You will receive funds to repay your outstanding, qualifying, educational loans. ), Government loans (except Perkins and Parents PLUS), Private loans from entities subject to federal and state examination as lenders, 128 hours per month for 45 weeks per year at a critical shortage facility (CSF) in or serving a health professional service area (HPSA)—an area lacking primary care and/or mental health professionals (e.g., critical access hospitals, urgent care centers, rural health clinics, etc. Sponsored by the U.S. Department of Education, these income-based programs appeal to nurses who need to reduce their debt load but do not want to work for a nonprofit or public facility in a designated nursing shortage area. Annual awards are either $20,000 or $27,000, based on how hard the positions are to fill. Florida administers a Nursing Student Loan Forgiveness Program that provides up to $4,000 in tax-exempt loan forgiveness funds each year to licensed practical nurses, RNs, and APRNs. The details on each of these options and more are profiled below. Most of the repayment programs require the following of NPs: Nurse practitioners selected to participate in NCLRP make a promise to work in underserved healthcare organizations in underserved regions, or in much-needed nurse training roles for a minimum of two (and up to three) years. A loan repayment program available to registered nurses and advanced practice registered nurses, such as nurse practitioners, working in a public or private nonprofit Critical Shortage Facility. During this time, the participant will receive monthly payments that, over the two years, will add up to 60 percent of the NP’s outstanding, qualifying nursing loans. 1-800-366-3475 . NPs make 120 loan payments (does not need to be consecutive) on their direct federal loans under a qualifying repayment plan without defaulting. has endorsed the DNP as the level of preparation... Nurse practitioners (NPs) have assumed an essential role in patient care across the country. Full-time nurse practitioners or certified nurse-midwives could be eligible for up to $50,000 in loan repayment assistance, Part-time nurse practitioners or certified nurse midwives are eligible for up to $25,000. The top 5 student loan forgiveness programs for nurses are: Public Service Loan Forgiveness Program (PSLF) Nurse Corps Loan Repayment Program (NCLRP) State-Level Loan Forgiveness; Perkins Loan Cancellation; Military Student Loan Forgiveness for Nurses Moreover, most of the student loan forgiveness programs for nurses have flexible conditions for the … Federal Perkins Loan Cancellation. Page 2 of 8. Maine Health Professions Loan Forgiveness. While many facilities do qualify, three very specifically do not: Generally, an NP must already be working or have a contract to work full-time at a CSF in an HSPA or at a qualifying school of nursing before applying. This estimate, which includes private and public education loans, ranks higher than all other sources of debt in the country, including credit card debt. In either case, the loan repayment award is tax-free. Most of the programs that NPs can pursue to aid with student loan debt are repayment programs. This sequential requirement also includes state programs. Perkins loans and federal family education loans only qualify if consolidated into a direct loan plan. If your Canada Student Loan is in repayment, you must continue to make your regular monthly payments. Several states across the U.S. have established nursing loan forgiveness programs for applicants willing to take positions in designated critical-need facilities and regions. Unlike income-based plans, the PLFP plan offers tax-exempt loan forgiveness after making only 120 payments. If an NP fails to meet the requirements of NHSC LRP, they will have to return all funds to the program. The following loans may qualify for the PSLF program: In order to qualify for PSLF, NPs must work full-time for one employer or the equivalent of full-time for multiple employers in the following sectors: To ensure that one’s employer qualifies, an NP can utilize the PSLF help tool. Those who enroll in this program are automatically enlisted as officers. One type of loan forgiveness program is the Public Service Loan Forgiveness program. All Rights Reserved. There are many reasons why a skilled RN may choose to return to school to become a nurse practitioner (NP). While these resources apply to nursing graduates, students from other educational backgrounds can also take advantage of some of these programs. Nurse practitioner loan forgiveness and loan repayment programs can help nursing graduates burdened with sizable student debt obligations. Janet L. Hoffman Loan Assistance Repayment Program provides loan repayment assistance to physician assistants, social workers, nurses, and nurse practitioners. Following consolidation, the NP would need to begin the 120-payment process from the very beginning. The National Health Service Corps (NHSC) offers loan repayment assistance to health care providers serving in areas of medical need. If a Perkins loan is consolidated into a Federal Direct Loan Consolidation program, it no longer qualifies for Perkins-specific cancellation or discharge. In addition to the federal programs listed, many states offer loan repayment programs for NPs or healthcare providers In some cases, these programs offer the possibility to repay a large amount, while other programs provide only modest assistance. Someone with a lot of debt and a lower-end salary working in the highest-need regions would be the most likely to be chosen for the program. Accepting the accession bonus adds three years of obligated service to their contract. Nurse Practitioners (NPs), Certified Nurse-Midwives (CNMs) and psychiatric nurse specialists can apply. Because the NHRC LRP is designed to incentivize a range of healthcare providers to serve underserved populations for as long as possible, providers who receive this funding and still have debt can apply for