Fortunately, many programs and plans exist to help you pay off the student debt faster. Let’s start with federal student loan forgiveness for nurses.
- If you have a Federal Perkins loan and work as a nurse full-time, you can qualify for the Federal Perkins Loan Cancellation and Discharge. This program allows you to get rid of the entire existing loan. You have to be registered as a nurse and work full-time. Your loan/loans must be discharged over 5 years. You should turn to your school that put out a Perkins Loan or your loan services to apply to the program.
- NURSE Corps Loan Repayment Program is possible for nurses, who work in underserved communities at Critical Shortage Facilities (CSFs). You must work as a nurse at least 32 hours per week at a qualified facility to get 60% of the existing student loans paid in two years of employment.
- If you work as a nurse in public service, you have a chance to qualify for the Public Service Loan Forgiveness Program. To qualify, you must work at least 30 hours per week and make payments for 10 years.
Student Loan Forgiveness for Nurses from Obama
The issue that worried many students was the “life” of the nursing loan forgiveness program launched by Barack Obama after Donald Trump became the president. Yes, Mr. Trump rolled up programs that the previous president launched but students still can apply for the student loan forgiveness for nurses Obama.
Don’t forget that every state has its own nurse student loan forgiveness programs. For instance, New York state has the New York State Nursing Faculty Loan Forgiveness Program. The registered nurses with graduate degrees, who work as educators, can receive up to $8,000 per year during 5 years under this program.
P.S.: You can seek loan forgiveness or you can start repaying student loan while in college.