment program, nurse practitioners and registered nurses who work in Health Professional Shortage Areas may qualify for loan assistance. Award amounts may vary and recipients are required to make a two-year commitment for full-time work and four years for part-time.

In addition, nurse educators in Rhode Island may be eligible for the Nurse Educators Loan Forgiveness Program, which offers awards for nursing faculty of up to $5,000 each year, for up to four years.

Tennessee

The Graduate Nursing Loan Forgiveness Program was created to encourage Tennessee nurses to become educators. Eligible candidates must be residents as well as have a nursing license and be enrolled in a higher education nursing program.

Candidates must work full-time for four years in order to have their loans forgiven. Essentially, this program is a type of student loan that will be forgiven after working as a teacher for a period of time.

Texas

The Rural Communities Health Care Investment Program offers loan reimbursements to health care providers who are not physicians. Eligible candidates must commit to working at least 12 months and can receive awards of up to $10,000.

Vermont

Vermont’s Educational Loan Repayment Program for Nurses offers a maximum annual loan repayment award of $10,000, with a commitment of 12-24 months at a time in an underserved area, designated by the program. Nurses must agree to working a minimum of 45 weeks each year, with 20 hours per week dedicated to clinical hours, in order to qualify for the program.

Virginia

The Virginia State Loan Repayment Program could grant practicing nurses that have obtained a post-baccalaureate certificate or master’s degree in nursing up to $25,000 per year toward their outstanding student loan balances.

Eligible candidates must commit to two-years of service. Additional extensions of the program can grant up to $35,000 per year toward student loan balances. In order to be eligible, applicants must have obtained their degrees from school that are accredited by the National League of Nursing and be working in their field for at least 40 hours a week.

Washington

Through the Health Professional Loan Repayment Program, health professionals who work in facilities that are located in designated Health Professional Shortage Areas may be eligible for loan assistance.

The program requires a three-year working commitment in exchange for an award of up to $75,000. Applicants are required to work as primary care providers.

West Virginia

West Virginia’s State Loan Repayment Program offers loan repayment for nurses practicing full-time for a minimum of two years in rural, underserved areas.

Qualifying sites must be in a designated Health Professional Shortage Area. Eligible candidates can receive up to $40,000 under a two-year commitment and may receive an additional $25,000 for another two years if the contract is extended.

Wisconsin

Through the Health Professions Loan Assistance Program, nurses in Wisconsin may receive up to $100,000 in loan assistance. Eligible candidates must commit to working at least three years in a qualified underserved or urban community.

Wyoming

The Wyoming State Loan Repayment Program offers loan assistance for nurses who work full-time in qualifying Health Professional Shortage Areas. Eligible candidates must commit to working for at least two years in exchange for an award of up to $20,000.

We get it…

As you see, there are a lot of options out there. Student Loan Forgiveness for Nurses on the federal and state level can get a bit confusing. Each program is different, and programs can change each year. Don’t worry! We’re here to help. If you are a nurse with student debt, give us a call to see what programs you qualify for, and cut back on that student debt starting today.

Loan Forgiveness For Nurses

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