funding one year at a time until their debt is paid off (so long as they maintain eligibility). Scholarships typically offer money without a requirement to repay and loans supply funding that students repay after completion of a degree program; loan forgiveness programs are a hybrid of the two. Detailed information about PSLF can be found through the Federal Student Aid office. There are a large number of student loan programs at the period of the 2019 year, many of which are offered to nurses, as the nursing industry continues to play an essential role in the medical field. Becca Brewer is the co-founder of Limitless: A Worldwild Adventure to Heal our Earth. In exchange, 60 to 85 percent of the NP’s student loans will be repaid. The NLRP recipients earn forgiveness on their loan repayment award through a service obligation. There are several things an NP should keep in mind as they consider which repayment or forgiveness programs are right for them. As a nurse, if you acquire loan forgiveness through the Public Service Loan Forgiveness (PSLF), you’re eligible for the CARES Act. Dr. Karen Crowley, associate professor at the School of Nursing at Regis College, explains that student loan forgiveness programs offer both the chance to eliminate student loan debt and gain continued job security. Find out about the State Loan Repayment Program (SLRP), which provides cost-sharing grants to states and territories to operate their own loan repayment programs. However, with all transformations, there is a tradeoff. It may seem that graduates of nurse practitioner (NP) programs have an advantage when it comes to paying back debt. Loan repayment for those chosen for the initial two-year service contract works as follows: If an NP decides to renew beyond the initial two-year contract, loan repayment occurs as follows: Funds are distributed only up to the point where they repay qualified eligible loans. In addition to loan repayment, NHSC program participants receive competitive salaries, tax benefits, and the opportunity to make a difference in high-need communities. In 2014, nearly 9,200 primary care providers, 18% of whom were nurse practitioners, served at nearly 5,000 different NHSC sites. While candidates can pursue affordable NP schools — particularly, for those working as RNs enrolled in online degree programs — many enrollees still take out loans in the process. However, if done in a timely manner (often before total loan repayment begins), a Perkins loan consolidated into a federal direct loan will become a part of that direct loan. Detailed information about enlisting as an army nurse can be through the United States Army. Under this program, nurses with Perkins Loans—low-interest loans for students with exceptional financial need—may qualify for 100% forgiveness if they’ve worked full-time for at least 5 years in the nursing field. The Limitless Project is built on a gift economy, living one’s authentic purpose, leading with love, leaving competition and domination behind, moving past a production mindset, and spending as much time as possible with nature (we also ride some crazy dirt roads in the mountains)! Florida Department of Education Office of Student Financial Assistance 325 West Gaines Street, Suite 1314 . Before consolidating, it is extremely important that an NP understands how this will impact the PSLF qualifying process. The repayment in this third year will equal 25 percent of the original nursing debt, for a total of 85 percent nursing loan repayment. Nurse practitioners who work in a Health Professional Shortage Area may be eligible for loan assistance. © 2020 Sechel Ventures. Repayment amounts are up to $50,000 for full-timers and up to $25,000 for part-timers. Although some states do not offer these programs, or limit the participation of some nursing specialties, NPs should become familiar with the programs available in the state where they intend to work. In a forgiveness program, NP works in public service for a set period of time while making payments to their loans in hopes that the remainder of their student loan balance will be discharged afterward. Luckily, NPs can pursue loan repayment programs to eliminate some of their loan debt or even have it canceled over time. The Iowa Registered Nurse and Nurse Educator Loan Forgiveness Program will repay eligible nurses and nurse educators up to 20% of their federal student loan balance per year for up to five years. Of the 501 participants who began the program in 2017, 292 were awarded continuations (roughly 58 percent). Our mission is to Empower, Unite, and Advance every nurse, student, and educator. The United States Army offers RNs and NPs the ability to enlist in active or reserve duty for three years in exchange for student loan repayment in addition to salary and benefits. Which U.S. States Have the Highest Demand for Nurse Practitioners? Full- and part-time nurses with federal or private loans can take advantage of this program. Eligibility and funding criteria for these state-based plans vary widely from state to state. 2. Some hospitals offer loan forgiveness awards to nurses, but eligibility requirements can include holding an advanced degree, having a specific loan type or working in a specialized department. NursePractitionerSchools.com is an advertising-supported site. Those who enlist as an active duty nurse can qualify for up to $40,000 of loan repayment per year for three years (up to $120,000 total). This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site. There is a range of loan repayment and loan forgiveness programs, including the Nurse Corps Loan Repayment Program (NCLRP), the National Health Services Corps Loan Repayment Program (NHSC LRP), and Public Student Loan Forgiveness (PSLF), among others. Loan Repayment. In exchange for two years of clinical practice in an HPSA, the NHRC offers loan repayment up to $50,000 (full-time clinical practice) and $25,000 (part-time). An NP must enroll in one of the following Income-Driven