Students and graduates across the nation held their collective breath as President Biden announced his long-awaited student debt relief plan on August 24, 2022. Borrowers making less than $125,000 per year will receive up to $20,000 in debt cancelation. About 20 million borrowers will have their debt wiped out, and how many still need student loan forgiveness for nurses through specialized programs?
An associate degree in nursing costs as much as $20,000, or $40,000 if you attend a private school. Graduates who go on to pursue a Bachelor of Science in Nursing (BSN), which is becoming the norm, can take on tens of thousands of dollars in additional student loan debt—if they choose the wrong program. That can be a heavy burden, even for RNs in high-paying roles.
Student loan forgiveness means you will no longer be required to repay some or all of your student loans. As an RN, you possess a highly sought-after skill set, and the government may be willing to forgive your student loans if you agree to their terms.
There’s sure to be a state or federal nursing student loan forgiveness program you qualify for; we’ve included some examples in the list below to help you begin your research.
What’s the Catch?
In exchange for nurse loan forgiveness, nurses typically—but not always—agree to serve a set number of years in a designated area, often an underserved area in need of healthcare professionals.
Nurses who don’t like to be tied down may chafe at the idea, but those who are willing to relocate or already work in an HPSA probably won’t mind making the commitment if it means debt relief for nurses who need it most.
There’s no one-size-fits-all nursing student loan forgiveness program—and that’s a good thing. Whether you’re working in public service, rural care, education, or a high-need specialty, there’s likely a nurse debt relief option that fits your career path.
Below, we break down several programs that can reduce or even eliminate your student loan burden.
The best option for most nurses, the Public Service Loan Forgiveness Program is available to nurses who work full-time at a government or nonprofit organization and have made 120 monthly payments under a qualifying repayment plan. Nurses who qualify can receive tax-free forgiveness on their remaining federal student loans.
Courtesy of the Health Resources and Services Administration (HRSA), the Nurse Corps Loan Repayment Program covers up to 85% of unpaid nursing education debt for RNs, advanced practice registered nurses (APRNs), and nurse faculty.
To qualify, nursing professionals must agree to serve for two years in a critical shortage facility or as a nurse faculty member at an eligible nursing school. If you’re looking for loan forgiveness for nurses in direct care or education, this is a great place to start.
Nurses can receive up to $40,000 in repayment in exchange for two years of service to American Indians and Alaska Natives, who’ve long faced significant healthcare disparities. If you’re the adventurous type, you can pay off your student loan debt while practicing within an Indian health community in some of the most remote parts of the western U.S. and Alaska.
The University of Texas Permian Basin and the Permian Strategic Partnership are proud to offer a PSP Scholarship to undergraduate students majoring in healthcare-related fields, including nursing. This renewable four-year scholarship will cover tuition and fees while you pursue your degree in our online RN to BSN program.
Earn your BSN for free—no student loan needed! Visit our PSP Scholarships page for additional information and requirements.
The NHSC offers four nurse and nurse practitioner loan repayment programs for those serving communities in need, particularly those affected by the opioid epidemic. These programs are:
It’s never too early to tackle student loan debt. Suppose you’re in your last year of nursing school. In that case, you may qualify for the S2S Loan Repayment Program, which awards up to $120,000 to students who agree to work full-time for three years at an NHSC-approved site. While working to fulfill your service requirement, you can continue your education and access a nursing student loan forgiveness program before graduation day.
Nurses who pursue careers with the Veterans Health Administration can receive up to $40,000 in annual reimbursements, or $200,000 over a five-year period, thanks to this VA program. Funds are tax-free, and no mandatory service is required.
“I still have a very large amount of medical school debt to service,” said physician Dr. Stephen Gau. “The EDRP program helps to accelerate the pay off dramatically.” Visit the VA Careers website and search for “EDRP” to find reimbursement-eligible positions. Compare Student Loan Forgiveness Programs for Nurses
Not sure which program is right for you? We’ve compiled a quick comparison chart of some of the popular options so you can easily see how much debt relief is available, what service commitments are required, and who qualifies.
Whether you’re just starting out or already working in the field, one of these nurse loan forgiveness programs could help lighten your financial load.
Still have questions? Here are answers to some of the most common questions about student loan forgiveness for nurses.
Imagine the relief that comes from having the weight of student loan debt lifted from your shoulders in an instant. For nurses, the benefits are even more pronounced: Student loan repayment brings not only ease of mind but also the chance to take risks and pursue new career opportunities.
At UT Permian Basin, we offer an online RN to BSN program designed for nurses interested in pursuing leadership roles in healthcare. We know the prospect of taking out another student loan isn’t always appealing, which is why we’ve made our online program as affordable as possible. Tuition is competitively priced and the same for all students, whether they’re in or outside of Texas. Plus, scholarship opportunities and student loan forgiveness for nurses mean that students gain the training needed to pursue high-paying, high-level management roles without having to go into debt.
Apply to our online RN to BSN program to pursue an affordable degree and career opportunities you can’t afford to pass up.
Sources:
https://nursejournal.org/resources/how-much-does-nursing-school-cost
https://studentaid.gov/manage-loans/forgiveness-cancellation
https://www.vacareers.va.gov/Home/PdfViewer?issuu=edrp_va_vha_flyer_final
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