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Student Loan Forgiveness For Nurses

January 8, 2012

Student Loan Forgiveness For Nurses

The student loan forgiveness for nurses program is referred to as the Nursing Education Loan Repayment Program (NELRP) which is administered by the US Department of Health and Human Resources.

Student Loan Forgiveness For Nurses

Student loan forgiveness via the US Department of Health and Human Resources  allows registered nurses as well as those who are in an advanced practice in nursing to be eligble to have 60 percent of the entirety of their debt paid off if they agree to work a 2 year term in an area that essentially in low in suffiecient medical care, also known as a “Critical Shortage Facility” which can be a non profit facility as well as public or private.  Besides Critical Short Facilty jobs, other jobs that qualify consist of working at a school of nursing in which it is a non profit organization, either private or public.

There is also the option of providing an extra year of sevice in exchange which at the conclusion of the year the possibility of having an extra 25% paid off of medical school loan debt presents itself. No matter which term, when fulfilled the individual enjoys a perecentage of their debt wiped away, but if one doesn’t adhere to a contract then serious repercussions are taken affecting the applicant financially, unless an application to suspend or waive the term of service is submitted and accepted.

Requirements For Nursing Education Loan Repayment Program Eligibility

General requirements for NELRP qualification consist of:

  • Being a citizen of the United States or a permanent resident.
  • You attained nursing education must come from a school that is accredited and came from a school in the United States.
  • Working as a RN or an advanced pratice nurse at a location that is a “Critcal Shortage Facility” or in what is called a “Health Professional Shortage Area” in which the inidividual is putting in a minimum of 32 hours or work each week.
  • Have outstanding debt due to the reason of qualifying loan debt, which you attained the degree you set out to obtain with the funding of the nursing loans.

Loans That Qualify

Loans that are able to qualify for student loan forgiveness for nurses include:

  • Loans that were used for tution fees as well as any other other expenses that pertainined to getting your degree, which even includes expenses used to pay for your living situation.
  • Consolidation loans also qualify if they were lended in the form of government loans or from a commercial source

When one obtains a jobs that qualifies for nurse loan forgivenes they end up getting paid whatever their employer decides to pay them as wel las whichever benefits are applicable, income is not necessarily changed because one is eligible. In order to fulfill the nursing student loan forgiveness program, one must not miss more than 7 weeks each year.

Student Loan Forgiveness For Nurses Alternatives

If you cannot get a job in a facility that is experiencing a shortage, there are other alternatives that you can consider that can offer you student loan forigiveness for nurses which include working a community serivce job for the Peace Corps, Americorps  as well as Volunteers in Serivce to America (Vista). Each organization either provides its workers with a stipend around 4,000 – 6,000 dollars per year to put towards student loan debt, for example VISTA gives $4725, or pays off a percentage of their loan debt each year of service, anywhere from 15 to 30 percent per year.