Repayment (IDR) Plans to qualify for PSLF: Choosing IDR, essentially, ensures that the loan period extends beyond the 120 payments required to qualify. If you work for a qualifying employer the program forgives the remaining balance of all federal loans after the nurse has made a minimum of 120 qualifying monthly payments. To get a feel for how serious the student loan debt issue is for APRNs, consider the following report. Nursing is riddled with various roles, career paths, and backgrounds. Graduate students account for 40% of all student debt, with six types of graduate programs generating the most: law, medicine, master of arts, business administration, master’s degrees in education, and master of science degrees. Repayment amounts depend on employment status and the level of community need. NHCS LRP’s funding priority is providers who will work in HPSAs for longer than the initial loan repayment contract period. The loan repayment and loan forgiveness programs detailed below are designed to incentivize providers to choose positions that may offer lower-than-average pay and/or are in underserved regions working with underserved populations. For those going into nurse education, participation priority will be given to those with a high debt-to-salary ratio teaching at a school of nursing where 50 percent of students come from a disadvantaged background. $10,000.00 for eligible Registered Nurses (RN) $20,000.00 for eligible Advanced Practice Nurses (APN, NP, CRNA, FNP) Repayment of Loans/Service Obligation. The second type of federal forgiveness program designed for various types of students is Federal Perkins Loan Cancellation. NPs working full time can reduce their nursing school loans by a maximum of $50,000, while those in part-time positions may qualify for an award up to $25,000. NPs hoping to benefit from NCLRP must complete the following time requirements in one of the following arenas: To qualify for NCLRP, NPs must work for one employer or within the same network of dependent satellite facilities. In 2019, the program approved 554 awards out of over 7,900 applications. The proposed legislation has roots in a MoveOn.org petition, which has reached 500,000 signatures. Training Grants Supported by the National Institute of Nursing Research NP students can figure out what types of loans they have by either calling the Federal Student Aid Information Center at 1-800-4-FED-AID, logging in to their studentaid.gov account or by checking their credit report. NPs who funded nursing school through Perkins loans prior to the death of this program may be able to apply for up to 100 percent of cancellation for five years of eligible service. Because NCLRP is focused upon diminishing the primary and mental health care gap, 50 percent of all funding is allocated to NPs: 20 percent to PMHNPs and 30 percent to all other NPs. With the increase in autonomy, responsibility, and pay, NPs are helping to address critical shortages in primary and mental health care in the U.S. NHSC loan repayment funds are exempt from federal income and employment taxes. Upon completion of this requirement, there is a small chance that student loan debt will be forgiven. Review these Nurse Corps Loan Repayment Program (LRP) requirements to find out. This total will be considered a part of the qualifying amount for other direct-loan eligible repayment or forgiveness when consolidated at the right time. Providers must commit to working full-time for two years or halftime for four years in an HPSA. Currently, only William D. Ford direct loans qualify for PLFP plans. Here are the funding priorities for this program: A “disadvantaged background” is determined based on a school previously deeming a provider as disadvantaged based on socioeconomic factors or through the receipt of a federal Exceptional Financial Need Scholarship. Please note that all types of loans can qualify for this plan. However, nurses should understand program … Enlisting as an army reserve nurse requires a commitment of two days per month, plus two weeks per year for eight years. Administered by the U.S. Health Resources and Services Administration, the Nurse Corps LRP pays up to 85% of nursing school debt in return for a commitment to work in eligible healthcare facilities or serve as faculty at eligible schools of nursing. The following loans may qualify for the NHRC program: To qualify for NHSC LRP, NPs must work at an NHSC-approved site in one of the following capacities: Ineligible worksites include county/local prisons, inpatient hospitals (except critical access or Indian health services), other inpatient facilities, and clinics that limit care to veterans and active military personnel. Student Loan Forgiveness Programs for Nurse Practitioners: What to Know, American Association of Colleges of Nursing, Bureau of Health Workforce Health Resources and Services Administration, Top No GRE Online Nurse Practitioner Programs, Top Online Adult-Gerontology Nurse Practitioner Programs, Top Online DNP Nurse Practitioner Programs, Top Online MSN Nurse Practitioner Programs, Guide to Nurse Practitioner Fellowships & Residencies (2021), Guide to Nurse Practitioner Continuing Education Resources (2021). The National Health Service Corps is a … For example, some state loan forgiveness programs may only be open to … Nurses and Nurse Practitioners Application Instructions Application Information The applicant must complete this section in its entirety. Student loan debt prevents students from investing in the retail market and helping the economy grow. www.FloridaStudentFinancialAid.org. In exchange for varying levels of loan repayment/forgiveness from the federal and/or state government, providers work at an approved site in an underserved area for a certain amount of time (often subject to increase, if desired). Comprehensive information about NCLRP is available through the Bureau of Health Workforce Health Resources and Services Administration. 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