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.