NURSE Corps Loan Repayment Program
To Be Eligible …
This program is for registered nurses and advanced-practice registered nurses working in a critical shortage facility or nurse faculty in return for working full time at an accredited school of nursing. Eligible applicants can receive up to 60% of their loans paid for them for a 2-year service agreement and up to 85% for service of 3 years.
LOANS THAT QUALIFY
• Stafford loans
• Grad PLUS loans
• Consolidation loans
• Perkins loans
• Private student loans
You must have obtained your loans to cover nursing educational expenses or living expenses while studying nursing. Non-nursing education expenses are ineligible.
Next Steps:
Borrowers can apply for this program here.
Perkins Loan Cancellation and Discharge
Perkins loan forgiveness programs now finally match the Stafford loan forgiveness programs. These low-rate, unsecured loans can be completely canceled under the right conditions. All federal Perkins loan cancellation programs require that you make a written request to your lender (with documentation). Perkins loans have unique requirements for loan cancellation based on the field you work in.
Here’s how it works:
• 15% of their principal balance and accrued interest can be cancelled after their 1st and 2nd year of qualifying service.
• 20% of their principal balance and accrued interest can be cancelled after their 3rd and 4th year of qualifying service
• 30% of their principal balance and accrued interest can be cancelled after their 5th year of qualifying service.
Nurse or Medical Technician
You must have served full-time as a nurse or medical technician who provided health care directly to patients.
Next Steps:
Find an application related to the nursing field.
Nursing Faculty Loan Forgiveness Incentive Program (New York)
To Be Eligible …
You must be a legal resident of New York for 1 year, a U.S. citizen or eligible non-citizen, and a registered nurse professionally licensed in New York. You must also have a master’s degree in nursing or a doctoral degree that qualifies you as nurse faculty, prior experience as a registered nurse, and qualified service (see site for more details). Eligible borrowers can receive up to $8,000 per year, with a maximum total of $40,000.
LOANS THAT QUALIFY
• Stafford loans
• Grad PLUS loans
• Consolidation loans
• NY student loans
• Private student loans
Your loans must have funded a nursing degree received after January 1, 2001. Also, if another forgiveness program can cancel your loans, they do not qualify for this forgiveness program.
Next Steps:
You can find applications on the website linked in the title of this section; however, applications are only available in August.
For a complete list of loan forgiveness and discharges, visit the source link below
Source: Saltmoney